Company: Coolbox
Founders: Chris Stoikos and Jason Neubauer
Season: Appeared on season 7
Coolbox is a smart toolbox that puts all essential project items at your fingertips. The Coolbox takes the storage of the classic toolbox and adds in extra features, such as a magnetic lid, speakers, USB ports, removable whiteboard and detachable LED lamp. According to their website, the first order ships Feb. 2017.
When they first appeared on “Shark Tank,” they came in looking for $500,000 for 10 percent equity. Many sharks found an investment to be too risky or thought the valuation was too high. Daymond John offered $500,000 for 20 percent, contingent on licensing, while Lori Greiner offered $500,000 for 30 percent, contingent on Lowe’s giving a purchase order. After John goes out, they ultimately counter and accept Greiner’s offer for $500,000 as a line of credit at five percent interest, for 15 percent equity.
Where Is Coolbox Now?
Since they appeared on “Shark Tank,” Coolbox has made plans to release a smaller, less expensive, toolbox. The entrepreneurs behind Coolbox have been developing a strategic plan to expand their business, according to 2paragraphs. They hope “to license Coolbox to a large tool manufacturer, and to release a smaller Coolbox at a lower price point.” They had previously launched an Indiegogo campaign, which raised more than $425,000.
According to their campaign, they have been dealt some setbacks. They did not have the funds to produce more than 1,000 units and have since resorted to personally covering the costs of production in order to get the Coolbox in the hands of the backers. Kevin Harrington, a former “Shark Tank” investor, is also helping with fundraising through a marketing agreement. They hope to have the toolbox in the customers’ hands no later than June 2017.
Stoikos and Neubauer told Forbes, “Over the next five years, we plan to license the product [Coolbox] out to one of the largest tool manufacturers in the world so that it can reduce costs even further and make Coolbox a household name.” Stoikos is also the founder of the Dollar Beard Club. In an interview with Entrepreneur, Stoikos said the growth of the Dollar Beard Club was his number one priority.