CoolBox Toolbox Shark Tank Net Worth 2023
The company valuation of $5 million during the pitch in 2018 saw an impressive jump to $333,333 after Lori Greiner invested into the company. Unfortunately, shortly afterwards, the company went out of business and thus no more information is available as to its net worth.
What is CoolBox Toolbox? Who is the founder of CoolBox Toolbox?
CoolBox is a modern toolbox that comes equipped with a variety of useful features, including two Bluetooth speakers, two USB ports, battery chargers, an LED light, a bottle opener, device stands, a digital clock, and a whiteboard. It also offers ample storage space for all your equipment.
Although the toolbox has been in existence for some time, it required significant upgrades to keep up with the times. The first version was launched in February 2017, but its creators, Neubauer and Stoikos, are resourceful and innovative individuals with a strong sense of potential.
Driven by their personalities and passion for innovation, they pushed CoolBox to new heights with enhancements that made the tool even more practical and enjoyable, creating a fantastic addition that blends work and play.
CoolBox was established by Chris Stoikos and Jason Neubauer after they realized the inconvenience of carrying various extras while working on contracting projects. Chris expressed his exhaustion of lugging around a lamp, extension cable, and speakers, in addition to his tools and cooler.
They raised approximately $370,000 through crowdfunding in March 2015. According to their marketing, tools have evolved in the twenty-first century, so why not revolutionize the toolbox?
CoolBox is not a traditional toolbox; it contains a plethora of tools as well as numerous additional features. It is equipped with a 20-volt rechargeable battery that can charge phones and power tools.
The toolbox includes Bluetooth speakers that transform it into a boombox, USB connections, LED lighting, a built-in extension cable, device stands, a clock, a two-sided whiteboard, twin carrying handles, and wheels. Additionally, there is a tablet stand on top of the box.
Chris and Jason, both with extensive construction experience, created CoolBox to eliminate the need for carrying multiple gadgets to job sites.
The project has garnered positive feedback from various media outlets and received support from over 800 backers. As of the Shark Tank presentation, the first production run was still weeks away from shipping.
What Happened to CoolBox Toolbox at Shark Tank pitch?
In episode 728 of Shark Tank, Chris Stoikos and Jason Neubauer showcase their successful IndieGoGo invention, the CoolBox, seeking the Sharks’ assistance with production and funds for new goods. They offer a 10% stake in their firm for a $500,000 investment, valuing their company at $5 million.
The CoolBox is marketed as a “smart toolbox,” highlighting its features and questioning why consumers would not want a smart toolbox in an age where smartphones are ubiquitous.
The Sharks are impressed with the product, but Robert Herjavec raises concerns about the pre-sales figures and lack of retail outlets to back up their claims and valuation.
Despite skepticism from some Sharks, Chris and Jason have an 8,000-unit order from Lowes and license interest from brands such as Black & Decker. They have invested $50,000 of their own money in the CoolBox and are seeking a larger investment to take it to the next level.
Daymond John offers $500,000 for 25% equity, while Lori Greiner offers $500,000 for 30% equity without the license obligation. After some negotiation, Lori modifies her offer to a $500,000 loan with a 5% interest rate and 15% equity, which Chris and Jason accept.
Ultimately, Chris and Jason leave the pitch with a deal from Lori Greiner.
What Happened to CoolBox Toolbox after Shark Tank?
Lori had a setback after appearing on Shark Tank as her initial deal did not go through. However, she adjusted her plan and decided to create a smaller version of CoolBox that would be more affordable.
She aimed to launch the first batch in February 2017. While they were in talks to license the product to a major manufacturer, unfortunately, the negotiations fell through, leading to their decision to halt operations in 2018.
Competitors of CoolBox Toolbox
CoolBox main competitors are iPlace, Power, Gandalf Distribution, and Boss.
Net Worth of CoolBox Toolbox
The company valuation was $5 million during the pitch, after the investment done by Lori Greiner the company worth $333,333.
In 2018 the company went out of business and hence the company net worth is not available.
CoolBox Toolbox FAQs
What is CoolBox Toolbox?
The CoolBox is an innovative device that provides advanced tools and accessories right in your toolbox.
Who is the founder?
The CoolBox is developed by Chris Stoikos and Jason Neubauer; they both are among of the most successful entrepreneurs in New England.
How much were they seeking on Shark Tank?
They were seeking for $500,000 for a 10% stake in the company.
What happened to CoolBox Toolbox after Shark Tank?
They received an offer from Lori Greiner offered to provide a loan of $500,000 and 5% interest rate plus 15% equity shares of the company.
Is CoolBox Toolbox still in business?
The company went out of business after the Shark Tank.
Is CoolBox Toolbox a scam?
CoolBox is not a scam and when it was active it was a real product that you could order on their website.
Where was CoolBox Toolbox located?
The CoolBox is located in Boston, Massachusetts.
How much does CoolBox Toolbox cost?
The CoolBox costs $249. It comes with a rechargeable 20 Volt Lithium Ion Battery and Bluetooth Speakers only. There is an option to include the additional accessories at a price of $389.
Where can I buy CoolBox Toolbox?
Customers can’t buy CoolBox Toolbox anymore because it’s out of stock and the company went out of business.
What does CoolBox Toolbox do?
CoolBox is a smart tool box that provides advanced tools and accessories right in the tool box.
Are there any similarities between CoolBox Toolbox and iPlace Universal Smart Phone Charger?
CoolBox Toolbox is a smart tool box that contains a 20-volt rechargeable battery that can be used to charge phones and even power tools. Also, it has Bluetooth speakers available that convert the tool box into a boombox.
What was the Shark Tank Episode?
The CoolBox was presented in Season 728 of the Shark Tank Episode.
What is CoolBox Toolbox used for?
The CoolBox is a toolbox that provides a variety of tools and accessories, such as power, lighting, speakers, and even other devices in addition to standard tools. It also comes with mounts for laptops so they can be used while you work on the job site.
Was CoolBox Toolbox shipping?
No, the CoolBox is no longer shipping as it’s out of stock.
What is the net worth of Chris Stoikos?
The net worth of Chris Stoikos is not known.
How much does Jason Neubauer worth?
The net worth of Jason Neubauer is not known.
