Where’s the lie when someone says the evolution of the technology, combined with the needs has paved the way for too many innovations? However, not every invention succeeds, but some do see a huge demand and popularity. To see some of the greatest innovations, there is no better platform than Shark Tank, and one such innovation that left the sharks indeed impressed was MaxPro.
MaxPro is a fitness company that offers portable workout solutions and gym equipment to help people who can’t always hit the gym to stay healthy and fit. The workout solution is designed to keep in view the present hectic life of people who can rarely find time for themselves to hit the gym. As portable fitness equipment, they have outdone themselves and also appeared on Shark Tank Season 13. Let’s explore their journey and see if the brand succeeded with the funding they secured.
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MaxPro Fitness brand was founded by Nezar Akeel in 2018, based in Rochester, Michigan. The company came into being with the vision of creating a portable yet useful fitness solution for the entire body workout and was made available to the customers in 2019. The highlight product of the brand is the MaxPro SmartConnet, which is a compact cable resistance machine offering adjustable resistance from 5 to 300 pounds and easily connects with a mobile for guided work-out and real-time tracking.
The brand offered high resistance in a lightweight portable device that weighed just 10 pounds, an ideal equipment for people who wanted space-saving, easy-to-set-up fitness tools, and could easily be traveled with. The product is priced at $849.
Over time, they expanded their products, mainly after gaining funding from Shark Tank. The brand appeared on Shark Tank Season 13, Episode 9, which was telecast on 17th December 2021.
The founder of the brand MaxPro is Nezar Akeel, who is based in Rochester, Michigan, and he comes from a technology background, combined with product development. He holds a degree in Bachelor of Science in Mechanical Engineering from Wayne State University in Detroit, Michigan. He further pursued a Master of Science in Engineering Management at Rensselaer Polytechnic Institute in Troy, New York.
His career began with Toyota in Japan, where he spent 7 years in various manufacturing engineering roles. He also served at General Motors in Detroit before switching to International Automotive Components, and there he served as the Vice President of Operations in North Asia. His expansive professional career helped him found his own brand and led it to success.
He later took his brand to Shark Tank Season 13 and secured a deal.
Nezar Akeel appeared on Shark Tank Season 13, Episode 9, which was telecast on 17th December 2021. The founder walked with a woman wearing a backpack, and he began his pitch by talking about the fitness and health importance, and then the woman unpacked the product to show how portable the product is. He showed the product in action and talked about how it supports resistance from 5 to 300 pounds.
He put forth his demand for $500,000 in exchange for 2.5% equity and placed the valuation of the company at $20 million. Kevin O’ Leary enquired about the sales, to which Nezar replied that in 2020, since July, they made $4 million in revenue, and by 2021, the number exceeded $8 million, and he aimed to wrap up 2021 by reaching $12 million. When asked about the costing, Nezar replied that the combined cost of the manufacturing and selling is about $205, and the retail price of the product $849.
Daymond John made an offer of $500,000 in exchange for 4% equity and a royalty of $25 per unit sold, and Mark Cuban made an offer $50,000 in exchange for 3% with 5% advisory share for 5 years. Nezar closed the deal offered by Cuban. However, as of 2024, the deal is still not on the floor.
As per the recent evaluation, the present net worth of MaxPro stands at $22 million, and after appearing on Shark Tank, the brand reached its peak popularity by gaining attention and partnership from Shaquille O’ Neal. The brand is also available in all states of the USA, with an active customer base on the app and decent orders from Amazon.
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