Biking is a great way to enjoy yourself while staying active and healthy. It’s also an eco-friendly mode of transportation, especially for short distances, which helps reduce pollution. However, there is a downside to bike riding—many people find bike seats uncomfortable. In fact, long rides can sometimes cause discomfort in the groin area.
The pressure from sitting on a bike seat for too long can impact circulation by pressing on veins and arteries, reducing blood flow to sensitive areas. This discomfort can take away from the overall enjoyment of biking, even though it’s such a beneficial activity in many ways.
Ani Armstrong and Bryan Visintin, the owners of VSeat, have introduced a comfortable seat for all bike riders. The seat is noseless and bumpless that is made to support sit bones while cycling. It is comfortable to use by both men and women. The seat is also made up of slip resistant material and it can be installed by anyone very easily.
The owners came on Shark Tank to request $150K in exchange for 5% in their company. They also proved the comfortability of their bike seats by letting Corcoran and Kevin try it out. Let’s see if they got the deal or not.
VSeat Net Worth Shark Tank Update
Ani and Bryan were looking for an investment of $150K in exchange for 5% equity in the company. At the time of the episode, they valued their company at $3 million. Ani and Bryan successfully secured a deal with Kevin and Robert for an investment of $200K for 25% equity in the company. The investment adjusted the company’s net worth to around $800K. After the show was aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of VSeat in 2024 is around $2.5 million.
Bryan shared that the idea for their business began when Ani told him about the issues she was facing with cycling and the impact it was having on her body. With over 20 years of experience as a trainer, Bryan began thinking about how to address the problem, which eventually led to the creation of VSeat.
Ani also shared her background. She was adopted by an Armenian family in Iran when she was just three. At twelve, she was taken to the police because a strand of her hair was showing through her hijab, but her mother managed to save her, and soon after, her family immigrated to the United States.
Ani went on to earn a degree in Chemistry and spent many years working in medical devices and pharmaceuticals. Now, creating VSeat has become a life-changing opportunity for her and for others facing similar health challenges.
Initial Pitch
The owners came on the show to seek $150K for a 5% equity stake. Their product is a cycle seat that is more comfortable than the traditional one found in the market. The VSeat is durable and lightweight, and it does not need to wear some specific types of shorts to ride on.
Queries about the Product
Cuban asked the first question regarding the cost of making one and their selling price. Ani replied that the product is selling for $119 on their website and it costs them $24 to make a unit.
The shark was also curious to know about their sales. The co-owner highlighted that their total sales are $300K in three years duration. Their last year’s sales were $26K and this year’s sales so far are a little over $270K.
Herjavec wanted to know how their sales escalated to $270K. She pointed out that this year they started advertising on Facebook and Instagram which resulted in the growth of sales.
Lori asked about their patent. Ani highlighted that they have six patents on the product. These patents cover both utility and design.
Corcoran wanted to know if they had invested any money into the business. The owners highlighted that they both invested their savings in it, collectively investing about $500K.
Kevin and Herjavec asked if they had licensed their product. They replied in the negatives and Bryan mentioned that as their product is a new design they want their customers to believe in its functionality first.
They also added that they have no issue with going to the manufacturer or licensing it.
Shark’s Response and Final Decision
Cuban was the first shark to drop the deal as he thinks the margins of bike seats are very low and thus their market is not scalable.
Kevin then offered them $150K for 20% equity in their company.
Herjavec also offered them $150K for a 15% equity stake.
Corcoran passed the deal by highlighting that their product is comfortable but it does not look comfy.
Lori didn’t want to invest in their business either as they already have got two reasonable offers.
Ani then counter-offered Herjavec $150K for 12.5% equity, which he readily rejected.
Kevin and Herjavec then partnered up and pitched a deal of $150K for 25% of their company.
The two sharks then revised their offer to $200K for a 25% equity stake. Finally, Ani and Bryan accepted their offer and left the tank with two sharks by their side.
Product’s Availability
After the company appeared on Shark Tank, its sales saw a major increase. Their VSEAT is for your website now features multiple reviews and even an endorsement from a doctor, allowing potential customers to explore if the VSEAT is right for them.
Conclusion
Following their appearance on Shark Tank, VSeat saw an increase in sales, validating the need for their unique, comfortable bike seat. Designed to improve the cycling experience for both men and women, VSeat stands out with its noseless and slip-resistant design that supports the sit bones. The product is available on their website, complete with positive reviews and a doctor’s endorsement, allowing new customers to see if this innovative seat is the right fit for them.
Hey there, it’s Andaleb Youns. I am a freelance content writer and am currently pursuing a BS in English Language and Literature. I have expertise in writing Blog Posts, social media content, and copywriting. I know how it feels to be a student and still be dependent on parents to fulfill even basic daily needs. This realization became apparent while watching Shark Tank. Although I started watching this show out of boredom, it proved to be an inspirational show. The show made me realize the importance of hard work, being independent, and of having a business of my own. I still look forward to it for entertaining and inspirational content.
