'%20x='0'%20y='0'%20height='100%25'%20width='100%25'%20%0A%20%20%20%20%20%20%20%20%20%20xlink%3Ahref='data:image/jpg;base64,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'%3E%3C/image%3E%3C/svg%3E)
Shark Tank investor Lori Greiner secured a $300,000 deal for 15% equity with Kettle Gryp during season 13 episode 14. Daniel Sheppard and Andrew Martin presented their dumbbell conversion device, showing $3.6 million in lifetime sales. The San Diego manufacturing facility produced each unit at $6.57, selling at $34.99 retail.
After examining the orange plastic grip that transforms dumbbells into kettlebells, Robert Herjavec tested the product's wider grip design. Kevin O'Leary offered $300,000 for 20% equity. Mark Cuban stepped out, citing the secondary nature of the product and that one would need to buy dumbbells first. When it came to Lori Greiner, she stated,
"I'm sitting here thinking I'm just blown away at your sales to much broader market internationally. I'm going to give you a creative offer. I'll give you the $300,000 for 20% but I would like to do it as preferred stock, which means that I would get distribution first whenever there's profits that are paid out."
Trending
The founders countered with 15% equity while keeping the preferred stock structure, which Greiner accepted.
Lori Greiner makes creative preferred stock offer for Kettle Gryp on Shark Tank
Daniel Sheppard and Andrew Martin entered the Shark Tank seeking $300,000 for 10% equity, valuing their company at $3 million. Martin demonstrated the orange plastic grip that securely fastens around dumbbell handles. The Sharks tested the product during the pitch, with Robert Herjavec noting the wider grip felt comfortable during exercise moves.
The Shark Tank presentation revealed strong market performance. Their manufacturing process in San Diego maintains quality control while keeping production costs at $6.57 per unit. Each Kettle Gryp sells for $34.99, generating an $81 profit margin. The company achieved this pricing while manufacturing exclusively in the United States.
In 2018, sales reached $391,000. The following year showed an increase to $590,000. During 2020, revenue climbed to $1.9 million as home fitness demand grew. Their 2021 projection indicated $1 million in annual sales.
The business model focused heavily on digital sales channels, with 91% of revenue coming from online purchases. Amazon marketplace performance data showed consistent sales velocity with customer ratings supporting the product's market fit.
Lori Greiner structured her proposal with $300,000 for 20% equity as preferred stock, ensuring priority distribution of profit payouts. Kevin O'Leary presented matching terms, highlighting retail expansion possibilities.
The founders countered Greiner at 15% equity. Greiner maintained the preferred stock component while accepting the reduced equity percentage. The deal closed with clear terms on profit distribution and retail strategy implementation.
Post-deal developments
As per Shark Tank Blog, the company secured multiple retail channels after the appearance. Walmart added Kettle Gryp to their fitness equipment selection. Target stores placed the product in their workout gear section. Dick's Sporting Goods incorporated it into their strength training inventory.
The Shark Tank deal closed officially in March 2022. Lori Greiner's team integrated Kettle Gryp into their retail distribution system. Amazon reviews crossed the 9,000 mark with high satisfaction ratings. The annual revenue stabilized between $1-2 million through 2023. The product maintained its original design while expanding market presence.
The company faced significant changes in late 2021. Co-founder Andrew Martin received a cancer diagnosis shortly after filming. He passed away in December 2021, before the episode aired in January 2022. Lori Greiner posted a Twitter message acknowledging his contributions to the company.
The manufacturing remained in San Diego under Daniel Sheppard's leadership. Product quality standards stayed consistent with the original specifications. Distribution partnerships expanded while maintaining the established pricing structure. The company fulfilled Greiner's retail expansion strategy through major store chains.
Fans can watch new episodes of Shark Tank on the ABC network.
