Fitness isn’t always about old-fashioned dumbbells and barbells. Natalie Holloway and Max Kislevitz realized this, so they created trendy wrist and ankle weights. They pitched their business, Bala Bangles, on Season 11 of Shark Tank. After a deal with two Shark Tankers, Bala Bangles will be valued at $10 million by 2024.
Founder Profile
Natalie Holloway and Maximilian Kislevitz are a couple from Los Angeles, California. They both worked in the advertising industry for more than ten years before they both worked at the marketing agency 72andSunny.
The couple gained experience working with big brands like Starbucks and Google, which was a lucrative source of income, but also a drain on their energy.
Eventually, they left 72andSunny and took a gap year to travel around Southeast Asia, during which time the two spent a lot of time pursuing their fitness goals through daily yoga classes.
Founding of Bala Bangles
While on vacation, Natalie and Max were enjoying the benefits of regular exercise and were reminded of how difficult it is to fit a fitness routine into their busy lives back home. The two discussed ways to make exercise easier for busy people.
This discussion eventually led to the creation of the famous wrist and ankle weights of the 1980s. This inspired the idea to redesign these tools to give them a more modern look. In 2017, they launched the Bala Bangles with adjustable weights.
To start the company, they used $10,000 of their own money and raised $40,000 from a Kickstarter campaign. By 2019, the company had hit $2 million in sales, but they didn’t want to stop there.
Appeared on Shark Tank
In 2020, Natalie Holloway and Max Kislevitz appeared on Shark Tank and asked for $400,000 in exchange for 10% equity. Their proposal impressed the Sharks, including guest Shark (former tennis player Maria Sharapova).
Maria is also a fitness enthusiast, and this lightweight and stylish fitness equipment immediately attracted her interest. Other sharks were caught off guard by the start-up’s amazing profit margins and lifetime sales. In the end, Mark Cuban and Sharapova joined forces to invest $900,000 for a 30% stake.
Post-Shark Tank Updates
Their appearance on Shark Tank helped them generate $3 million in sales through various pickup shops and fashion websites. Of course, the publicity took its toll, but people loved the unique design, and sales continued to grow when the pandemic hit.
A month after the episode aired, fitness studios and gyms across the U.S. closed due to safety protocols. This sparked a home gym boom, from which Bala Bangles benefited greatly. By the end of 2020, the company was worth 10 times its initial value.
Bangles currently has an annual revenue of $20 million, as it is available in over 500 retail stores in the United States. As of January 2024, its total sales have reached $64 million. Now, they plan to launch 10 new products to the market. Therefore, the $10 million valuation is only expected to grow in the next few years.
Categories: Shark Tank
Source: svlsf.edu.vn