Bala Bangles, founded by Max Kislevitz and Natalie Holloway in 2018, experienced significant growth and success following their appearance on Shark Tank. The husband-and-wife team created a unique functional fitness equipment company specializing in hand-free wrist and ankle weights. Max and Natalie’s journey began with a desire to enhance their yoga practice, leading them to invent a product that would revolutionize the fitness industry.
The Birth of Bala Bangles
Max and Natalie shared a passion for yoga, with Natalie being a yoga instructor herself. However, they encountered a common problem during their practice – the absence of hand-free wrist and ankle weights that would make yoga sessions more effective and convenient. Determined to find a solution, they decided to create one themselves, giving birth to Bala Bangles.
These innovative weights not only simplified yoga poses but also enhanced various other exercises by allowing for a full range of movement. After conceiving the product idea, Max and Natalie took a bold step by launching a Kickstarter crowdfunding campaign on May 11, 2017, raising $50,448 from 381 backers who believed in their vision.
Expanding Retail Presence
By 2018, they had made significant progress, with their products available in over 500 retail stores, including renowned names like Nordstrom. Their journey of innovation and growth led them to seek an investment on the popular television show Shark Tank during Season 12, Episode 3.
The Bala Bangles Product Line
They offers a range of fitness equipment that includes Bala Bangles, Power Ring, Bars, and Beam. The hallmark of their product line is the hand-free weights that resemble bracelets and anklets, adding a stylish touch to functional fitness. The average weight of Bala Bangles is 1 pound, and these weights can be easily incorporated into various workouts.
Their products are available both in select offline stores and on Amazon, catering to fitness enthusiasts looking for an efficient and aesthetically pleasing fitness accessory.
Founders of Bala Bangles
Natalie Holloway and Max Kislevitz, the husband-and-wife team behind them, share a complementary blend of skills and expertise. While Natalie is a yoga instructor with a deep understanding of fitness, Max has worked as a Brand Director for several notable companies, including 72andSunny and Battery Agency.
The Shark Tank Pitch
When Max and Natalie entered the Shark Tank, they presented a compelling pitch to the Sharks, seeking $400,000 in exchange for a 10% equity stake in Bala Bangles. Their presentation highlighted the impressive growth of the company, with total sales of $260,000 in the last six months of 2018 and $1.2 million in 2019. They projected sales of $2.2 million by the end of the year.
Their sales breakdown indicated that 60% of their sales were from retail, 30% from Amazon, and 10% from other sources. With a landed cost of $12, wholesale cost of $25, and retail cost of $49, they sought funding to address inventory challenges and hire additional sales personnel.
Shark Tank Offers
In response to their pitch, Kevin O’Leary made the first offer of $400,000, structured as a loan at 7.5% interest for a 5% equity stake. Lori Greiner offered $500,000 for an 18% equity stake. However, Max and Natalie ultimately accepted the offer made by Mark Cuban and Maria Sharapova, who joined forces and offered $900,000 for a 30% equity stake in Bala Bangles.
Bala Bangles After Shark Tank
They secured a deal on Shark Tank, with investments from Mark Cuban and Maria Sharapova. Following the Shark Tank investment, both Lori Greiner and Daymond John also invested in the business.
They gained popularity among fitness enthusiasts and celebrities, becoming a sought-after fitness accessory during workouts. As of September 2023, the company reported annual revenue of $5 million, highlighting its remarkable growth trajectory.
Shark Tank Update
A follow-up segment on Bala Bangles aired during Season 12, Episode 3 of Shark Tank. The COVID-19 lockdown in 2020 led to an increase in home-based workouts, resulting in a surge in Bala Bangles sales. In 2020, the company achieved sales of $2 million to $3 million, further demonstrating its potential in the fitness industry. By 2021, Bala Bangles reported annual sales of $4 million, showcasing consistent growth.
Net Worth of Bala Bangles
As of the latest estimates, Bala Bangles is valued at $6 million. The brand’s products have gained significant traction and are in high demand, both on Amazon and in various retail stores. During peak seasons, their products frequently sell out.
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Bala Bangles: A Thriving Business
Bala Bangles has continued to thrive since its inception in 2018. With increasing sales, a growing customer base, and a presence in the fitness industry, it has established itself as a reputable and successful wellness and fitness company.
The company is headquartered in Los Angeles, California, United States, and employs between 11 to 50 people, according to LinkedIn.
In conclusion, Bala Bangles not only addressed a common fitness challenge but also became a symbol of style and convenience in the fitness industry. Its founders’ dedication and vision, combined with the support of investors like Mark Cuban and Maria Sharapova, propelled the company to remarkable heights in the world of functional fitness equipment.
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