Highlights
- Patrick Whaley pitched TITIN, his line of weighted compression gear, on Shark Tank.
- Patrick enters seeking $500K for a 5% stake in the company.
- The Sharks were intrigued by the innovative fitness gear but questioned its effectiveness and market potential.
Overview
| Category | Details |
|---|---|
| Name | TITIN |
| Founder | Patrick Whaley |
| Industry | Fitness and Health |
| Product | Weighted compression shirts with gel inserts for workouts and recovery |
| Funding | Raised over $100K on Kickstarter and $1 million on Fundable |
| Investment Ask | $500,000 |
| Equity Offered | 5% |
| Valuation | $10,000,000 |
Patrick Whaley seeks an investment in TITIN, his line of weighted compression gear, in Shark Tank episode 609. Whaley got the idea for TITIN when he was a skinny kid; he’s walk everywhere with a weighted backpack to help build up his muscles. He thought he’s make weighted clothing that was more comfortable than wearing a backpack and began sketching prototypes while in high school.
TITIN Tech weighted shirts have 8 pounds of weight added to the garment. The weighted inserts help build muscle and stamina faster. Once the workout is over, the gel inserts can be heated or cooled to aid in recovery.
Whaley took up body building as he got older and thought he’d get an education that would help him build his dream product when he began studying mechanical engineering at Georgia Tech. In 2009, his life took an abrupt change when he was shot in the chest in an armed robbery. He was weakened, but not defeated by this major injury and he was soon back at the drawing board.
Patrick used his prototype gear to get back into shape after the shooting and he realized he was living proof his product worked. He started TITIN Tech in 2010 and has had some success. His products are used by actors who need to get “cut” quickly for their roles. The TITIN shirts were even featured in the movie “The Expendables III.”
TITIN got a real boost when it raised over $100K on Kickstarter and $1 million on Fundable. The product has endorsements from a whole host of professional athletes, too.
Does Mr. Whaley have the strength to land a Shark?
TITIN Shark Tank Recap
Patrick enters seeking $500K for a 5% stake in the company. He tells the story of the Titin gear. Mark asks Patrick to “talk science,” and Mark compares the shirts to the ankle weights he wore as a kid. Patrick explains how the shirts distribute weight more evenly than weighted packs or ankle weights.
While he’s talking, Robert tries the shirt on as Patrick tells the Sharks he did close to $1 million in revenue the previous month; the Sharks are impressed. Titin sells mostly through online retailers and did just over $600K last year. Titin also had a venture capital cash infusion of nearly $1 million, but he bought them out. Sales for the current year will be $10 million.
Did TITIN Get A Deal?
Patrick has $1.4 million in orders he doesn’t have the cash to fulfill. Mark still questions the shirts will increase performance – he’s out. Robert thinks the research Patrick presents is unclear; he’s uncomfortable and he goes out. Lori quickly follows.
Mr. Wonderful thinks the sales are good. He offers $500K for 15% and says Patrick’s style is like an “arrogant ass.” Daymond says he’s having the same challenge with trust. Patrick reassures Daymond saying he was an Eagle Scout and says he wants to use the money for inventory. Daymond offers $500 K for 20% he’ll handle the inventory and production. Patrick counters the offers with 10%. Mr. Wonderful and Daymond stay at their percentages. After some heavy sighs, Patrick takes Daymond’s deal and says they’re going to prove the other Sharks wrong.
TITIN Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. Titin got a Beyond the Tank segment in episode 108, the season two finale of the successful spin-off.
In the segment, Titin reveals a changed investment from Daymond. Instead of the $500K for 25%, Daymond became a full partner in the business for $1 million. Read about the update segment HERE.
After Daymond invested, allegations of fraud came out against Whaley and John from a man who claims he invented the technology. He unsuccessfully sued them, using himself as his lawyer. You can read about that HERE. Sometime after the suit was filed, Mark Cuban asked Daymond not to use the Dallas Mavericks logo on the Titin website and the company closed its doors.
Posts About TITIN on Shark Tank Blog
Purchase Orders Make “No Deal” a Good Deal in the Tank
TITIN Information
Buy on Amazon
See what else is new! View other businesses featured in this episode.
Houston Mavericks? 😎