Coatchex Shark Tank Update | CoatChex after the Shark Tank Pitch
Table of Contents
What 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.
Derek Pacque was born in McLean, Virginia. He chose to pursue his studies at Indiana University’s Kelley School of Business, where he majored in Business Administration.
Senior year of college Derek founded Coatchex. Derek graduated from college, relocated to New York, and is currently working with Coatchex and is CEO of Chexology.
Who is Founder of CoatChex?
Derek Pacque is founder CoatChex.
What happen to CoatChex at the Shark Tank Pitch?
Derek strode confidently into the tank. He began by introducing himself before directly addressing Mark Cuban with a collegiate chant.
He stated that he was seeking $200,000 in exchange for a 10% stock position in the firm, implying a valuation of $ 2million.
Behind him was a Coatchex sample booth with a lovely attendant.
His plan is to offer franchises to “area developers,” who would then sell to end customers. Kevin believes the firm is too seasonal, which is odd given that he is Canadian and wears a lot of jackets when he goes out.
Barbara quickly follows and she rejected to offer a deal. Daymond believes Coatchex is overpriced, so he goes out.
Robert and Mark are opposed to the franchising idea, but they like the company and the fact that Derek has a patent on the technology, which can be used to other service firms such as valet parking and dry cleaning stores.
Derek agrees to raise the percentage to 15%, but Robert still believes it is insufficient and leaves. Mark offers $200K for 33%, and Derek, after speaking with his professor, replies with $200K for 20% equity. Mark then walks away.
And he secure no deal from the Sharks.
CoatChex after the Shark Tank Pitch
After failing to secure a deal with of the Sharks, CoatChex is currently quietly expanding, with new shops opening in Chicago this winter.
Deals for Coatchex are also in the works in New York City and Washington, D.C.
Chexology is the new name for the firm after re-rebranding.
They now handle more than just outerwear and will inspect almost anything.
They currently give services and kiosks to a wide range of events, not only nightclubs.
American Express, Nike, Barclays Centre, House of Blues, Live Nation, and the Museum of Modern Art are among the clients.
All messages will be sent by SMS, and attendees will be warned not to forget their belongings.
Derek made a wise decision by refusing to give up a third of their firm; as of July 2021, yearly sales is $7 million.
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 [email protected]
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.
