Last into the tank is Coolbox seeking $500,000 for 10 percent equity.

Coolbox Shark Tank Update: Pitch Highlights

  1. Innovative Product: Coolbox is a smart toolbox featuring USB ports, a whiteboard, and an iPad stand, priced at $249.
  2. Initial Offers: Daymond John offered $500,000 for 20% equity, contingent on licensing; other Sharks had reservations about the product’s market appeal.
  3. Final Deal: Lori Greiner secured a deal for $500,000 as a line of credit at 5% interest and 15% equity.
  4. Market Concerns: Some Sharks doubted consumer interest in the extra features and retail success.
  5. Entrepreneurial Spirit: The Coolbox pitch demonstrated innovative thinking in a traditional market segment.

Coolbox Company Overview

Coolbox is a toolbox upgrade–a smart toolbox that features a whiteboard, iPad stand, USB ports and more. They cost $249 and will start shipping in July.

Daymond John doesn’t find their offer realistic so offers $500,000 for 20 percent, contingent on licensing. Robert Herjavec believes that people won’t be interested in all the extra features so goes out.

Kevin O’Leary worries that they won’t find success in retail and sees it as too risky, so goes out.

Mark Cuban sees their valuation as too high, and doesn’t see anything “protectable.” He goes out.

Social reactions from Coolbox’s appearance on Shark Tank:

Lori Greiner cites her value in places like Home Depot and Lowe’s and offers $500,000 for 30 percent, without a contingency on licensing, but one on Lowe’s giving a purchase order.

That causes John to take his offer off the table, and they counter Greiner for 20 percent. She changes her offer to $500,000 as a line of credit at five percent and then 15 percent equity. They accept.

Final deal: Lori Greiner for $500,000 as a line of credit at five percent and then 15 percent equity of the company.

Would you use Coolbox?

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