Coatchex Shark Tank Update | CoatChex after the Shark Tank Pitch

What is CoatChex?

Coatchex is a software that enables users to check in their belongings via smartphone and receive a text message receipt.

The coat check attendant has a photo of the item and the user for identification and check-out is simple.

The company was founded by Derek Pacque, who hails from McLean, Virginia, and studied Business Administration at Indiana University’s Kelley School of Business.

He graduated and moved to New York, and is currently the CEO of Coatchex and Chexology.

Who is Founder of CoatChex?

Derek Pacque is founder CoatChex.

What happen to CoatChex at the Shark Tank Pitch?

Derek entered the tank with confidence and began by introducing himself and addressing Mark Cuban with a collegiate chant.

He requested $200,000 in exchange for a 10% stock position in his company, which he valued at $2 million.

He had a sample booth with an attendant behind him and his plan was to offer franchises to “area developers” who would then sell to end customers.

However, the Sharks were not interested in the franchising idea and felt the company was overpriced.

Despite Derek’s willingness to raise the equity percentage, he was unable to secure a deal from the Sharks.

CoatChex after the Shark Tank Pitch

CoatChex, now rebranded as Chexology, is expanding despite not securing a deal with the Sharks.

New locations in Chicago are set to open this winter, and deals for locations in New York City and Washington D.C. are in the works.

The company now offers inspection services for a wider range of items beyond outerwear and provides services and kiosks for a variety of events, including those hosted by American Express, Nike, Barclays Centre, House of Blues, Live Nation, and the Museum of Modern Art.

Attendees will receive SMS reminders and are warned not to forget their belongings.

The company’s yearly sales have reached $7 million as of July 2021, likely due to the decision to not give up a third of the company.

CoatChex Net Worth

CoatChex net worth is estimated at around $5 million.

CoatChex Competitors

CoatChex doesn’t have major competitors.

CoatChex FAQS

What exactly is CoatChex?

CoatChex is a computerized coat check system software that allows them to check in any things with their smartphone.

As their receipt, they will receive a text message on their telephone.

For appropriate identification, the coat check attendant has a photograph of their possessions and them. The reversal is easy check out.

Who is Founder of CoatChex?

Derek Pacque is founder CoatChex.

What happen to CoatChex at the Shark Tank Pitch?

None of the Sharks was willing to make a deal with CoatChex.

What is the CoatChex Shark Tank Update?

Coatchex is now known as Chexology.

Why did the Sharks Turn CoatChex down?

Sharks didn’t like that Derek wanted to charge 10% of his company for a $200,000 investment and its franchise concept.

Where is CoatChex Shark Tank Video?

It is found on season 4 episode 1 of Shark Tank.

Where do they get Coatchex?

CoatChex website has all the details they need.

What is Coatchex Business Model?

About CoatChex Business Model. CoatChex is a reservation system for coat check services.

Before CoatChex, there were no ways to order or pay for their coat check service in advance; instead, it had to be paid with cash on the night of the event.

What is the business of Coatchex?

The business of Coatchex is selling software for coat check services.

Where is CoatChex headquarters located?

CoatChex’s headquarter is located in Bloomington, Indiana, USA

What is Coatchex Headquarters Phone Number?

The headquarters phone number of Coatchex is +1 (812) 339-9999

What is CoatChex Website?

The website of Coatchex is http://www.coatchex.com

What is Email id of CoatChex Headquarters?

The main email id of company’s corporate office is coatchgroup@hotmail.com

Is CoatChex a for-profit organization?

According to Business Insider, his CoatChex technology has since been employed at prominent events such as the Super Bowl, New York Fashion Week, and Mercedes-Benz Fashion Week.

Pacque has recently merged Chexology to bring new services to the CoatChex family, such as bag checking and rentals.

Who owns CoatChex?

Derek Pacque is the founder of CoatChex

What became of coat check after the shark tank?

CoatChex (now known as Chexology) has added the Museum of Modern Art (MoMA), Live Nation, AMEX, Nike (at the brand’s running clubs in New York City), and Barclays Centre to its roster of corporate clients since its appearance on Shark Tank.

How CoatChex does makes money?

CoatChex is making money by offering services to corporate clients.

What is an opportunity for CoatChex?

The opportunity for CoatChex is to become a technology company that allows other companies to accept payments.

Why did CoatChex reject the offer from the Sharks?

Because they didn’t want to give up a third of their company.

Can they check in clothing at the coat check in a restaurant?

Of course, they can. They will probably need to be present for this.

Why is CoatChex better than regular coat checks?

CoatChex is better than regular coat checks because it allows patrons to check in their possessions before actually arriving at any location. This allows for easy and convenient access when needed.

What are the benefits of CoatChex?

The benefits of CoatChex are that it allows clients to leave their stuff safely in lockers, while still being able to retrieve them when needed.

Is it true that CoatChex couldn’t accept credit cards?

No. It is not true. CoatChex can accept both credit cards and cash payments.

Do they need to be present to do coat check in a restaurant?

Yes. They need to be present in order to check in clothes they are wearing.

Will the whole restaurant just watch what they wear to ensure that they don’t steal anything?

No. That’s not the case.

Will they be able to make payments via email?

Yes. Clients can make payments online.

Is there a roster of restaurants in which CoatChex are already working?

There are shops or other buildings which are already using CoatChex to check coats.

What is CoatChex net worth?

Net worth of CoatChex is estimated at around $5 million.

Where was Derek Pacque born?

Derek Pacque was born in McLean, Virginia United States.