Back pain is never enjoyable, and there isn’t a quick fix. As a result, entrepreneur Tate Stock created the Chirp Wheel. Chirp Wheel is an easy-to-use back pain relief tool that relieves all the right spots. Even the deepest recesses of your spine can be reached by its unique design, which precisely fits between your shoulder blades. Sadly, Tate Stock’s deal with Lori Greiner on Shark Tank never materialized. Find out everything that happened, from the genesis of the Chirp wheel to its pitch on Shark Tank and more.
What is Chirp Wheel?
Chirp is a wheel that helps users alleviate back pain by assisting in stretching the whole back. It has a Utah base. Three diameter sizes are available: gentle, medium, and deep tissue. The choice of size depends on the area that needs to be stretched and the required stretch intensity.
Called Gentle, this 12-inch-diameter wheel is the largest. It provides a general stretch and works well for treating back pain, both upper and lower. The Chirp wheel is made of injection-mold plastic and has a 500 lb weight capacity. The Spinal Canal—a ridge in the center of the wheel that permits a four-way stretch of the back muscles—features a soft EVA foam layer.
How does the Chirp Wheel work?
Utilizing trigger point technology, the Chirp wheel fits snugly between your shoulder blades to target your back muscles. There are four ways in which the compression-sensitive design releases pressure from the spine. You can use the wheel on the floor, yoga mats, walls, or chairs.
Who is the mastermind behind Chirp Wheel?
Tate Stock invented the Chirp Wheel. Tate was born into a farming family in Draper, Utah. He received his high school education from a private school in Draper. Tate already had an associate degree after graduating high school. He pursued his education at Brigham Young University, studying economics.
Tate also served as a missionary for The Church of Jesus Christ of Latter-day Saints in his early years. He served over two years in the Suva, Fiji, island region. The Utah native was already a businessman before taking on the CEO role. For three years, his primary source of income was selling pest control products door to door.
The Birth of Chirp Wheel
Once, Stock went to his aunt’s house and noticed a yoga wheel lying around. After failing to find what he was looking for online, he decided to make his own. Using $400, he purchased yoga mats and PVC pipes to create a prototype first known as Plexus Yoga. Tate made $12,000 in sales in the first two weeks after the company’s founding in 2015.
He earned an astounding $180,000 in a year. Thanks to early solid sales, he was able to redesign the product and incorporate its patented spinal canal feature, which helps target critical muscles. The founder raised $1.5 million from almost 18,000 backers through a Kickstarter campaign. Chirp Wheel made $8 million in revenue in 2018 and sold over a million units by 2022.
On Shark Tank Pitch
At the time of the pitch in 2020, the company was doing well and had made $12 million in sales so far. Shown in season twelve, he made an offer of $900,000 for 2%. The highest valuation in the history of the show is $45 million. Tate delivered an excellent pitch, and his partner demonstrated the usefulness of his product by dressing like bubble wrap. The founder predicted sales of $40 million and a profit of $12 million for 2021, and the Sharks loved it.
On the other hand, Daymond John was perplexed about Tate’s motivation for seeking funds and suspected he was merely seeking attention. There was a bidding war between the three Sharks. Both Robert and Kevin made proposals that included a royalty. Nevertheless, Lori Greiner prevailed with her 2.5% offer for $900,000, provided the money was returned within 18 months. Tate eventually agreed to the deal, though he was apprehensive about giving up 0.5% of the company.
Following Shark Tank
Sadly, the company isn’t mentioned on Lori’s website, suggesting that the deal didn’t close after the show. Tate probably pulled out of the deal because he thought the $36 million valuation was too low. The CEO said that he drastically discounted the valuation to attract a shark.
Tate said in February 2021 that the company is “crushing it,” but the founders haven’t disclosed any sales figures since the episode aired. The FDA’s recent registration of the Chirp Well as a medical device makes it stand out from competing products. To handle orders in the US, they even started a shipping business named StudShip.
Dick’s Sporting Goods, Amazon, Target, Best Buy, Walmart, and GoChirp.com are the retailers that carry the merchandise. Over 15,800 customers have left reviews for the product on Amazon, with an average rating of 4.4 stars. With an estimated value of $50 million, the business has assisted over 500,000 clients in treating their back pain.
Chirp worth
How much is Chirp worth? Chirp has done massive work since their appearance on The Shark Tank. In 2020, the founder of Tate Stock valued the company at $45 million, saying that the company was on track. The company’s value was somewhat lowered to $36 million by Lori Greiner’s $900,000 investment for 2.5% equity, but this is still one of the companies on Shark Tank with a high valuation that got a deal from Shark Tank. Currently, Chirp’s net worth is unknown.
| Net worth | Unknown |
| Annual Sales Revenue | Under Review |
| Profits | – |
| Lifetime sales | – |
| Investor | Lori Greine |
| Founders | Tate Stock |
Conclusion
Tate, the creator of Chirp, has grown his company in ways that benefit other startups. First, he started his own shipping and fulfillment firm, ShipStud, to handle the rising costs of fulfillment and shipping. ShipStud addresses Chirp’s logistical requirements and offers services to other startups. With over a million customers, an expanding product line, and the ability to provide logistics to other companies, Chirp has proven to grow and succeed even without a shark investor.
Frequently Asked Questions
Q. Did Chirp get a deal on Shark Tank?
A. Yes, they had a deal with Lori Greiner.
Q. Who founded Tate Stock?
A. Tate Stock founded Chirp.
Q. Is Chirp still in business today?
A. Yes, Chirp is still in business today.
Q. Which year was Chirp founded?
A. 2015.
