Yoga enthusiasts and fitness buffs are always on the lookout for innovative products to enhance their workout experience. In 2022, entrepreneurs Millie Blumka and Taylor Borenstein brought their unique creation, the Stakt Mat, to ABC’s Shark Tank.
This revolutionary yoga mat aimed to provide extra support and versatility compared to traditional mats. Let’s dive into the Stakt Matt’s journey, from its Shark Tank pitch to its current status in the market.
The Stakt Mat Pitch And Deal At Shark Tank
Millie and Taylor entered the Shark Tank seeking $100,000 for a 10% stake in their company. The Stakt Mat’s cost to produce was $14.90, and it sold for $86. Positioning it in the premium market segment where mats ranged from $70 to $130. They showcased the Stakt Mat’s key features – its foldable design and increased thickness, allowing it to provide additional support and serve as a step for various exercises. The mat, priced at $86, came in three colors and had a patent pending.
The Sharks were intrigued by the product’s unique design and its potential to fill a gap in the market. However, some Sharks expressed concerns about the founders’ commitment, as they were running Stakt as a side hustle while working full-time jobs. In the end, only Lori Greiner showed interest in investing. After some negotiation, Millie and Taylor accepted Lori’s offer of $100,000 for 15% equity with a 75 cent royalty per unit.
Is Stakt Mat Gone Out Of Business?
Despite the initial excitement of securing a deal with Lori on Shark Tank, the partnership did not come to fruition. However, this setback did not spell the end for Stakt Mat. The company continued to grow and evolve, introducing new products such as a carrying case, mat cleaner, and grippy socks. They also developed an online yoga class library and expanded their reach by making their products available on the wholesale marketplace, Faire.
As of July 2024, Taylor had transitioned to working full-time at Stakt, while Millie remained in her regular job. The company’s perseverance and innovation even earned them a spot on TIME’s Best Inventions of 2023 list, further validating the potential of their product.
What Was Stakt Mat Net Worth?
During their Shark Tank pitch, Millie and Taylor revealed that they had each invested over $25,000 in the business. Over a six-and-a-half-month period, they achieved impressive sales of over $110,000 without any marketing expenses.
While current sales revenue figures are not publicly available, the company’s growth and expansion suggest that Stakt Mat has likely increased in value since its Shark Tank appearance. The founders’ determination and the product’s unique features have helped Stakt Mat carve out a niche in the competitive fitness market.
Business Overview
Stakt Mat’s journey highlights the challenges and opportunities faced by entrepreneurs in bringing innovative products to market. The company’s founders identified a need for a more supportive and versatile yoga mat and created a solution with their foldable, thicker design. Despite not securing the Shark Tank deal, Stakt Mat persevered, expanding its product line and distribution channels.
The company’s ability to adapt and innovate has been key to its success. By introducing complementary products and services, such as the online yoga class library, Stakt Mat has positioned itself as more than just a mat company – it’s a brand that supports its customers’ overall wellness journey.
Conclusion
The Stakt Mat’s story is one of resilience and innovation. From its memorable Shark Tank pitch to its continued growth and recognition, the company has proven that a unique product and determined founders can make waves in a crowded market.
While the Shark Tank deal may not have panned out as hoped, Stakt Mat’s journey is far from over. As the company continues to evolve and expand, it’s clear that Stakt Mat is folding into success, one mat at a time.
