Bunch Bikes Shark Tank Net Worth 2023
In search of $250,000 for a 10% stake in his company, Aaron made an appearance on Season 12 Episode 18 of Shark Tank. This meant that his company was valued at $2.5 million.
Aaron accepted an offer from Barbara which included a loan of $150,000 and a 15% equity stake valued at $100,000. This offer valued Aaron’s business at $666,666.67.
What is Bunch Bikes? Who is the Founder of Bunch Bikes?
Bunch Cycles offers a selection of electric cargo trikes with an integrated front basket for carrying kids and pets. These e-bikes, sometimes referred to as “tadpole-trikes,” have two front wheels and a spacious luggage box that can accommodate up to four children.
Apart from being perfect for running errands or going to the grocery store, these bikes are produced in Holland and are widely considered to be one of the best value electric bikes on the market.
There are several models to choose from, such as the Coupe, which can seat two children or pets along with the rider, and costs $5,999.
The Original model, priced at $2,999, can carry up to four kids and a week’s worth of groceries. The Preschooler model, which can seat six children, costs $4,999, while the K9 model, designed for dogs with a swing-open door, dog bed, and leash clips, is priced at $3,199.
The founder of Bunch Bikes, Aaron Powell, got into the business when his daughter was born. He wanted the freedom to prioritize his family, so he quit his job as a high school band director and started selling jewelry online. In less than a year, his website paid him twice as much as his teaching job.
To celebrate his success, he went on a family vacation to Sweden, where he saw his first family cargo bike. When he returned home, he tried to purchase one but couldn’t find a suitable option in the US.
As a result, he sold his e-commerce business in 2017 and founded Urban Tribe Cargo Bicycles, which eventually became Bunch Bikes.
Bunch Bikes Shark Tank Pitch
In search of a $250,000 investment for a 10% stake in his company, Aaron made an appearance on Season 12 Episode 18 of Shark Tank, presenting his motorcycle distribution business.
The Sharks were initially hesitant about investing in Aaron’s company since he was not producing his own product but rather distributing an existing one.
They expressed concerns about the potential for competitors to enter the market and reduce prices, making it difficult for Aaron’s business to compete.
However, Aaron assured them that he was the exclusive distributor for this particular motorcycle design in the United States, which put their worries to rest.
Despite their reservations, the Sharks were impressed with Aaron’s projected sales of $2.2 million by the end of 2020.
However, most of the Sharks declined to invest in the company, with Barbara Corcoran being the only one to offer $250,000 in return for 40% stock.
Aaron countered with a $100,000 investment and a $150,000 loan in exchange for a 15% stake, which Barbara ultimately accepted.
As of July 20, 2021, it is unclear if the deal has been finalized, but the company is still operational and expanding. Robert Herjavec, who was absent from the panel during Aaron’s pitch, later approached him about dividing the investment with Barbara, citing the first time a deal has been made by a Shark not on the panel.
The company fell slightly short of its revenue projections in 2020 but is expected to reach around $4 million in 2021. An update on the company will be featured on episode 1305, showcasing their new 12,000 square foot building.
Bunch Bikes Net Worth
Aaron appears on Shark Tank Season 12 Episode 18 in search of $250,000 for a 10% stake in his company. This translates to a $2.5 million valuation.
On accepting an offer from Barbara of $150,000 Loan + 100,000 15% equity, he valued the business at $666,666.67.
Bunch Bikes Competitors
Sites like Yuba bikes, Cero.bike, Xtracycle, Amsterdam-bicycle, and Qbp are among Bunch Bike’s main rivals.
Bunch Bikes FAQS
What is Bunch Bikes?
Bunch Bikes is a range of electric bikes (e-cargo trikes) with a built-in basket for transporting children and pets in front. The bikes, sometimes known as “tadpole-trikes,” have two front wheels that accommodate a bigger luggage box that can seat up to four children.
Who is the founder of Bunch Bikes?
Aaron Powell is the CEO and the founder bunch Bikes.
How much was he seeking in the Shark Tank Pitch?
Aaron was seeking $250,000 for a 10% stake in his company.
Did he get the deal from the Shark Tank?
He got the deal from Barbara Corcoran.
How much was the deal?
The deal was $100,000 plus $150,000 line of credit for 15% equity.
Is Bunch Bikes still in business?
Bunch Bikes is still in operation. Aaron persuaded Barbara Corcoran to invest $250,000 in the company.
After purchasing the cargo bikes, Robert decided to pursue a contract to become a member of Bunch Bikes.
Notably, the transaction was completed outside of Shark Tank.
Are seat belts included?
Yes! The Original has four over-the-shoulder seat belts, while the Preschool has six. The shoulder straps on the seat belts are entirely adjustable to fit any size, from toddler to school-age.
Do their kids need to wear helmets?
Yes! They always encourage that all youngsters and adults ride with helmets.
How many children can fit in the cargo box?
The Original comes with two benches and four child seat belts, allowing four children to fit within the box.
They may add a fifth seat by installing a Yepp Maxi kid seat on the rear cargo rack.
The Preschool has six kid seat belts and can transport up to seven children with the addition of the Yepp Maxi.
Can the benches be removed?
Yes! A metal lock secures each bench. Simply unscrew the clasp and slide out the bench panel to remove.
The removal of the seats allows for additional space for large grocery runs, Christmas decorations, or piano keyboards! (It’s true.)
How long does the battery last?
It is determined by how much power they draw from the engine.
The usual range on a single charge is 20-30 miles in moderate use.
They should anticipate to be on the lower end of that range if they routinely ride at maximum force (plenty of hills, enormous heavy loads).
How long does the battery take to charge?
The battery might take up to 4-6 hours to completely charge. The battery charger is a power adaptor that resembles a laptop charger.
When charging, the charger displays a red light, and when completely charged, it displays a green light.
What payment methods do they accept?
They accept all major credit cards through Shopify’s secure checkout.
They also accept Apple Pay, Google Pay, PayPal, and Affirm payment plans.
What is their return policy?
All cargo bike sales are final due to the big size of their cargo bikes and the corresponding freight charges. They are unable to provide a refund or credit.
What is their return policy?
All cargo bike sales are final due to the big size of their cargo bikes and the corresponding freight charges. They are unable to provide a refund or credit.
What is net worth of Aaron Powell?
Aaron Powell’s net worth is unavailable.
