Credit: ABC
Card.io Shark Tank Season 16 Episode 1
Highlights
- Destin George Bell tries his luck on Shark Tank with his unique fitness app.
- He seeks $150K for 5% equity in the business.
- The company has managed to earn grants from Pokémon GO.
Overview
| Category | Details |
| Name | Card.io |
| Founder | Destin George Bell |
| Industry | Fitness |
| Product | Fitness App |
| Funding | $1 million |
| Investment Ask | $150K |
| Equity Offered | 5% |
| Valuation | $3 million |
Destin George Bell, a Louisville-based tech entrepreneur, enters Shark Tank Season 16 with Card.io.
Presenting his specially devised app as an ideal choice for fitness enthusiasts, Destin states that his company is focused on making a committed effort toward cardio fitness in a fun way. He tells the investors that he has tried to combine fitness with gaming to make exercising fun. With his app, users can join teams, participate in virtual events, and bag awards.
The app uniquely focuses on connecting users and creating a community through its giant game of ‘turf war.’
Card.io is different from other apps due to its gamified version of a ‘sports map.’ Giving a live demo, he shows how the map changes every time a player uses it. Plus, it allows the building of a social community with different players participating in the turf of war.
Sharing his motivation behind coming up with the app, Destin reveals after graduating, he was jobless during the pandemic, which made him lazy. One day, he thought to end his sluggish phase and went out for a run. While running, he suddenly came up with the idea of a cardio-based fitness app.
Card.io: What Happened On Shark Tank Season 16
Destin enters the Shark Tank new season, seeking $150K for 5% equity. His ‘freemium’ model-based app already has 22,000 users spread across 70 countries. The app has a 34% – 30-day retention rate. Downloads are free, and a subscription model ($25 per month) will follow later on.
The brand has raised $470K from June 2022 to the current time of the year, $150K of which was generated from grants from Pokémon GO. The Sharks seem impressed.
Going ahead in the pitch, the entrepreneur claims to have partnerships with eminent organizations, including Cleveland Marathons, Road Runners Club of America, and Austin. Additionally, Card.io integrates with well-known fitness platforms, such as Garmin, Apple Health, and Strava.
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Did the Shark Tank Cast Invest In Card.io?
Lori Greiner is the first investor to step out of the deal as she feels she is not the right fit for a sports-based business. Kevin O’Leary, too, is out as he feels the company lacks data that can be relied on. Mark Cuban is the next Shark to step out, as he thinks he would not be able to help scale the business.
Guest Shark Rashuan Williams is interested in making an offer. He discusses his previous hundreds of software investments, showing that he is a good partner for the entrepreneur. Daymond John, too, wants to make a deal. Both of them then collectively offer $150K for 15% equity. Destin counters it with 10% equity, but the Sharks disagree.
He then requests to talk to his mom, who is waiting backstage; the judges tell him to bring her over. After some discussion, Destin listens to his mother’s advice and takes the deal for $150K at 15% equity.
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See what else is new! View other businesses featured in this episode.
