Mark Cuban ‘Shark Tank’ investment falls through for local startup

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The local entrepreneurs who landed an investment from billionaire Mark Cubanon ABC’s “Shark Tank” for their fitness app Sworkit didn’t end up closing the deal — agreeing to disagree on several deal points, including how to value the startup.

Ben Young, CEO of parent company Nexercise Inc., and Greg Coleman, its president and chief operating officer, garnered attention in February for securing what they called the biggest tech deal in the show’s history. Cuban, the owner of the NBA’s Dallas Mavericks and chairman of AXS TV, would invest $1.5 million in return for 10 percent of the business, plus $1.5 million worth of unsold ad inventory on the app.

Read entire article at Washington Business Journal’s website.

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