Alchemize Fightwear founder Maya Nazareth presents her fight gear for women on ABC’s ‘Shark Tank.’ Her company received a $300,000 investment from three entrepreneurs in exchange for a 15% stake.
Maya Nazareth discovered jiu-jitsu at age 17 by accidentally walking into a class. But that has led to a multimillion dollar business and an investment from three of the best known entrepreneurs in the U.S.
Nazareth, 27, presented Alchemize Fightwear, her fight gear brand designed for the “fighter within every woman,” Wednesday on ABC’s “Shark Tank.” Nazareth received a $300,000 joint investment from fashion designer Kendra Scott, businessman Daymond John and Reddit founder Alexis Ohanian in exchange for a 15% stake in the company.
MORE: Allen Iverson reflects on his rise to fame and life after the NBA in new docuseries
Alchemize sells rash guards, bottoms, singlets, loungewear and traditional fighting garments designed for women in jiu-jitsu, wrestling, boxing and MMA. Nazareth established Alchemize because, as the brand’s social media bluntly puts it, “fightwear for women SUCKED.”
“The main problem is that the gear that’s on the market exposes women,” Nazareth, of Fairmount, said in an interview before the “Shark Tank” episode aired. “They’re wearing, sometimes, six garments just to be fully covered. … It’s just really cumbersome and uncomfortable to get ready for training.”
Before launching Alchemize in 2020, Nazareth conducted more than 100 interviews and took measurements from more than 1,500 female fighters to understand the issues they encounter during training and to get a sense of where fight gear is lacking. Simple fixes like built-in sports bras, high necklines, extra padding and pant drawstrings make a big difference, she found.
Alchemize is now estimated to be worth $5 million and has more than 26,000 Instagram followers.
“It’s nothing that’s super groundbreaking, but it’s really just about customer-centric design and understanding what a woman needs to be able to train comfortably,” Nazareth said. “That’s the approach we’ve taken to all of our garments.”
On “Shark Tank,” Nazareth said Alchemize has generated $1.8 million in sales since its founding. She projects another $875,000 in sales this year. She initially asked for $250,000 in exchange for a 5% stake in the company.
“We are redefining fight wear and building a community of women who can find a fighter within them,” she said during her pitch. “So sharks, which one of you will join the fight?”
Ohanian, who appeared as a “guest shark,” saw potential in the Alchemize brand, especially as a frequent investor in women’s sports and as a dad of daughters. He and investor Lori Greiner offered $250,000 for a 20% stake, but Nazareth rejected it.
After making her case for the company’s valuation and a briefly heated back-and-forth with John, who asked if she was “crazy,” Nazareth accepted the deal for $300,000.
Nazareth, who was named to Forbes “30 Under 30” list last year, celebrated the investment during a watch party Wednesday with her family and friends at Dock Street Brewing Co., calling the experience “really surreal.”
“We are on a mission to build the next activewear brand for the fighter in every woman and I think this is just another step on that journey,” she said Thursday morning. “I’m really, really excited to keep moving that mission forward.”
