Last into the tank is Coolbox seeking $500,000 for 10 percent equity.
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:
— Kylo-Ben (@00Reject) April 9, 2016
— Amy Naas (@AmyNaas) April 9, 2016
— Chrissie (@PhoenixRisingCZ) April 9, 2016
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?