FlingGolf FlingStick
DEAL
EPISODE SUMMARY
🕓 Air Date: May 14, 2021
Asking For:
$300,000 for 10%
Investor:
Daniel Lubetzky
Deal:
$300,000 for 25%
PRODUCT SUMMARY
Fling Golf is an alternative to traditional golf that involves using a single fling stick to throw a golf ball and play various shots on the golf course
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Background Story
Fling Golf was created by founders Alex van Alen and John Pruellage from Ipswich, Massachusetts. They recognized the challenges facing golf courses, including closures and an aging player base, and wanted to provide a more appealing and accessible alternative. Alex’s background in lacrosse influenced the creation of the Fling stick, which combines elements of lacrosse and golf. They aimed to make golf courses more inclusive and attract a younger audience to the sport.
The Product
Fling Golf offers an innovative way to play golf. Players use a single fling stick to throw a standard golf ball across the course, replacing the need for a set of clubs.
The Fling stick allows players to execute various shots, including long drives, flop shots, bumps, and runs, and even putting on the green. Most people can learn to play within 10 minutes, making it a quick and easy transition for newcomers. Fling Golf can be played alongside traditional golf without any course modifications.
The company sells its products to both golf courses and consumers. Prices for Fling sticks range from $119 to $179, with manufacturing costs of around $25 to $35 per stick. They have already sold approximately 300 clubs.
How It Went
The company’s position before Shark Tank
Fling Golf has been played on over 1,000 golf courses and has made sales of $142,000 in the previous year, with $142,000 in sales through July of the current year. The company has raised a total of $2 million, with $1.5 million of that investment coming from the founders themselves. They have been focusing on gaining acceptance and adoption in golf courses, particularly at resorts.
The Negotiations:
The Sharks had reservations about Fling Golf’s valuation, which seemed high given their revenue. Kevin O’Leary, Lori Greiner, and Mark Cuban all declined to invest. However, Daniel Lubetzky and Robert Herjavec saw potential in the product and both made offers of $300,000 for 33% equity, the founders counter-offered with $300,000 for 20%.
Eventually, they accepted a deal with Daniel Lubetzky for $300,000 for 25% equity. The founders believed that Daniel’s expertise and connections in the golf industry would help them scale the business successfully. The founders also emphasized their commitment to growing the sport and their willingness to hustle to make it successful.
