Chill Systems Shark Tank Update – Chill Systems Net worth

In this fantastic episode of Shark Tank, we came across a company named Chill Systems. Chase Mitchel and Brian Bloch are the founders of this company, and they worked together and came up with the idea of making chillers to keep the liquids cool for several hours. Chill Systems specializes in making chillers for different applications in our daily lives.

The founders joined the show in Season 12, Episode 17, and sought some offers from investors. The sharks involved were Lori Greiner, Mark Cuban, Robert Herjavec, Kevin O’Leary, and Daniel Lubetzky. Did Chill Systems secure any deal on the show? Let’s see if they get an ample opportunity! So, if you want to know more about the outcomes, just dive right into the read!

Chill Systems Net worth

The company’s net worth is $0 because it went out of business in 2022. At the time of their pitch in the show, its net worth was $1 Million.

Did the Chill Systems get a deal on Shark Tank?

Unfortunately, the company didn’t close a deal on the show. The entrepreneurs couldn’t inspire the investors, and no one agreed to offer something for the Chill Systems.

Shark(s) InvolvedOffer madeEquity
Lori Greiner  OutN/A
Kevin O’LearyOutN/A
Daniel LubetzkyOutN/A
Mark Cuban  OutN/A
Robert HerjavecOutN/A

Chill Systems Shark Tank Update

chill systems shark tank deal

Chill Systems and Its Products

Chill Systems is an impressive chiller-making company offering various chiller designs to meet our cooling needs. These liquid cooling devices are reliable and efficient and maintain the temperature for several hours. Such chillers have plastic built-in as cooling material.

This product is easy to carry and takes less space to be placed anywhere. It’s an outstanding innovation to keep things cool and preserved. Despite all these features, the company couldn’t fascinate the sharks and got no deal from them.

Founders and Backstory

chill systems shark tank founders

Chase Mitchell and Brian Blotch are the two founders of Chill Systems. They are from Los Angeles, California, and were job holders before establishing this company. One was in sales, and the other was a business analyst. Both quit their jobs and wanted to make some different innovative products.

They worked together and decided to make their particular type of chiller, which doesn’t need ice for cooling purposes. They used plastic as a cooling material inside the chiller. These iceless products are reliable as compared to typical heavy drink coolers.

Pitch and  Initial presentation

The founders appeared on the show with a funny twist. Chase first entered, introduced himself, and briefly discussed his product, the portable beverage Cool. After that, Brian joined him in a while and said he had to buy ice for a cooler. They present their product in this exciting way.

Chill Systems’ chiller doesn’t need ice for cooling. It works the opposite of a typical beverage cooler. Put them in the freezer overnight, and take excellent beers and bottles anywhere. They are lightweight and easy to hang across your body. Using these chillers can save time, money, and energy. The company was seeking $150,000 for a 15% stake.

Discussion on Pitch and Offer

After giving the pitch, the founders asked the sharks to look at their product samples. Each investor was having a sample with drinks in front of them. These doubles are for cans; if we take them out, bottles can also be kept in them. It’s incredibly versatile, but Kevin didn’t like the product much.

He said the size isn’t reliable; they just hold three drinks at a time. Lori inquired about the time and how long they can keep liquids cold. Chase replied, “6 hours”. Then Robert asked about the sales, and Brian said they had done $111,000 for over two years.

Last year, they started with a Kickstarter campaign and did $51,000. But now the product cost could be better. This stat disappointed the investors and caused them to lose interest in making deals. To know more about the entrepreneurs, Daniel asked them why they thought to make this product.

Chase and Brian told the sharks that they’ve been working in finance and sales, respectively. They quit their jobs to make something different for the customers. Unfortunately, they couldn’t convince the investors and left the show without making any deal.

Negotiation and Final Deal

Out of the five sharks in the tank, no one was interested in the company. They didn’t like the presentation of entrepreneurs, and product features couldn’t fascinate them. The net valuation of the company could be better. This cost sales value annoyed the sharks, who were all out to make offers for Chill Systems.

Challenges and Motivations

As for the company’s development, Chill Systems faced many difficulties in creating innovation. The founders aimed to develop a sustainable environmental product that would consume less energy and be efficient in cooling. A lot of information and research was required to make an eco-friendly chiller.

They are lightweight, enhancing the overall user experience. Chase and Brian were dedicated to positively impacting Earth and their customers. Their passion kept them striving, and ultimately, they succeeded in designing an iceless chiller.

Product Availability

At the time of the establishment of Chill Systems and even after some years, their products were easily accessible to customers through the official website. The company had partnerships with many channels to expand the business. But when it failed to make sales, the business experienced many difficulties. Now, its products are unavailable on the website, and the company needs to fix this.

Conclusion

The company’s journey didn’t live up to the founders’ expectations. They failed to present a convincing discussion for investors. Sharks made no offer, so entrepreneurs couldn’t close any deal on the show. However, they have a positive outlook for growing their business and are determined to affect the planet positively.

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