Maya Nazareth started practicing jiu-jitsu at age 17. Eight years later, she believes training in combat sports transformed her “from a shy wallflower and turned me into the confident woman” who is the founder of a growing sportswear brand, Nazareth said on Wednesday’s episode of ABC’s “Shark Tank.”
Nazareth pitched her company, Philadelphia-based Alchemize Fightwear, on the show. Alchemize makes a range of athletic apparel specifically for women training in combat sports like martial arts, wrestling and boxing.
She started the business as a college student in 2020 after surveying a lack of womenswear options for combat sports training, which Nazareth described as a “major problem” that “makes a lot of women quit” those sports.
“Female fighters like me face a major problem. We don’t have gear to train in,” she told the show’s investor judges.
Reddit co-founder and investor Alexis Ohanian, a guest judge on the episode, expressed some interest early.
Ohanian financially supports multiple ventures in women’s sports alongside his wife, tennis legend Serena Williams, and said he’s “very bullish” on the rise of combat sports — especially for young female athletes. He also cited data showing that a lack of properly-fitted sports bras turns many school-aged girls away from athletics altogether.
Maya Nazareth, founder of Alchemize Fightwear, celebrates agreeing to a deal with Alexis Ohanian, Lori Greiner and Kendra Scott on ABC’s “Shark Tank.”
Source: Disney/John Fleenor
Nazareth initially sought a $250,000 investment in exchange for a 5% stake in her business — valuing Alchemize at $5 million — and some of the Sharks balked at the price tag. Kevin O’Leary removed himself from negotiations over his valuation concerns. Ohanian noted that Nazareth is challenging high-profile brands ranging from giants like Nike to apparel sold by the Ultimate Fighting Championship brand.
“You’re competing against folks that have built brands that people will tattoo on their bodies,” Ohanian said, adding: “The brand that you’re going to have to build is something that’s going to have to be very formidable and compelling.”
In response, Nazareth touted her customers’ high engagement rate on social media and plans to expand beyond online sales into retail to continue building Alchemize’s growing customer base. The brand had brought in $1.8 million in lifetime sales at the time of the episode’s filming, Nazareth said, including nearly $500,000 in 2024 sales.
She forecasted ending 2025 with $875,000 in annual revenue, including “modest profitability” of up to 5%, she said.
“I think it’s so much bigger than combat sports,” she said of her business’ appeal. “We’re for the fighter in every woman.”
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Lori Greiner decided to team up with Ohanian, offering her retail expertise as part of a $250,000 investment offer for a total 20% stake in the business. Reluctant to give up so much equity and significantly reduce Alchemize’s valuation, Nazareth countered with an offer of 10% equity.
Eventually, Ohanian and Greiner teamed with a third Shark, fashion designer Kendra Scott, on a $300,000 offer in exchange for a 15% stake in the business split equally among the three investors. The offer valued Alchemize at $2 million, well below Nazareth’s goal, but investor Daymond John suggested the founder would be foolish to walk away from a chance to partner with three Sharks.
“Are you crazy?” John asked while Nazareth deliberated.
After trying to negotiate the equity stake down to 12%, Nazareth accepted the three Sharks’ offer. “When this is a billion-dollar business, you will not be thinking: ‘Gosh, I wish I had a few more [percentage] points,'” Ohanian said.
Nazareth now declines to confirm whether the deal has been finalized off-screen or not. “I cannot comment on the status of the deal at this time, but our plans for the capital are to scale our marketing to continue to amplify the brand,” she tells CNBC Make It.
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