Kettlebells and dumbbells are a must-have for home workouts. But what if you could combine the two to save money and space? Enter the Kettle Gryp, a device that attaches to dumbbells to make them work like kettlebells. Dan Sheppard and Andy Thomas pitched the product on Shark Tank and landed a deal with Lori Greiner. Kettle Gryp is valued at $3 million as of 2024.
Founder
Daniel Sheppard is originally from Missoula, Montana, but moved to Schenectady, New York to pursue a bachelor’s degree in biology. After college, he became CEO of Elite Concessions Inc. and later served as president of Pangolin Design Group.
He is best friends with Andrew Thomas of Locust Grove, Ga. Andy attended Clemson University, majoring in Architectural Science and Engineering. After graduation, he joined the U.S. Marine Corps and was stationed in Pendleton, California.
Thomas was a helicopter pilot and flight instructor who won several awards before retiring in 2018. Sadly, this brave soldier passed away from cancer in late 2021.
Founding Kettle Gryp
Dan was the one who originally came up with the idea for the product. He was a fitness enthusiast who wanted to find a way to save more money on home gym equipment.
He thought maybe he could turn old dumbbells into kettlebells, and the first sketch of the Kettle Gryp was born. The business executive sent his design to Andy, who thought the idea was feasible.
They built the product and made it work with 55-pound dumbbells. The ingenious invention was first sold in 2016, and about four years later, the startup has racked up $3.6 million in lifetime sales.
Shark Tank Appearance
Their business has been booming due to gym closures during the pandemic, and they needed a strategic partner to help them expand into new markets in 2021. They entered Tank in Season 13, seeking $300,000 for a 10% stake.
The guys did a great job demoing the product and letting the Sharks try it out. When they revealed its lifetime sales, the Sharks were impressed. During the pitch, they also achieved $680,000 in sales for 2021 and projected $1 million in full-year sales.
Kevin O’Leary took the lead by offering $300,000 for 20%. O’Leary said he already owned a stake in home fitness equipment company PRX Performance. Lori Greiner remained silent during the pitch but made an offer similar to Mr. Wonderful’s, hoping for preferred stock. The two countered with a 15% offer, which Lori accepted.
After Shark Tank
The Kettle Gryp episodes were filmed in 2021 and aired in early 2022. Shortly after filming, Andrew tragically passed away on December 16, 2021, after a short battle with cancer. The former Marine was honored in a tear-jerking tribute on Shark Tank.
Despite the tragic circumstances, Dan Sheppard has continued to operate the company as sole owner. Kettle Gryp is now sold on Ebay, Amazon, and in small stores like Rogue Fitness. They have not yet entered the retail industry as e-commerce is still the main driver of sales.
Kettle Gryp’s utility patent didn’t stop other companies from making knockoffs. At the end of 2021, they only had two knockoffs, but now there are far more.
The product sold extremely well on Amazon, with an average rating of 4.5 stars out of 9,088 reviews. Customers loved the product, which helped the company grow further. Currently, the company is valued at $3 million.
Categories: Shark Tank
Source: svlsf.edu.vn