Sparkcharge Shark Tank Net Worth

Sparkcharge Shark Tank Net Worth

SparkCharge, founded by Josh Aviv and Christopher Ellis, pitched their product Roadie on ABC‘s Shark Tank in 2020.

The company, which was valued at $16.7 million during the pitch after Lori’s investment, saw a decrease in their worth to $10 million in 2021.

As of January 2023, SparkCharge’s current worth is estimated at $186 million, with a firm valuation of between $124-186 million according to Dealroom.co estimates.

What is Sparkcharge?

Sparkcharge, a portable charging unit designed for electric vehicles, is exceptionally fast, providing 15 miles of range in just 15 minutes, which is eight times faster than traditional cable charging stations.

The creators of this EV accessory are Josh Aviv, a data scientist, and Chris Ellis, an electrical engineer from Somerville, Massachusetts.

They have developed a portable charging unit that can provide an electric vehicle with approximately one mile of range for every minute it is charging. Additionally, they have created an app that connects customers with local service contractors.

Josh Aviv and Chris Ellis are the founders of Sparkcharge, which is the only manufacturer of a portable electric car charging station at present. As electric vehicles gain in popularity, many individuals are concerned about using them for long trips, but Sparkcharge is helping to address this issue.

By increasing charging power, people can get greater mileage out of their electric vehicles, similar to having a spare tire for your batteries.

The device is comprised of two modules: a charger and a battery. The charger weighs approximately 20 pounds, while the battery weighs around 50 pounds. Both modules are 24 by 13 by 9 inches in size and should fit in most trunks. Sparkcharge has a manufacturing plant in Buffalo and a research lab in Boston.

The company began with a million-dollar award from 43North, a Buffalo-based start-up incubator that organizes the world’s largest annual pitch competition.

The company’s manufacturing is expected to begin soon, with PJC, Revolution’s Rise of the Rest Venture Fund, PEAK6 Strategic Capital, M&T Bank, and Tale Venture Partners contributing $3.3 million in seed investment in April 2020.

While consumers can purchase and use the product, the company anticipates that governments, public utilities, and fleet operators will be significant clients as they transition to electric cars.

What Happened to Sparkcharge at Shark Tank pitch?

Aviv and Ellis are hoping that their presentation in the first episode of Season 12 of Shark Tank will impress the Sharks and convince them to join them on their journey to success. Josh and Chris appeared on Shark Tank seeking a $1 million investment for a 6% stake in their company, which was valued at $16.7 million.

During their pitch, they explained that they wanted to sell or lease their electric vehicle charging units to roadside assistance firms.

Customers would pay a $1000 deposit and then make monthly payments of $2500 per unit. Although they did not have a consumer gadget at the time, they planned to release one in the future. Currently, they have 50 units deployed.

They highlighted that the electric vehicle market is expected to grow significantly, with California requiring the sale of internal combustion cars to cease by 2035. They believed that being on the ground floor of the charging side of the business would provide a lot of advantages.

After their pitch, Kevin decided to quit, while Blake was out because he did not believe they could provide a consumer device for less than $1000. However, Lori loved the idea and asked Mark to collaborate with her.

They believed the company would be worth a billion dollars and offered $1,000,000 in exchange for a 10% ownership, 4% advisory shares, and a board position. The deal was accepted, and they left the pitch with a deal.

Since appearing on Shark Tank, Sparkcharge has announced a partnership with Allstate Insurance to expand their mobile charging service, The Roadie, which can be requested and paid for through an app. The service will begin in Chicago, Los Angeles, San Francisco, and San Diego.

They also teamed up with urgently, a roadside help provider, in July 2021, and had annual sales of $5 million as of December 2021. The company is listed on Lori’s website, but not on Mark’s, as he is on the board of directors and may not have updated his website yet.

Competitors of Sparkcharge

The top Competitors of Sparkcharge are; Elm, Carbon Lighthouse, Motivair, Dandelion Energy, Ubitricity, Solstice, Volta and Awesense.

Net Worth of Sparkcharge

The company was valued at $16.7 million during the pitch, after the investment done Lori the company valued at $10 million. In 2021 the company has a net worth of $7.14 million.

Sparkcharge Shark Tank Updates

SparkCharge is a portable charging station for electric vehicles that was pitched on Shark Tank Season 12 Episode 1 by Josh Aviv and Chris Ellis.

They asked for $1 million for 65% of their business, but Mark Cuban and Lori Greiner offered $1 million for a 10% equity stake, 4% advisory shares, and a board position, which was accepted.

Since appearing on Shark Tank, SparkCharge has raised roughly $30 million from investors like Mark Cuban, Tale Venture Partners, and rapper Pusha-T.

SparkCharge subscribers across 121 U.S. cities can schedule a charging appointment at the click of a button. Non-subscribers can also request a single one-off charge for $39.99, which the company promises will be delivered within 90 minutes.

The company anticipates that governments, public utilities, and fleet operators will be significant clients as they transition to electric cars.

SparkCharge has announced a partnership with Allstate Insurance to expand their mobile charging service, The Roadie, which can be requested and paid for through an app. The service will begin in Chicago, Los Angeles, San Francisco, and San Diego.

As of January 2023, SparkCharge’s current worth is estimated at $186 million, with a firm valuation of between $124-186 million.

Sparkcharge Shark Tank

COMPANY NAME	SPARKCHARGE
Founders	Josh Aviv, Christopher Ellis
Product	Roadie portable charging unit for electric vehicles
Charging Speed	15 miles of range in 15 minutes
Valuation (2020 Shark Tank Pitch)	$16.7 million
Investment Deal from Shark Tank	$1 million for 10% ownership, 4% advisory shares, and a board position
Current Worth (January 2023)	Estimated $186 million
Top Competitors	Elm, Carbon Lighthouse, Motivair, Dandelion Energy, Ubitricity, Solstice, Volta, and Awesense
Notable Partnerships	Allstate Insurance, urgently
Funding	Raised approximately $30 million from investors including Mark Cuban, Tale Venture Partners, and Pusha-T
Sales	Annual sales of $5 million as of December 2021

Sparkcharge FAQs

What Is Sparkcharge And How Does It Work?

SparkCharge is a Massachusetts-based startup that provides portable and grid-free DC fast chargers for electric vehicles (EVs). The company’s flagship product is the Roadie Portable, which is designed to be modular, fast, and grid-free.

The Roadie Portable is the first of its kind and can be immediately deployed without fixed infrastructure. SparkCharge’s mobile charging services, SparkCharge Fleet and SparkCharge Out of Charge (OOC), provide businesses with turnkey EV charging without trenching, digging, or upfront costs.

SparkCharge has established the world’s first and only mobile, ultrafast charging network by partnering with companies like Allstate, Spiffy, Mark Cuban, and others to bring charging-as-a-service (CaaS) to select cities.

SparkCharge subscribers across 121 U.S. cities can schedule a charging appointment at the click of a button using the Currently app. If you don’t subscribe, you can still request a single one-off charge for $39.99, which the company promises will be delivered within 90 minutes.

SparkCharge’s charging system is designed to be portable and can be delivered to your doorstep or wherever your car needs a charge. The Roadie system works with a CHAdeMO connector, but a CCS option will be available soon.

SparkCharge’s charging system is effective, and the driver doesn’t need to be with their vehicle when charging commences. While they’re encouraged to come out and see how the Roadie system works, EV owners can request to have their cars charged using the Currently app.

Who is the founder?

Sparkcharge’s founders are data scientist Josh Aviv and electrical engineer Chris Ellis of Somerville, Massachusetts.

What Was The Outcome Of Sparkcharge’s Pitch On Shark Tank?

During their pitch on Shark Tank, the founders of SparkCharge, Joshua Aviv and Christopher Ellis, asked for a $1 million investment in exchange for 6% equity in their company.

Mark Cuban and Lori Greiner were both interested in the product and decided to go into a deal together, offering a $1 million investment into SparkCharge for 10% equity and 4% advisory shares, which Joshua and Christopher accepted.

Since appearing on Shark Tank, SparkCharge has announced a partnership with Allstate Insurance to expand their mobile charging service, The Roadie, which can be requested and paid for through an app.

As of January 2023, SparkCharge’s current worth is estimated at $186 million, with a firm valuation of between $124-186 million.

Which Sharks Invested In Sparkcharge?

Mark Cuban and Lori Greiner both invested in SparkCharge during their pitch on Shark Tank. They offered a $1 million investment in exchange for 10% equity and 4% advisory shares of the company.

This was a significant deal for SparkCharge, as the typical deal on Shark Tank is $238,000 and the average equity given up is 27%.

The co-founders of SparkCharge, Joshua Aviv and Christopher Ellis, were thrilled to have both Cuban and Greiner on board as partners.

How Has The Company Grown Since Appearing On Shark Tank?

Appearing on Shark Tank has been a powerful way for entrepreneurs to grow their business since the show premiered in 2009. Entrepreneurs who appear on the show receive free national publicity, which can lead to huge boosts in traffic, revenue, and customers.

The Gameface Company, for example, grew its sales by 300 percent since appearing on Shark Tank. BoomBoom Naturals also experienced built-in growth due to the visibility and exposure to the mass market.

The exposure from Shark Tank can also lead to new opportunities for entrepreneurs. The Gameface Company was pushed to expand its market focus after securing a million-dollar offer from Mark Cuban and Lori Greiner. Xero Shoes landed a deal with another investor after appearing on Shark Tank.

However, not all entrepreneurs who appear on Shark Tank secure a deal with one of the Sharks. But even those who don’t get a deal can benefit from the experience. Preparing for Shark Tank can force entrepreneurs to learn more about their business and hone their pitching skills.

It’s difficult to quantify exactly how much a company has grown since appearing on Shark Tank, but some entrepreneurs have shared their success stories.

The Gameface Company grew its sales by 300 percent. BoomBoom Naturals is now at the four to five-million-dollar mark. Xero Shoes grew 88% during the pandemic.

How much were asking on Shark Tank?

They asked for 1 million dollars for a 6% stake in their company, which is valued at $16.7 million.

Did they have the deal?

Yes, they have the deal from Lori and Mark.

How much was the deal?

They offered $1 million for 10% ownership of the company plus 4% advisory shares.

Is Sparkcharge still in business?

Yes, they still in business.

What is the address of Sparkcharge?

The address of Sparkcharge is: 24 Dane St, Somerville, MA 02143, USA.

Where can I find their products?

They sell their products on their website and sell in Amazon.

Who is the CEO?

The CEO is Josh Aviv.

Is Sparkcharge a franchise?

No, it is not a franchise.

What is their mission?

Their mission is to provide businesses and customers with a portable, wireless charging station for electric vehicle batteries that can be installed in minutes without the requirement of special tools or even an electrical grid.

What sparked the conception of Sparkcharge?

Its founders were interested in how people would charge their electric vehicles as they transitioned to greener transportation options.

How much does a Sparkcharge cost?

Sparkcharge claims that for as low as $25 a month, Charge Up will come to them and DC fast charge their EV wherever customer want it – at home, work, or wherever their vehicle is parked.

Sparkcharge is accessible in which countries?

Sparkcharge will first debut the new service in 12 locations, including New York, Chicago, San Diego, Dallas, Boston, Los Angeles, and San Francisco. Sparkcharge’s Boost EV Smartphone app allows EV users to arrange a charge to be delivered to their vehicles, according to an emailed statement from the company.

Is there EV charging at Disney Springs?

A number of Charge Point charging stations are now accessible in parking lots at Magic Kingdom park, Epcot, Disney’s Animal Kingdom theme park, and Disney Springs for customer convenience. Charge Point stations are also available in the Coronado Springs and Wilderness Lodge resorts.

When was Sparkcharge founded?

Sparkcharge was established in 2014 and is based in Boston, Massachusetts.

Who exactly is Joshua Aviv?

Joshua Aviv is the founder and CEO of Sparkcharge, a manufacturer of portable electric car chargers. He founded the company at Syracuse University and has since become a prominent player in the cleantech world.

What is the net worth of Josh Aviv?

The net worth of Josh Aviv is unknown.