Chirp Wheel Net Worth: Update After Shark Tank

The Chirp Wheel has become a popular solution for back pain relief since its appearance on Shark Tank. Created by Tate Stock, the product offers targeted spinal decompression and muscle relaxation, helping many with chronic back pain. Since the show aired, the company’s exposure has significantly boosted its sales and brand visibility. In 2024, the Chirp Wheel Net Worth is estimated at around $50 million.

Although the deal with Lori Greiner did not close after the show, the Shark Tank appearance still provided a considerable boost. The brand’s net worth continues to grow, driven by its strong online presence and customer base, with sales reaching over a million units.

Key Takeaways

Category	Details
Product Name	Chirp Wheel
Founder	Tate Stock
Founded	2015
Net Worth (2024)	$50 Million
Shark Tank Appearance	Season 12, 2020
Shark Tank Deal	Lori Greiner offered $900,000 for 2% equity, but the deal was not finalized.
Key Features	Spinal canal design for pressure release, different sizes to suit various body types and pain levels
FDA Registration	Yes, it’s an FDA-registered medical device
Online Platforms	Available on Amazon, Walmart, Target, Best Buy, Dick’s Sporting Goods, and GoChirp.com
Customer Ratings	4.4 stars from over 20,300 reviews on Amazon

What is a Chirp Wheel?

The Chirp Wheel is an innovative tool designed to provide back pain relief through spinal decompression and muscle relaxation. It consists of a small, sturdy wheel that users roll along their spine to target tight muscles and relieve pressure. The design is unique, featuring a spinal canal that helps with better alignment and pressure release. The wheel comes in different sizes to accommodate various body types and pain levels, making it versatile for users.

By rolling the Chirp Wheel between your shoulder blades and along your back, it helps decompress the spine, stretch muscles and improve flexibility. It’s often compared to a deep tissue massage but in a more accessible and cost-effective form. Many people use it as part of their daily routine to manage chronic back pain or improve posture.

Tate Stock’s Background

Tate Stock, the founder of Chirp Wheel, was raised in a farming family in Draper, Utah. Following high school, he pursued a degree in economics at Brigham Young University (BYU).His early life was shaped by his missionary work with The Church of Jesus Christ of Latter day Saints in Suva, Fiji, where he spent over two years.

Before diving into entrepreneurship, Tate worked in sales, including selling pest control products door to door. This experience provided him with valuable skills in business and perseverance, which later helped him successfully launch Chirp Wheel in 2015.

The Birth of Chirp Wheel

Chirp Wheel was born out of Tate Stock’s frustration with his own chronic back pain. In 2015, he was inspired by a yoga wheel he saw at his aunt’s house but couldn’t find a product that suited his needs. With just $400, he bought PVC pipes and yoga mats to create a prototype, which he initially called Plexus Yoga.

In just two weeks after launching the product, Tate made $12,000 in sales, which proved there was demand for a solution like Chirp Wheel. By the end of the first year, sales had surged to $180,000, signaling a promising future for the business. This early success allowed him to redesign the product, adding a patented spinal canal feature to improve its effectiveness.

Tate’s determination and creativity paid off when he launched a Kickstarter campaign in 2017, raising $1.5 million from nearly 18,000 backers. By 2018, Chirp Wheel had earned $8 million in sales and by 2022, it had sold over a million units. This rapid growth established the company as a key player in the back pain relief industry.

Chirp Wheel’s Shark Tank Pitch

Chirp Wheel made its Shark Tank debut during Season 12 in 2020, where founder Tate Stock pitched the product to the investors. At the time, the company had already made impressive strides, with year to date sales reaching $12 million. Stock was seeking an investment of $900,000 for a 2% equity stake, valuing the company at $45 million.

The pitch highlighted the unique design of the Chirp Wheel, emphasizing its ability to relieve back pain by mimicking professional massage therapy. Tate also demonstrated how the product’s spinal canal feature helps improve spinal alignment and flexibility. The Sharks were intrigued by its potential, and a bidding war broke out between them.

Ultimately, Lori Greiner offered $900,000 for 2.5% equity, though there was some back and forth over the terms. Tate countered by suggesting a unique payment plan where Lori would receive the investment in two installments $400,000 initially and $500,000 the following year. The episode ended on a cliffhanger, leaving viewers wondering whether the deal was finalized.

After Shark Tank

After Chirp Wheel appeared on Shark Tank in 2020, it experienced significant growth, even though the deal with Lori Greiner didn’t close. At the time, the company was making $12 million in annual sales. The exposure from the show provided a massive boost to the brand, increasing its visibility and customer base.

By 2021, Chirp Wheel was on track for impressive growth, with the founder forecasting $40 million in sales for the year. The brand expanded its product line and maintained a strong presence on platforms like Amazon, Walmart and Target. Where the product continued to receive positive reviews. On Amazon, the Chirp Wheel has a solid 4.4-star rating from over 20,300 users, reflecting its widespread popularity and customer satisfaction.

In 2024, Chirp Wheel’s net worth is estimated at around $50 million. The company has sold over one million units and helped 500,000+ customers manage back pain. The product has also become an FDA-registered medical device, which has helped solidify its position in the wellness market.

Conclusion

Chirp Wheel has proven to be a game changer in the world of back pain relief. Despite the uncertainty around the Shark Tank deal, the company has thrived due to its unique product, strong marketing, and continued growth. With a net worth of $50 million in 2024 and more than 500,000 satisfied customers, it’s clear that the brand is making a significant impact.

The company’s ability to expand its product line and establish a presence in major retailers shows its resilience and promise for the future. Chirp Wheel continues to revolutionize the way people manage back pain, making their journey a remarkable success story.

FAQs

What does the Chirp Wheel do?

The Chirp Wheel is a back pain relief tool designed to decompress the spine, relieve tight muscles and improve spinal alignment.

What was Chirp Wheel’s Shark Tank experience like?

Chirp Wheel had a memorable pitch on Shark Tank, impressing investors with its innovative design and potential in the back pain relief market.

Did Chirp Wheel close a deal on Shark Tank?

Although Lori Greiner offered a deal, it remains unclear whether the agreement was finalized after the show aired.

What’s Chirp Wheel’s current net worth?

In 2024, Chirp Wheel’s estimated net worth is $50 million, reflecting its growth and success since its Shark Tank appearance.

What are the customer ratings for Chirp Wheel?

On Amazon, the Chirp Wheel has an impressive 4.4-star rating from over 20,300 users, indicating high customer satisfaction.