Highlights
- Founders seek $100,000 for 10% equity in their innovative fitness mat.
- The foldable mat provides extra support for various workouts.
- The mats cost $14.90, $21.50 landed and they sell for $86.
Overview
| Category | Details |
|---|---|
| Name | Stakt |
| Founders | Millie Blumka, Taylor Borenstein |
| Industry | Fitness / Wellness |
| Product | Foldable, versatile fitness mat |
| Funding | $100,000 |
| Investment Ask | $100,000 |
| Equity Offered | 10% |
| Valuation | $1 million |
Millie Blumka and Taylor Borenstein pitch Stakt, their new twist on the yoga mat, in Shark Tank episode 1402. The two women, like most of the world, were working and working out at home during the Covid-19 pandemic. They found their “regular” yoga mats weren’t up to the types of workouts they were doing. They set out to create a fitness mat that provided more support and versatility.
The mats are far thicker than standard fitness mats. They’re also foldable to provide more cushion and support for more vigorous exercises. When fully folded, the Stakt mats can act as a step for a variety of exercises. The product is patent pending and each mat costs $86. They come in three colors: rosewater, seafoam and iron.
The business is still a bit of a side hustle for the two women. Millie works as the Director of Partnerships at Showfields, “the most interesting store in the world.” Taylor works at Bloomberg as a Product Implementation Team Leader. They likely want a Shark to help them blow up their business so they can leave the old “9-5.”
Company Information
Video
Stakt Shark Tank Recap
Millie and Taylor enter the Shark Tank seeking $100,000 for 10% equity in their company. Their lives have changed so much in the past few years from the way they work to the way they work out. Living rooms have become gyms and bedrooms have become boot camps. Their mat workout have become more than yoga, they do Pilates, strength training and more. Regular yoga mats don’t offer enough support or extra value.
They introduce their mat. Its foldable design makes it unique and versatile. When unfolded, it works like a yoga mat, but it’s twice as thick as regular yoga mats. If you need extra support, fold it over once or twice. When fully folded, it can be used for planks, push ups and more. The Sharks examine their samples and the questions start.
Kevin says he’s seen lots of foldable mats, he wants to know why Stakt is unique. Taylor says there are two types of mats: foldable gymnastic mats which are heavy, expensive an not the right material for exercising and the classic rolled mat. The two women met in college ten years ago and now they’re room mates. When exercising during the pandemic, they were using yoga mats, but they weren’t doing yoga. They realized there was room in the market for a more supportive, versatile mat.
Let’s Talk Numbers
Lori wants the numbers. The mats cost $14.90, $21.50 landed and they sell for $86. They sell direct to consumer through their website. They’ve been selling for six and a half months and have a little over $110,000 in sales. They put no money into marketing. Stakt is competing in the premium market with mats that cost $70-$130. There are cheaper mats that are made with PVC which is a toxic material. Each of the women has a little over $25,000 into the business. Both women still have full time jobs and they tell about their backgrounds.
Did Shark Tank Invest In Stakt?
Daymond sees the viability, but he doesn’t understand the market; he’s out. Mark is concerned he’d be competing with Bala; he’s out. Kendra doesn’t think it would work for her, she’s out. Kevin says the best part of the deal is “you two,” but it’s not for him, he’s out.
Lori loves the mat. She offers $100,000 for 15% plus a $1 per unit royalty until she recoups her money. Lori says she’ll “blow it up.” Milly and Taylor confer and tell Lori they are concerned with the royalty because it could siphon their growth. They counter with $100,000 for 20% and no royalty. Lori counters with $100,000 for 25%. They counter with $150,000 for 22.5% and Lori says no. They counter again with $100,000 for 15% and a 35 cent royalty. Lori says if they do a 75 cent royalty, they have a deal. Milly and Taylor accept.
Stakt Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. There is no evidence the deal with Lori closed in the immediate aftermath of the original air date, but on show night , Lori tweeted:
I’ve gone through a lot of yoga mats and this is one of the nicest I’ve seen! lori.gr/3Md8Ze5 #SharkTank
As of October, 2023 – 10 months after the original air date – the deal with Lori did not close. Ultimately, it did not work out between Stakt and Lori. The company introduced a carrying case plus a branded mat cleaner and grippy socks. The product won TIME’s Best Inventions of 2023 list. They also developed an online yoga class library. In June, 2024, the company became available on Faire, an online wholesale marketplace for smaller retail stores to buy products at wholesale. As of July, 2024, Taylor is full time at Stakt while Millie still works a “regular” job. At this time, reliable sales revenue figures are unavailable.
The Shark Tank Blog will follow-up on Stakt & Millie Blumka and Taylor Borenstein as more details become available.
More products from this episode! Check out other businesses that participated alongside Stakt.
