Fitfighter Weighted Exercise Hose
DEAL
EPISODE SUMMARY
🕓 Air Date: November 13, 2020
Asking For:
$250,000 for 15%
Investor:
Daniel Lubetzky
Deal:
$250,000 for 25%
PRODUCT SUMMARY
FitFighter offers the Steelhose, a versatile fitness product made from real fire hose material that serves as both a free weight and a resistance tool for full-body strength and conditioning workouts.
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Background Story
Sarah Apgar, an Iraq War veteran, women’s rugby all-American, volunteer firefighter, and mom of two, founded FitFighter in Baltimore, Maryland. The inspiration for the Steelhose came from her desire to bridge the gap between traditional gym workouts and the rigorous demands of public service jobs, such as firefighting. She noticed the need for a fitness tool that could mimic the weight and resistance of charged fire hoses used in firefighting training.
After developing prototypes in her firehouse, she gained a partnership with the FDNY Training Academy, establishing her product’s credibility. Her unique background and commitment to public service motivated her to create a fitness solution that could benefit both professionals and fitness enthusiasts.
The Product
The FitFighter Steelhose is a fitness product crafted from real fire hose material, recycled steel shot, and brass grommets. It offers a wide range of grip options and attachment points, making it adaptable for various exercises targeting different muscle groups.
Users can perform strength, power, and conditioning workouts with this versatile tool. The Steelhose comes in different weight options, with the 15-pound hose being a favorite.
It’s soft and malleable, providing a unique workout experience compared to traditional weights. FitFighter also offers an iOS app with a library of over 150 movements and live online training sessions.
How It Went
The company’s position before Shark Tank
FitFighter initially focused on the B2B market, making $45,000 in sales in 2019, primarily targeting trainers, coaches, and small boutique gyms. However, the onset of the COVID-19 pandemic forced the company to pivot towards direct-to-consumer sales. They launched an iOS app and a live online training platform, quickly generating $40,000 in sales in just ten weeks.
To scale further, FitFighter secured a production partnership with Sorinex exercise equipment, a prominent manufacturer with contracts for the United States Army. They intend to sell to institutions like the military and fire service. While Sarah launched the company with $210,000 in friends-and-family funding, Daniel Lubetzky’s investment will provide the capital needed to expand their reach and achieve their growth goals.
The Negotiations:
During the negotiation process, Sarah countered Daniel Lubetzky’s initial offer of $250,000 for 25% with a proposal of $250,000 for 20%, showcasing her negotiation skills and determination to strike a favorable deal. However, Daniel remained steadfast in his original offer, recognizing FitFighter’s potential and believing in Sarah’s vision for the company.
After some negotiations and discussions, both parties eventually agreed to the terms of $250,000 for 25% equity, solidifying their partnership and marking a significant milestone for FitFighter. Lori Greiner, despite the opportunity, chose not to join the deal, leaving Daniel Lubetzky as the sole investor and strategic partner in FitFighter’s journey towards growth and success.
