ChessUp Shark Tank Net Worth-What Happened After Shark Tank?
What Is ChessUp? Who Founded ChessUp?
ChessUp is a smart chessboard with a built-in chess instructor that serves as a coach, analyst, and worthy opponent all in the course of a single game.
It was developed by co-founders Jeff Wigh, Justin Farrell, and Adam Roush. The three co-founders met while working together on an innovation team for Garmin, an electronics company based in Olathe.
Wigh began developing ChessUp as a way to teach his daughter chess after he noticed her playing chess on an app with one of her friends.
ChessUp is the first product of Bryght Labs, a gaming startup headquartered in Overland Park, Kansas. The company has five people working on the upcoming Shark Tank project.
ChessUp features accompanying products that can be purchased on its official website. Spare chess pieces can also be purchased separately.
ChessUp officially launched in 2021 and has generated significant crowdfunding on Kickstarter. In Shark Tank, the co-founder disclosed about their company revenue.
The smart AI-based chess board makes learning chess easier for beginners who can learn through this board.
ChessUp ensures that players enjoy themselves while working on their skills and ensuring that the sport does not die a slow death.
What Happened To ChessUp At Shark Tank?
Adam and Jeff appeared on Shark Tank together and requested $300k for a 5% stake in their business. They provided a video presentation to the sharks, showcasing their innovative product called the “AI Base Chess Board”. During the pitch, they explained the functionality and features of their product.
The sharks were concerned about the company’s implied valuation of $6 million. Barbara Corcoran and Mark Cuban dropped out, while Kevin O’Leary was interested but found the royalty structure too complicated.
However, Lori Greiner offered Jeff and Adam a deal of $300,000 for 5% equity and a 3% royalty until she recouped 1.5x her investment, which they accepted.
According to an article on shawneemissionpost.com, ChessUp struck a deal with Lori Greiner on the show. Players can purchase spare chess pieces from ChessUp’s website for $79.
An article on thecinemaholic.com states that after appearing on Shark Tank, ChessUp launched under the banner of Bryght Labs and became exclusively available on their official website. The company earned over a million dollars in revenue from its campaign.
What Happened To ChessUp After Shark Tank?
ChessUp, a smart chess board created by Justin Farrell, Adam Roush, and Jeff Wigh, was featured on Shark Tank Season 14.
The entrepreneurs asked for $300,000 for 5% equity in the company at a $6 million valuation. Lori Greiner accepted their offer of 5% equity for $300,000 plus a 3% royalty until she recouped 1.5x her investment.
Since appearing on Shark Tank, ChessUp has seen success. In 2022, the company’s revenue was projected to reach $1.4 million.
The product has been featured in Techie + Gamers magazine and is growing in popularity. ChessUp is continuing to grow and develop its products with the help of Lori Greiner’s investment.
ChessUp Shark Tank Net Worth
The company appeared on Shark Tank Season 14 Episode 9 and asked for $300,000 for 5% equity at a $6 million valuation.
ChessUp is a product that utilizes technology to teach users how to play the game of chess. It is an AI-based smart electronic device that suggests different possible moves to the player by highlighting them in green, blue, and red colors.
While Mark Cuban, Kevin O’Leary, and Barbara Corcoran refused to invest in the business, Lori Greiner invested $300,000 for 5% equity plus a 3% royalty until she recouped 1.5x her investment.
According to geeksaroundglobe.com, ChessUp has a net worth of around $4 million USD as of 2023. However, sharktanktalks.com estimates ChessUp’s worth at $1 million to $2.5 million.
Since appearing on Shark Tank, ChessUp has secured additional funding and partnerships leading to its growth and success.
Is ChessUp Still In Business?
Yes, ChessUp is still in business as of February 2023. The company was founded by Jeff Wigh, Justin Farrell, and Adam Roush and is headquartered in Overland Park, Kansas.
ChessUp is a smart chessboard with a built-in chess instructor that helps beginners learn the game. It features accompanying products that can be purchased on playchessup.com.
The co-founders started fundraising campaigns in April 2021 and struck a deal with investor Lori Greiner on an episode of ABC’s Shark Tank in January 2023.
