Highlights
- Bill and Scott pitched Tngnt, seeking $200,000 for 20% equity.
- The company has 19 patents, including a unique ski retention system for better maneuverability.
- Tngnt’s lifetime revenue exceeds $2 million, with a strong social media presence following their Shark Tank appearance.
Overview
| Category | Details |
|---|---|
| Name | Tngnt |
| Founders | Charles W. “Bill” Pierce and Scott Carr |
| Industry | Sports Equipment, Ski Biking |
| Product | Ski bikes with innovative designs and technology |
| Funding Sought | $200,000 for 20% equity on Shark Tank |
| Investment Ask | $200,000 |
| Equity Offered | 40% (after deal with Robert) |
| Valuation | $1 million (at the time of Shark Tank pitch) |
Charles W. “Bill” Pierce and Scott Carr seek an investment for Tngnt (pronounced like tangent), their ski bike manufacturing company, in Shark Tank episode 1421. The two are old high school pals who enjoyed ski biking together back in the 1980’s. Both men continued to enjoy the sport into adulthood and in 2014, they set out to design the next generation of ski bikes. Bill has a background in design and aerospace technology and Scott had been dabbling in other ski bike companies for a number of years. Scott approached Bill about designing new ski bikes and their journey began.
Tngnt has 19 patents on their bikes, the most significant one being their ski retention sytem patent. This is how the skis attach to the bike. Apparently, their system makes for a more maneuverable ski bike. They have one competing company in the USA and they do some of their manufacturing overseas to keep prices down. While the company wants to sell you a ski bike, they also don’t want to get sued. Customers must sign a liability waiver to complete a purchas.
As for the bikes, there are three models: The Drift, The Carve 2.0 and the Carve 2.0 Pro. All models have pedals that spin like on a real bike; they say this allows for better turns.The Drift is an model designed to introduce people to ski biking. It’s a faily basic model and costs $999. The Carve 2.0 is for people who want to ski a bit more extremely. It’s equipped with shock absorbers in the forks and frame. This one will set you back $1499. The Carve 2.0 Pro is for the most daring of ski bikers with heavier duty shocks. That one is $2399. Bill and Scott are likely in the Tank to get help with inventory.
Company Information
Video
Posts about Tngnt Ski Bikes on Shark Tank Blog
Tngnt Ski Bikes Shark Tank Recap
Bill and Scott enter the Shark Tank seeking $200k for 20% equity.
Did Shark Tank Invest In Tngnt Ski Bikes?
The entrepreneurs end up doing a deal with Robert for $200k for 40% equity
Tngnt Ski Bikes Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show.
The first rerun of this episode in June, 2023 is just 3 months after the original air date. At this time, there is no evidence the deal with Robert closed. As of October, 2023, nothing new has developed since the original air date. By July, 2024, the deal never closed with Robert and endorsements didn’t pan out.
The company made the best of its Shark Tank appearance and really amped up its social media presence with near daily videos of the ski bikes in action. They’re having a HUGE summer sale in July 2024 with some models priced at nearly 50% off. Lifetime revenue at this time is just over $2 million.
The Shark Tank Blog will follow-up on Tngnt Ski Bikes & Charles W. “Bill” Pierce and Scott Carr as more details become available.
See what else is new! View other businesses featured in this episode.
