CoolBox Toolbox Shark Tank Update | What Happened to CoolBox Toolbox after Shark Tank?
What is CoolBox Toolbox?
CoolBox is a smart toolbox with two Bluetooth speakers, two USB ports, battery chargers, an LED light, a bottle opener, device stands, a digital clock, and a whiteboard, as well as storage for all of your equipment.
The toolbox has been around for a long time, but it needed considerable upgrades to bring it up to date.
The first purchase was sent in February of 2017. Neubauer and Stoikos are active, clever individuals with a keen sense of potential and creativity.
Their personality and desire for invention drove them to push CoolBox forward with enhancements that made the device handier and a terrific addition that mixes work and enjoyment.
Who is the founder of CoolBox Toolbox?
Chris Stoikos and Jason Neubauer founded CoolBox after realizing there were a lot of extras to bring along while working on contracting projects. Chris stated that he was weary of hauling a lamp, extension cable, and speakers in addition to his tools and cooler.
In March 2015, they raised approximately $370,000 using the crowdsourcing site. According to the marketing, tools have evolved in the twenty-first century, so why not modify the toolbox?
The CoolBox is not your grandfather’s toolbox. It does contain tools (and a lot of them), but it also does so much more. It contains a 20-volt rechargeable battery that can be used to charge phones and even power tools.
There are Bluetooth speakers available that convert the toolbox into a boombox. USB connections, LED illumination, a built-in extension cable, device stands, a clock, a two-sided whiteboard, twin carrying handles, and wheels are all included. On top of the box, there’s even a tablet stand.
The founders had years of construction expertise and were weary of carrying various gadgets to job sites, so they built CoolBox.
The project has received positive feedback from a number of media channels and has received over 800 supporters. They are still weeks away from shipping their first production run as of the day of the Shark Tank presentation.
What Happened to CoolBox Toolbox at Shark Tank pitch?
In Shark Tank episode 728, Chris Stoikos and Jason Neubauer bring their successfully financed IndieGoGo invention, the CoolBox, to the Tank. Chris and Jason seek a Shark’s assistance with production as well as funds to produce new goods.
Jason and Chris approached the Sharks, asking for a $500,000 investment in exchange for a 10% stake in their firm, which is worth $5 million.
They position the CoolBox as a “smart toolbox,” questioning why, in an age when everyone has smartphones, consumers would not want a smart toolbox. They swiftly go through the CoolBox features. The Sharks are blown away.
Robert Herjavec goes down to business, inquiring about the CoolBox price. The partners are now spending $110 to produce the units. They’ve pre-sold units for $190, with $390,000 in pre-sales, and plan to sell them for $249 at retail locations.
Robert points out that the figures are pre-sales, with no retail outlets to back up their claims and valuation.
The pair says that they have an 8,000-unit order from Lowes and have had license interest from brands such as Black & Decker. They’ve put $50,000 of their own money into the CoolBox so far, and are looking for a larger investment to take it to the next level.
Daymond John is intrigued; however his proposal is conditional on license. He’s prepared to pay them $500,000 in exchange for 25% equity. Other offers are being considered by the couple.
Robert Herjavec doubts that the ordinary blue-collar worker will pay $249 on a toolbox. He’s out.
Kevin O’Leary discusses the dangers of entering large box businesses. He believes the CoolBox is just too dangerous. He’s out too.
Mark Cuban, like the other Sharks, agrees on the valuation. He is worried that the couple’s commitments are out of proportion to the assets they have accessible. He does not consider their concept to be proprietary or “protectable.” He’s out as well.
Lori Greiner and Daymond John are the only survivors. Daymond has made an offer, and Jason and Chris must evaluate the possibility that, as Kevin O’Leary points out, if Lori exits, Daymond may change his offer in order to get more value for his money.
Lori eventually speaks out, echoing many of the Sharks’ worries. She makes a offer. She is prepared to provide them $500,000 in exchange for 30% equity without the license obligation.
Daymond withdraws his offer after hearing Lori’s, leaving Lori as the only Shark standing.
Chris and Jason counteroffer, asking Lori if she’ll do the $500,000 in exchange for 20% equity. She modifies her offer somewhat, now offering $500,000 as a loan with a 5% interest rate and 15% equity.
They accept the offer and walk away from the pitch with a deal.
What Happened to CoolBox Toolbox after Shark Tank?
Lori’s deal fell through after Shark Tank. They created a smaller CoolBox at a lower price point and planned to release the first batch in February 2017.
They were about to license CoolBox to a big manufacturer, but when that didn’t work out, they stopped 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.