Next up is Tony Chan of Coolpeds, seeking $250,000 for five percent equity.

Key Summary: Coolpeds on Shark Tank

  • Pitch: Seeking $250,000 for 5% equity.
  • Product: Electric scooter-luggage hybrid for eco-friendly travel.
  • Valuation: $479 per scooter.
  • Outcome: No deal.
  • Latest Update: Coolpeds continues to innovate with new eco-friendly transportation products despite not securing a deal on the show.

What is Coolpeds? A Quick Company Overview

Coolpeds is an electric scooter-luggage hybrid that allows for more environmentally-friendly travel.

According to their website, their “mission is to help more people get around efficiently and reduce pollution in the world.” The scooter, which can go up to seven miles on one charge, costs $479.

The Sharks Are Impressed, but not Quite Enough

Kevin O’Leary takes it for a spin and says he’s impressed by how fast it goes. Chan also previews his electric car, which Lori Greiner calls “unexpected.”

In the last 18 months, they have done approximately $500,000 in sales.

Mark Cuban says the “cool” factor is “a brutally competitive market” and goes out, followed by Barbara Corcoran. Greiner acknowledges that she was surprised by the products, but doesn’t think his heart is in the scooter side of the business. She goes out, as does O’Leary.

Robert Herjavec likes the idea, but finds it a bit too confusing. He would want to focus on the car, but ultimately goes out.

Social Media Reacts to Coolpeds’ Appearance on “Shark Tank”

Wrapping Up

Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging business to six multi-millionaire and billionaire investors, known as sharks:

  • Mark Cuban, owner of the Dallas Mavericks;
  • Daymond John, fashion mogul and founder of FUBU;
  • Kevin O’Leary, self-proclaimed Mr. Wonderful and founder of O’Leary Financial Group;
  • Barbara Corcoran, real estate maven; Lori Greiner, queen of QVC;
  • Robert Herjavec, technology guru and founder/CEO of the Herjavec Group.

Venture capitalist Chris Sacca is also slated to appear as a guest shark this season.

“Shark Tank,” which is based on “Dragons’ Den,” is produced by Mark Burnett and first debuted in 2009. To date, the sharks have invested more than $87 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Friday at 9 p.m. on ABC.

Would you use Coolpeds? Sound off in the comments section below!