Posture Now Shark Tank Update – Shark Tank Season 4
Posture Now aims to correct posture with a simple training device. Mike and Matt appeared on Shark Tank Season 4 to bag a deal and they succeded.
Highlights
- PostureNow is a posture correction device that provides gentle reminders to maintain good posture, priced at $40 with a money-back guarantee.
- After appearing on Shark Tank, the company saw a significant boost in sales, reaching $6 million in annual revenue by 2021.
- Despite supply chain challenges, Posture Now continues to innovate and remains in high demand, with intermittent stock issues reported as of 2024.
About PostureNow
| Category | Details |
|---|---|
| Business Name | PostureNow |
| Founder | Mike Lane and Matt Franklin |
| Industry | Health & Wellness |
| Product | Posture correction training device |
| Funding | $100,000 |
| Deal Status | Deal secured with Mark Cuban |
| Investment Asked | $100,000 for 15% equity |
| Deal Outcome | $100,000 for 30% and a $5 royalty until the initial investment is paid |
| Valuation | $666,667 (before Shark Tank) |
Posture Now is a posture brace or posture correction device pitched by entrepreneurs Mike Lane and Matt Franklin in Shark Tank Season 4 Episode 3. Jonathan Roberts and Anna Trebunskaya from Dancing With the Stars join Mike and Matt as they demonstrate Posture Now to the Sharks.
Apparently, Mike and Matt sold many units to dancers nationwide. Unlike other posture correction devices, it is not a brace; it provides a “gentle reminder to throw your shoulders back and stand or sit up straight.” It’s only meant to be worn for a half hour or so a day to train good posture through muscle memory. It is priced at $40 and comes with a money-back guarantee.
Check out other Shark Tank Season 4 Episodes.
Posture Now Shark Tank Recap
Mike and Matt enter the Shark Tank seeking $100k for a 15% share of the business. Anna Trebunskaya and Jonathan Roberts dance for the Sharks to demonstrate the importance of good posture; Roberts is actually wearing a Posture Now! The product is patent pending, and they’ve sold $330K worth over the years.
Mike and Matt have many Chiropractor endorsements and they are marketing to HR departments to correct postures for folks hunched over computers all day.
Did PostureNow Get A Deal On Shark Tank?
Mr. Wonderful offers $100K for 50% plus a 10% royalty. Mike and Matt reject that offer. Daymond thinks Mike and Matt don’t belong in the Shark Tank, and he goes out after accusing them of talking too much. Barbara likes Mike and Matt, but she goes out anyway.
Robert offers $100K for 40% but pulls his offer because he thinks Mike and Matt are “working the room.” Mark offers $100K for 30% plus a $5 per unit royalty until he gets his money back. They accept, and Mike excitedly quits his job on National TV.
PostureNow Shark Tank Update
Mike quit his job when they returned from shooting Shark Tank, and Matt quit his job toward the end of 2012. In the week following the original air date, they sold over $100K worth of product! In March 2013, Mike and Matt are touring factories and developing new products. Since they aired, they have sold more products than they did in their first three years in business. Mark Cuban invested in another Shark Tank Success!
Over the years, the company has had consistent sales. As of August 2021, they are still in business with $6 million in annual revenue. Something happened with their supply chain issues because, as of August 2022, they say they are “sold out” due to “high demand coupled with global supply chain and supplier issues.” They were back in stock in December 2023, but the “out of stock” message still appears on the website as of May 2024.
Though the numbers are not disclosed, the estimated net worth of Posture Now is approximately $8,70,000.
Posts about Posture Now on Shark Tank Blog
PostureNow by Matt Franklin & Mike Lane
Matt Franklin PostureNow Update
Company Information
Want to know more about the products from this episode? Check out the updates of other businesses that participated alongside PostureNow.
