Highlights
- Daniel Wood and David Martschinske pitch SoloWheel, a self-balancing unicycle, seeking $300,000 for 10% equity to revolutionize urban transportation.
- Robert Herjavec and Kevin O’Leary team up to offer $300,000 for 33% equity, which Daniel and David accept.
- The SoloWheel has since evolved with new models and continues to thrive, achieving $5 million in annual revenue as of February 2022.
Overview
| Category | Details |
|---|---|
| Name | SoloWheel (Self Balancing Unicycle) |
| Founders | Daniel Wood & David Martschinske |
| Industry | Personal Transportation |
| Product | Self-balancing unicycle |
| Funding | Seeking $300,000 |
| Investment Ask | $300,000 |
| Equity Offered | 10% |
| Valuation | $3,000,000 |
A Self Balancing Unicycle, created by entrepreneurs Daniel Wood & David Martschinske of Focus Designs, wheels into the Shark Tank in episode 407. Their self balancing unicycle, called the SoloWheel, is essentially a wheel with two pedals. While standing on the pedals, the battery-powered wheel speeds up and slows down according to how you lean into it and it has smart sensors that keep you balanced . It’s kind of like a Segway, but more compact and less expensive. The Solowheel is small enough to carry around, yet powerful enough to go 10 miles per charge. Daniel and David think their SoloWheel could change urban transportation forever.
Self Balancing Unicycle Shark Tank Recap
Dan and Dave entered the Shark Tank seeking $300k for 10% of the Self Balancing Unicycle. Kevin and Robert take it for a spin while Dan and Dave tell them they sold their first 100 units at $1,800 apiece. With backing, they think they can build up $1 million in sales in a year.
Lori isn’t too excited about the product, so she’s out. Daymond’s not willing to take a risk on an unproven product (even though he didn’t mention it on air, he’s also involved with something similar); he’s out. Mark thinks manufacturing will be a nightmare, he’s out too. During the conversation, Dan and Dave reveal they have a patent on the technology behind the Solowheel and they’d already licensed it. This sparks Robert and Kevin’s interest and they team up on an offer for $300k for 33%. They have a deal!
Self Balancing Unicycle Shark Tank Update
The dealWhile there isn’t a lot of news on this deal’s progress, one thing is for sure: you can buy a Solowheel now! When the episode first aired, they were not available for purchase. We will continue to follow the progress of this business and I, for one, can’t wait to take one for a spin!
Over the years, the company introduced new models: the Scorpion, an urban friendly model with a handle that doubles as a kickstand; and the Extreme, a model that can handle rougher terrain. As of February, 2022, they are still in business and doing $5 million in annual revenue.
Posts About the Self Balancing Unicycle on Shark Tank Blog
Solowheel Looks to Roll Out New Invention
Company Information
Hello,
Your self balancing uni cycle is used by one of the leading Actor from Telugu Film Industry in his latest film. His name is Nandamuri Taraka Ramarao (Junior). His latest movie title is “Naannaku Prematho”. You find the link for the teaser of this movie here…
https://www.youtube.com/watch?v=1W1hABhzEtU
I think this is your best opportunity to target Andhra Pradesh (South Indian State of India). You should already be aware of consume market in India and its population.
Hope this may be of your help and opportunity.
Dear Mr. Barney,
I think you are greatly mistaken. The product shown in your video is not for real this one. This is a unicycle. Your video shows 2 wheels. That is not unicular. That product can be seen in this video here:
https://www.youtube.com/watch?v=HD8fat9T94I
As you can clearly see, this is a Walkcar. The most popular Shamad Asalam is demonstrating what the kids these days call “W rizz” which is not demonstrated by Mr. Pradesh.
P.s. I would like your opinion on the greatest aloo parathee you have consumed in South Indian state of India. I am going this summer to meet my 10 bachche and goat farm.
Thank you Mr. Barney. I hope you learned your lesson