Chirp Wheel: Shark Tank Deal Falls Through
When back pain strikes, many people search for relief. Enter Chirp Wheel, a simple yet effective tool helping thousands stretch and soothe their aching backs. But how did this circular wonder grow from a small idea into a multi-million dollar company? Let’s continue the story of Chirp Wheel’s rise and explore its impressive net worth.
What is a Chirp Wheel?
Chirp Wheel is a foam-covered wheel designed to help people stretch their backs and ease pain. It comes in three sizes:
| Product | Size | Purpose |
|---|---|---|
| Chirp Wheel “Gentle” | 12 inches | Overall back stretching |
| Chirp Wheel “Medium” | 10 inches | Targeted relief |
| Chirp Wheel “Deep Tissue” | 6 inches | Intense stretching and deep tissue relief |
The wheel’s shape lets users roll along their spine, stretching muscles and easing tension. It’s light, easy to use, and can hold up to 500 pounds. The Chirp Wheel stands out because it’s FDA-registered as a medical device, giving it more credibility than regular foam rollers.
Who Is The Founder Of Chirp Wheel?
Tate Stock created the Chirp Wheel while he was still in college. As a student at Brigham Young University, Stock saw his aunt using a yoga wheel and thought he could make it better. With just $400, he bought some PVC pipes and yoga mats to create his prototype. Stock put his creation on Amazon, and within two weeks, he’d sold over 100 wheels and made $12,000!
How Was The Shark Tank Pitch for Chirp Wheel?
In 2020, Tate Stock appeared on Shark Tank, hoping to get $900,000 for 2% of his company. This valued Chirp at a whopping $45 million! At first, the Sharks were skeptical. Daymond John even accused Stock of just wanting free advertising.
But Stock had the numbers to back up his claim. He told the Sharks that Chirp had already made $12 million in sales that year, with $4 million in profit. He said they were on track to hit $40 million in sales by the end of 2020.
Despite the high valuation, three Sharks made offers:
| Shark | Offer |
|---|---|
| Lori Greiner | $900,000 for 2.5% equity, with the money to be paid back within 18 months |
| Kevin O’Leary | $900,000 for 2.5% equity + $3 royalty per unit until $2.7 million is repaid |
| Robert Herjavec | $900,000 for 3% equity + $1.50 royalty per unit until $1.2 million is repaid |
After some back-and-forth, Stock accepted Lori Greiner’s offer of $900,000 for 2.5% equity.
Chirp Wheel Shark Tank Update:
After appearing on Shark Tank, Chirp Wheel saw a significant boost in sales. The company offered a special Shark Tank deal on its website, likely driving even more customers.
What Happened To Chirp Wheel After Shark Tank?
Chirp Wheel kept rolling after Shark Tank. The company expanded its product line and improved its marketing. Tate Stock even started his own shipping company, ShipStud, to cut down on fulfillment costs. This intelligent move helped Chirp save money and grow even faster.
Chirp Wheel Growth and Operations:
Chirp Wheel has seen steady growth since its Shark Tank appearance. The company now sells its products on its website, Amazon, and some retail stores.
Investments and partnerships: Besides Lori Greiner’s investment, Chirp Wheel hasn’t announced any significant new alliances. However, the exposure from Shark Tank likely opened doors to new retail opportunities.
Challenges and competitors: Chirp Wheel faces competition from other back pain relief products, like foam rollers and massage guns. They focus on their unique design and FDA registration as selling points to stay ahead.
Technological innovations: While the basic Chirp Wheel design hasn’t changed much, the company has introduced new sizes and bundles to meet customer needs.
Chirp Wheel Net Worth and Financial Performance:
As of 2024, Chirp Wheel’s exact net worth isn’t public. However, based on their Shark Tank valuation and continued growth, it’s likely $50-100 million. In 2020, they were on track for $40 million in sales. If they’ve maintained or grown from that pace, their current annual revenue could be $60-80 million.
Chirp Wheel Strategy of Marketing and Sales:
Chirp Wheel uses a mix of online and traditional marketing:
- Social media: They’re active on platforms like Instagram and Facebook, sharing customer testimonials and back health tips.
- Influencer partnerships: Chirp spreads the word with fitness influencers and chiropractors.
- Content marketing: Their blog offers advice on back pain relief and overall wellness.
- TV exposure: The Shark Tank appearance gave them a massive boost in visibility.
- Amazon presence: Strong reviews and strategic pricing help them stand out in searches.
Chirp Wheel Social Media Presence:
Chirp Wheel has built a solid social media following:
- Instagram: Over 100,000 followers
- Facebook: A growing community with regular posts and customer interaction
- YouTube: Videos showing how to use the product and sharing success stories
They use these platforms to educate customers about back health, share testimonials and offer special deals.
Chirp Wheel Interesting Facts:
- Tate Stock started the company with just $400 while still in college.
- Chirp Wheel raised $1.5 million on Kickstarter in 2018, putting it in the top 1% of Kickstarter campaigns.
- The product was initially called the Plexus Wheel before being rebranded as Chirp.
- Chirp Wheel is made in the USA after a bad experience with Chinese manufacturers.
- The company offers a 60-day happiness guarantee, showing confidence in their product.
What’s Next For Chirp Wheel?
Chirp Wheel seems poised for continued growth. Some possible next steps could include:
- Expanding into more retail stores
- Developing new products for other types of pain relief
- Growing their international presence
- Partnering with healthcare providers or insurance companies
Final Words:
Chirp Wheel’s story shows how a simple idea can become a big business. Tate Stock saw a problem – back pain – and rolled out a solution that’s helped thousands of people. Chirp Wheel has become a multi-million dollar company from a college dorm room to the Shark Tank stage.
While we don’t know Chirp Wheel’s exact net worth, its rapid growth and Shark Tank valuation suggest it’s worth tens of millions of dollars. With smart marketing, a unique product, and a focus on customer satisfaction, Chirp Wheel seems set to continue rolling towards even greater success.
Chirp Wheel offers a ray of hope for anyone suffering from back pain. For entrepreneurs, it’s a reminder that with hard work and a good idea, you can build something big—even if you start with just $400 and a dream.