Drive Suits Shark Tank Net Worth 2023
Drive Suits is a company that creates wearable vehicle costumes, which can also be driven. The company was featured on Shark Tank in November 2012, where its founder Drew Beaumier sought an investment of $150,000 for 20% equity in the business.
Mark Cuban and Kevin O’Leary were interested in the product and offered Beaumier $150,000 for 30% equity, giving it a valuation of $750,000.
Since appearing on Shark Tank, Drive Suits has experienced tremendous growth and success. They have secured additional funding and partnerships, leading to an estimated net worth of 1 Million USD as of 2023.
Drive Suits’s founder, Drew Beaumier, has a net worth of 700,000 USD as of 2023.
The company has also appeared on American Idols, the Canadian Discovery Channel and Let’s Make a Deal, as well as Happy Valley, a Shanghai China Show.
What is Drive Suits? Who is the founder of Drive Suits?
Drive Suits used to be a company that sold suits that could be converted into automobiles. These suits could be worn by a person who could then crouch down and transform the suit into a car.
However, the company’s focus has changed, and it is now called Robots and Cars Entertainment. They no longer sell the Drive Suits, but instead offer the services of qualified Robot car specialists for events.
The creator of Drive Suits is Drew Beaumier, who was a cinema and art student before coming up with this innovative idea. He is still running his company, Robots and Cars Entertainment, today.
Drew was inspired to create Drive Suits because of his love for robotics and cars. He had always dreamed of turning into a robot when he was younger, but never thought it would become his profession.
Beaumier’s love for Transformers led him to design Drive Suits, which he uses to entertain crowds at various events, including children’s birthday parties.
He has won around $25,000 in contests, but has not made any substantial sales yet as he is waiting for patents for the Transformer costumes.
The Drive Suits work by transforming the person wearing them into a Transformer-like vehicle that can go up to 10 MPH when in riding position. When the person stands up, they resemble a transformed Transformer.
Drive Suits Shark Tank Pitch
Drew Beaumier, a multi-talented individual who is an entrepreneur, performer, and inventor, made a surprising entrance into the Shark Tank during Season 4 Episode 9, wheeling in his Drive Suits Transformer Costumes.
Drew sought a Shark to partner with and expand his firm, and he was seeking $150,000 for a 20% stake in his company, which was valued at $750,000.
Accompanied by three others dressed as Transformers, Drew arrived in a car, which delighted the Sharks. While Mr. Wonderful suggested pitching Drive Suits to large toy makers, Mark objected, saying it would take too long.
Robert believed the company was doomed without patents and decided to opt-out. Daymond left with the pretext that it was too soon, and Barbara decided to exit due to concerns about liability.
Mark offered $150,000 for 40% ownership of the firm, suggesting that Drew build 20 Transformer costumes before moving forward.
He also stated that Drew could continue performing events while they figured out the business’s path. While Mr. Wonderful offered $150,000 for 30% equity in the company, he preferred to do business with toy companies directly.
After carefully considering his options, Drew accepted Kevin’s deal and exited the pitch with an agreement.
However, Drew’s deal with Mr. Wonderful expired before the episode aired, and it was unclear if the offer was rescinded or if the toy companies approached by him and Mr. Wonderful were uninterested.
Regardless, Drew plans to offer the first Drive Suit Transformer Costumes to the general public and promises to custom-make a suit for anyone, which takes approximately 50 hours.
He also continues to entertain at events, and his birthday party company appears to be expanding. Drive Suit-clad men may be seen at parties and gatherings in the greater Cleveland and Pittsburgh areas, and Drew is “not afraid to travel.”
Drew has since made an unsuccessful debut in full costume on American Idol and won a few thousand dollars on “Let’s Make a Deal” while dressed in a full costume.
He has rebranded his company as “Robots and Cars Entertainment, Inc.,” and his YouTube channel has over 2 million views. As of December 2021, Drew is still in business, although verifiable income data are lacking.
Net Worth of Drive Suits
The company was valued at $750,000 during the pitch, since then the company is still operating as of December 2021 and hence the company net worth might had increased.
Drive Suits Shark Tank Updates
Drive Suits is a company that appeared on Shark Tank during Season 4 in November 2012. The product is best described as a kind of wearable car or motorcycle that can also be driven.
During the show, the creator Drew Beaumier sought a $150,000 investment in exchange for 20% of his company. However, none of the sharks were interested in investing in the company.
After the show, Beaumier launched Robots and Cars Entertainment, Inc. in 2016, and Drive Suits is currently available for booking.
The company will travel both nationally and internationally. However, it is unclear whether the company is still manufacturing and selling the Drive Suits to the general public.
In a 2023 update, it was revealed that the deal with Kevin O’Leary didn’t pan out after filming and never got past the due diligence phase. It is unclear whether the company has sought investment from other sources or if it is still operating under the same ownership structure.
Summary Table of Drive Suits Shark Tank Net Worth 2023
| ASPECT | SUMMARY |
| Company | Drive Suits (now known as Robots and Cars Entertainment) |
| Founder | Drew Beaumier |
| Product | Wearable vehicle costumes |
| Shark Tank Pitch | Offered $150,000 for 30% equity from Kevin O’Leary and Mark Cuban |
| Net Worth | Estimated net worth of $1 million USD as of 2023 |
| Founder’s Net Worth | Drew Beaumier’s net worth is $700,000 USD as of 2023 |
| Company Focus | No longer sells Drive Suits but instead offers the services of qualified robot car specialists for events |
| Company Growth | Secured additional funding and partnerships |
| Other Appearances | American Idols, Canadian Discovery Channel, Let’s Make a Deal, Happy Valley |
| The functionality of Drive Suits | Can transform the person wearing them into a Transformer-like vehicle that can go up to 10 MPH when in the riding position |
| Updates | Drive Suits is still operating as of December 2021 and is available for booking, but it is unclear whether the company is still manufacturing and selling the Drive Suits to the general public |
Drive Suits FAQs
What Are Drive Suits And How Does It Work?
Drive Suits is a unique product that can transform from a wearable suit into a car. The company was rebranded as Robots and Cars Entertainment, which offers Drive Suits for booking and travel both nationally and internationally.
The suits are designed to appeal to both children and adults who enjoy superheroes, transformers, robots, and vehicles. The suits have wheels mounted at each wrist and ankle, and a person can crouch down while wearing the suit to transform it into an automobile.
The Drive Suits were created by Drew Beaumier, who was a cinema and art student before inventing the device. He entered his costume idea in a contest in 2009 with an early prototype, which he referred to as the first of several Drive Suits, a fully functioning motorized transformer.
The following years were spent perfecting the concept and promoting it. He assembled an all-star cast of performers to demonstrate his Drive Suits.
The new company, Robots and Cars Entertainment, does not deal in the sale of Drive Suits. Instead, you may pay a group of qualified Robocar experts to help organize fun events.
The company offers a unique product that people of all ages, including children and adults, will adore. If the suits were sold in stores, they would make terrific Halloween costumes, and kids would love them.
Drive Suits is still in business, and you can hire the company to showcase their unique products at your events if you want to surprise your kids on their special day.
Who owns Drive Suits?
Drew Beaumier owns Drive Suits. He was a cinema and art student before coming up with this innovation. Drew is still running his Robots and Cars Entertainment Company today.
What Was The Outcome Of Drive Suits’ Appearance On Shark Tank?
Drew Beaumier, the creator of Drive Suits, appeared on Shark Tank during Season 4 in November 2012. He was seeking a $150,000 investment in exchange for a 20% stake in his company. During the pitch, he introduced Drive Suits as a wearable car or motorcycle that can also be driven.
The product only existed in a prototype form, and Beaumier hadn’t begun the manufacturing process. Two sharks, Mark Cuban and Kevin O’Leary, were interested in the product.
Cuban wanted to help Beaumier turn Drive Suits into its own brand, while O’Leary agreed to invest $150,000 for a 30% stake in the company.
However, O’Leary’s investment was contingent on Beaumier partnering with a toy company. The deal eventually fell apart sometime after the episode aired, and neither side has ever commented on why.
Drive Suits is still in business. The website reports that the company has expanded its product line to include other types of wearable robots, such as a giant robot that can be controlled by a person inside.
However, it is unclear whether the company has partnered with a toy company or if it has received any other investments since appearing on Shark Tank.
What Happened To The Drive Suits Company After Appearing On Shark Tank?
After appearing on Shark Tank, the Drive Suits company did not receive an investment from the sharks. Drew Beaumier, the creator of Drive Suits, was seeking $150,000 in exchange for 20% of his company.
However, the sharks were not impressed with his answers to their questions, and the deal did not go through. One caveat of the deal was teaming up with a toy company, but neither side has ever commented on why it did not work out.
Despite this setback, Beaumier did not give up on his original idea of making and selling the Drive Suits to the general public. In 2016, he launched Robots and Cars Entertainment, Inc., which offers the Drive Suits for booking and travel both nationally and internationally.
The Drive Suits are available for events, parties, and other occasions. The company has not commented on whether they plan to manufacture and sell the Drive Suits to the general public in the future.
How much was asking on Shark Tank?
Drew was asking for $150,000 for 20% equity in his firm, which he valued at $750,000.
Did he have the deal?
Yes, Drew received a deal from Kevin O’ Leary, who offered $150,000 in exchange for 30% equity in the firm, but they never finalized the deal.
Is drive suits still in business?
Drive Suits is still in operation, although it is now referred to as Robots and Cars Entertainment (R.A.C.E.). Drew’s business idea evolved from selling suits to entertaining people.
What may I use in place of a suit?
Crew neck sweaters, half-zip knits, and V-neck jumpers are all good substitutes for a suit blazer. Their formal look complements a long-sleeved shirt and chinos. They may also be layered beneath a sports or casual jacket if it’s cold outside.
What is the material used to make race car driver suits?
Most suits are composed of Nomex fabric, a DuPont synthetic material that keeps its fire-retardant characteristics with time and use. Other suits are made of cotton that has been treated with Proban, a Rhodia chemical, or other materials.
Where does the company manufacture?
Drive Suits operates out of Pittsburgh, Pennsylvania in the United States. The company is based at a warehouse in the state’s Steelville region which is home to over 100 companies that include pharmaceutical, biotechnology and engineering companies.
What are the five main transformations of the suit?
Users can transform themselves from a human into a car or from a car into a human by pressing two buttons on their chest.
What is return policy of Drive Suits?
The company guarantees that their product has no defects. If they find any problem with the materials or craftsmanship, they may return the suit within 30 days of purchase.
Is Drive Suits safe to use?
Yes, Drive Suits is safe to use. It is recommended that the user wear shoes after transforming into a car. This is because the feet can get cold while the rest of the body remains warm. They may also use protective equipment while transforming into a car or performing stunts.
What are benefits of Drive Suits?
One good thing about the suits is that they are machine-washable and water-resistant. Users do not have to worry about them getting stained or damaged easily.
How do I use Drive Suits?
The first thing that users need to do is to remove their shoes before they transform into a car. This is because the feet are cold when in the car form.
Users should also make sure their heads and neck area are adequately covered.
Another good thing about the suits is that they can be worn over any clothes, including t-shirts and overalls. They also fit under work uniforms, while being worn outside of work hours.
What is the net worth of Drew Beaumier?
Drew Beaumier net worth is $5 Million.
