One of the reasons why people find it difficult to use fitness equipment at home is the lack of space. MaxPro Fitness eliminates this obstacle with its minimalist resistance cable, which produces up to 300 pounds of resistance. Founder Nezar Akeel got a chance to pitch on Shark Tank and struck a deal with Mark Cuban. MaxPro Fitness is now worth an estimated $16 million.
Nezar Akeel's background
Nezar Akeel is a mechanical engineer from Detroit, Michigan. He received his bachelor's degree from Wayne State University and his master's degree from Rensselaer Polytechnic Institute.
Akeel began his career in Alexandria, Egypt, where he was the CEO of Alexandria Automotive Foundry. After two years, he left for his second business, N&N International, which he lasted five years.
Next, Nezar was recruited by IAC Group as vice president of North Asia operations. He has been Chairman of Japan Plastics Technology since 2016.
Build MaxPro Fitness
A business trip caused Akeel to miss workouts. Akeel searched for a portable exercise machine suitable for his daily activities but found none. Nezar floated the idea for two decades until he finally got serious in 2014.
Finally, he created a versatile exercise tool that features resistance cables that can be adjusted from 5 to 300 pounds. The device also features sensors that share exercise data with the MaxPro Fitness app. The business launched in 2019 and generated $4 million in its first year.
Shark tank appearance
In 2021, Maxpro Fitness was recognized with Shaquille O'Neal. On the surface, the company appears to be doing well, but is burning $100,000 per month. Nezar Akeels appeared on Season 13, seeking $500,000 in shares.
The sharks were impressed with the product and, of course, Robert Herjavec had to try it. He revealed the business had healthy sales but took on significant debt to fund inventory and advertising.
Daymond John offered $500,000 but wanted a $25 per unit royalty until he got his money back, which would then be converted into 4% equity. Nezar disliked the deal and ignored the offer. Cuban jumped in, offering $500,000 for 3% equity and 5% advisory stock, which the entrepreneur happily accepted.
after shark tank
Maxpro Fitness had never had any issues getting media attention as SHAQ was already around, but Shark Tank gave them another huge order. It appears that the deal with Mark Cuban has not closed yet, as the business is not yet listed on Markcubancompanies.com.
Still, Nezar is running the business and hopes to grow it while paying off the dent. You can check out their products at MaxProfitness.com and Amazon.com. Their app is available for download for Android and iOS devices. The company also offers and confirms payment plans to help customers spread costs.
The Original Resistor Cable has a 4.1-star rating from 404 customer reviews on Amazon. Maxpro Fitness had revenue of over $10 million in 2021 and is worth an estimated $16 million. No sales figures have been released recently, but annual sales are most likely in the $5 to $10 million area.
Categories: Shark Tank
Source: svlsf.edu.vn