The Coolbox is the worlds first Smart Toolbox presented in Shark Tank Season 7. Their toolbox has a whiteboard, iPod, and iPad stands, two USB ports, a bottle opener, clock and Wireless Bluetooth speakers.
Coolbox has a provisional patent
Their cost is $110, and presold for $190, and plan on retailing in stores for $240. Coolbox doesn't have retail or distribution. The company has an 8,000 unit order with intent to buy.
They have a provisional patent on all the features in the toolbox. They have $250,000 worth of molds, and they have to ship 2,200 units and are raising a million dollars.
Entrepreneurs: Jason Neubauer and Chris Stoikos
Ask: $500k for 10% equity
Companies in this episode: Coolbox, PrideBites, NoPhone, TROBO
Season: Season 7 Episode 723
Sharks: Mark Cuban, Daymond John, Kevin O'Leary, Lori Greiner, Robert Herjavec
First Aired: 04/08/2016
Deal: Lori Greiner, contingent upon a deal with Lowes. She will give a $500,000 line of credit on orders at 10% interest and 15% equity.
What do the Shark Tank Investors say about CoolBox
Mark Cuban rarely discusses valuation, but you they are at a precarious point. They are desperate, but they are in a dire situation. There is nothing that is protectable, so he is out.
Daymond John offers $500,000 for 25% equity contingent upon a licensing deal. They ask Daymond to tighten up his offer and prefer to have an offer without a contingency. Daymond goes out after Lori makes her offer.
Kevin O'Leary talks about needing a couple of toolboxes for each store which is going to tie up a ton of cash. You continue to tie up capital and risk another box to come into the market. He is out.
Lori Greiner said she needs 30% equity for her to give the $500,000 contingent that Lowes is for sure going to give the purchase order. They come back asking for a deal at 20% equity. She counters with a loan at 10% interest and 15% equity. They do the deal.
Robert Herjavec loved the toolbox when they first came in the Shark Tank. Robert sees a lot of challenges with the toolbox, so he is out.
Coolbox after Shark Tank
The Coolbox deal with Lori Greiner fell through after the Shark Tank pitch. Coolbox is not selling or taking orders on their website. It appears the box did not go anywhere after their Shark Tank episode.