Founders Taylor Borenstein and Millie Blumka came up with the idea of the Stakt Foldable Yoga Mat when they realized that traditional yoga mats were not meeting their exercise needs. They wanted to make a yoga mat that was more versatile and offered extra support for pilates, sculpting, and strength training workouts. This is what led to the birth of the Stakt Foldable Yoga Mat.
The founder duo came to Shark Tank season 14 with the hope of securing funds for their company. They believed that their product was a revolutionary one and would benefit the fitness industry greatly.
They asked for $100,000 in exchange for 10% equity in their company. Now let’s see if the sharks agreed to their offer and how it went down.
Shark Tank Stakt Foldable Yoga Mat Update
- Entrepreneurs: Taylor Borenstein and Millie Blumka
- Business: Foldable Yoga Mats
- Ask: $100,000 for 10% equity
- Result: $100,000 for 15% equity and $0.75 royalty
- Sharks: Lori Greiner
During Taylor and Millie’s pitch, shark Lori Greiner showed great interest in the product. She was curious to know about the company’s margins. In response, the founders said that the manufacturing cost of each mat is $21 and they are sold at $86.
The founders also revealed that 100% of the company’s sales were generated through the official website. Whatever sales they made, resulted from content creation on video platforms and social media sites.
The other sharks stated their reasons why they wouldn’t be able to invest in Stakt Foldable Yoga Mat.
In the end, it was only Lori Greiner who made an offer of $100,000 for 15% equity along with a $0.75 royalty per unit until she got her investment back. The deal was accepted by the two founders.
Stakt Foldable Yoga Mat experienced a sharp rise in sales immediately after the airing of the Shark Tank episode. However, the growth was short-term.
The duo is likely to benefit a lot from working with Lori Greiner. She helped them improve the company’s online presence and brand image. Not only that, but she also made the product available in retail stores.
Stakt Foldable Yoga Mat is different from other yoga mats sold in the market. Unlike other mats, this one can be folded and carried with ease. Additionally, it offered extra support for various workouts.
The highlight of the Stakt mat lies in its foldable design. It features five distinct grooves within itself. It provides maximum support for exercises that exerts pressure on forearms, knees, wrists, or elbows. Due to the foldable design of the mat, users can easily carry it wherever they go.
This unique mat is suitable for pilates, strength training, and sculpting exercises. The good thing is that users can utilize this mat both at home and gym.
Although the mat is slightly expensive, it offers more convenience than traditional mats. Plus, it is made of high-quality EVA foam for maximum comfort. The mat is designed to be both functional and durable. Compared to other mats, the Stakt mat is more versatile.