Metric Mate’s latest valuation after Shark Tank

Metric Mate is a data analytics company that helps fitness enthusiasts track their workouts. The company’s patented sensors claim to maximize your workouts by attaching the device to gym equipment. Founders MT Strickland, Braxton Davis, and Ecleamus Ricks appeared on Shark Tank but didn’t land a deal. Today, Metric Mate is valued at $1.5 million.

Founder

MT Strickland is from Georgia and has degrees in electrical engineering and mathematics. Strickland worked as an engineer for Clorox Company and Murata. Braxton Davis and Ecleamus Ricks Jr. were friends he met at Morehouse College.

Braxton is a lawyer at Facebook, serving as general counsel, and Ecleamus is a software engineer in Austin. The three co-founders have a total of 8 degrees!

Founding Metric Mate

MT, Braxton and Ecleamus became friends through their love for fitness and entrepreneurship. The three friends decided to start a business and created a technology called “Training Accountability Partner”.

It can be applied using sensors that can be attached to any strength training equipment. This can help you monitor personal workout statistics such as strength level, reps, calories burned, and power. There is an app and assessment program to track your workouts.

Metric Mate was founded in 2017, and the founders initially marketed the product to athletes and area gyms. The entrepreneurs also obtained three patents to protect their intellectual property.

Appeared on Shark Tank

The company was named one of Georgia’s “Top 40 Innovative Companies” but hasn’t slowed down. In 2022, Metric Mate received funding from Techstars and is supported by the Atlanta Accelerator Program.

Still, these entrepreneurs are eager to raise money to finance growth and bring in the sharks as strategic partners. They appeared in Season 14, Episode 11, and the guys made a lovable impression.

Of course, they brought in Mark Cuban to demo the product. Unfortunately, only Kevin O’Leary made an offer, but the valuation was too low. They tried to counter-offer, but Kevin didn’t budge.

After Shark Tank

Being on Shark Tank should be a springboard to greater things for Metric Mate. The night the episode aired, 15,000 people visited their website. In an interview with HBCU Pulse, the founders revealed that they were receiving an all-time high in orders. A few months later, when the episode aired a second time, the same thing happened again!

You can pre-order a TAP sensor on its website for $199, pay $45 for an evaluation, or buy a T-shirt for $19.99. As expected, the mobile app is compatible with both Android and iOS devices.

The Metric Mate app has 5 stars out of 10 reviews on the App Store. Their technology is trusted by many professional trainers and therapists. In August 2023, they launched a crowdfunding campaign on Indiegogo but only raised $1,161 from 10 backers.

While the fitness space is incredibly competitive, products like the Simply Fit Board and Kodiak Cakes have become huge success stories on Shark Tank. Hopefully, the Metric Mate will join that list, but it’s going to be very challenging to break into this market.

This product has great potential as it will be a great tool for college athletes and coaches. Hopefully they won’t regret turning down Mr Wonderful’s offer. As Cuban said, “75% watermelon is much better than 100% grapes.”



Categories: Shark Tank
Source: dut.edu.vn