In Shark Tank season 7, episode 23, a duo of entrepreneurs, Jason Neubauer and Chris Stoikos, brought up an innovative “toolbox.” Jason and Chris came up with a $500,000 investment for 10% equity. The enterprise is a display of the idea of creating a smart toolbox with multiple features.
They described their Tolox as not just a conventional toolbox but a product toolbox by integrating smart features such as a power cord, USB port, whiteboard, and Bluetooth speakers. The entrepreneurs were all set to present their products in the best way possible and seek investment from the sharks.
The sharks included Lori Greiner, Robert Herjavec, Kevin O’Leary, Daymond John, and Mark Cuban. Jason and Chris described their product, and then Shark made offers. Kevin and Robert opted out of the offers, having issues with overprices and presales.
Contrarily, Daymond John offered $500,000 for a 25% equity stake, subject to licensing. However, Lori offered an alternative agreement seeking 15% equity and 5% interest on a line of credit. Finally, the entrepreneurs shook hands with Lori and successfully took a step forward for Cool Box’s development.
But do you wonder why Robert, Kevin, and Mark opted out? How did the entrepreneurs convince Lori to make an offer? Where does the company stand now?
In this Shark Tank update, we’ll gather answers to all your questions! Just stick together until the end of this article!
CoolBox Toolbox Net Worth
In 2011, Coolbox’s net worth was $5 million. Later, in 2018, the valuation drastically jumped to 33 million, right after their appearance on Shark Tank. All thanks to Lori, who invested in the company. However, as of today, there has been no recent update on net worth as the company is currently out of business.
CoolBox Toolbox Shark Tank Update
In this episode, entrepreneurs Jason Neubauer and Chris Stoikos introduce a smart toolbox, Coolbox. They claimed it to be a revolutionary smart toolbox that was made for contemporary tradesmen who wanted multiple functions in a single box. Further, they tried to persuade the sharks by emphasizing the usefulness of this smart toolbox.
Describing further, they talked about the inbuilt features, including USB connections, Bluetooth speakers, an LED light, and even a whiteboard, seeking $500,000 for a 10% equity. Not only that, they discussed that each device cost $110, and once the first 190 were sold, the price was supposed to be $249. The duo planned to complete orders by September, even though they hadn’t sent any equipment at that time.
First and foremost, Daymond John raised a competitive offer of $500,000 for a 25% equity stake, subject to licensing of the toolbox. Daymond was asked to rethink his offer by other sharks who opted out of the investment due to several concerns. Negotiations took a different turn when Lori Granier intervened with a different plan: a $500,000 line of credit with 15% equity and 5% interest.
Jason and Chris closed the strategic agreement by accepting Lori’s offer and having a firm belief in Coolbox’s potential.
What Happened to CoolBox Toolbox after Shark Tank?
Coolbox has grown by obtaining patent protection, forming business alliances, and boosting internet sales. They have been taking orders and fulfilling needs. Their concepts stand for the perseverance and preservation required to reach the pinnacles of achievement.
Did CoolBox Toolbox get a deal on Shark Tank?
Coolbox successfully got a deal on Shark Tank. Jason and Chris ended up joining hands with Lori Greiner, who offered $500,000 as a line of credit with 5% interest and 15% equity.
| Shark(s) name | Offer | Demand | Counteroffer | Accepted? |
| Lori Greiner | $500,000 | 30% contingent | $500,000 for 20% | Yes |
| Robert Herjavec | N/A | N/A | N/A | N/A |
| Kevin O’Leary | N/A | N/A | N/A | N/A |
| Daymond John | $500,00 | 25% equity | N/A | No |
| Mark Cuban | N/A | N/A | N/A | N/A |
Founders and Backstory:
Entrepreneurs Jason Neubauer and Chris Stoikos combined their knowledge in the fields of architecture and construction. The founders created a product keeping in mind the need to revolutionize a conventional toolbox, turning it into a smart toolbox that incorporated multiple features.
Jason and Chris described their journey creating a product that would be useful for tradesmen out there. They acknowledged the years of building experience of tradespeople and their unique requirements in a tech-driven society.
The product’s cutting-edge features, such as boombox functionality and a 20V rechargeable battery, catch Shark’s attention. However, it turns out that after Shark Tank, the agreement didn’t run longer. Ultimately, they modified their business plan and unveiled a reasonably priced, smaller Coolbox.
Their pitch and deal:
Initial pitch: The entrepreneurs introduced the cutting-edge capabilities of their smart toolbox, Coolbox. Although they had to answer multiple questions while presenting their pitch, they sought $500,000 for 10% equity.
Sharks’ interests and counteroffers
At first, Sharks Robert Herjavec wasn’t sure how much Coolbox was worth. To appease them, Jason and Chris revealed that “Lowe” had placed an order for 8,000 units and that Black & Decker was interested in licensing. After providing their justification, Daymond John and Lori Greiner made their proposals. Daymond withdrew his offer of $500,000 for 25% stock, and Lori responded with $500,000 for 30% equity.
Final Deal:
Ultimately, Chris and Jason accepted Lori’s revised offer of a $500,000 investment with 15% equity. The firm owners changed their idea after Shark Tank and introduced a more affordable, smaller Coolbox.
Challenges and Motivations:
In this tech-driven society, Coolbox aims to meet the changing demands of trade. They wanted to fulfill the unique requirements of tradesmen. The entrepreneurs were determined to receive major orders, displaying innovative technology. All they wanted was an innovative, all-in-one, revolutionary product.
Difficulty in persuading the sharks:
It was challenging for the founder of Coolbox to persuade the Sharks about the price and pre-sale assessment. Mark Cuban and Robert Herjavec questioned the validity of figures provided by entrepreneurs. Finally, the agreement with Lori Greiner fell through after Shark Tank convinced the company to modify their business plan.
How did they get through the journey?
Even though Collbox had to face various difficulties after Shark Tank, the device is still being sold on online websites like Amazon. Chris and Jason aimed to overcome the obstacles in the best way possible.
Product Description
Coolbox is a name for a smart toolbox that redefines a traditional toolbox. It is a display of an innovative idea, providing tradesmen with all their useful equipment gathered up under a single roof. Not only that, it also had some unique features such as a USB port, a 20V rechargeable battery, a Bluetooth speaker, an iPad or smartphone speakers, etc. It is both a necessity and a luxury alternative.
Jason and Chris described their unit costs: each device cost $110, and once the first 190 were sold, the price was supposed to be $249. The final orders, their pricing plans, and pre-sales. Though it didn’t help them out, the majority of the sharks voted it out. They emphasized the suaveness of the box.
Retail Availability
Coolbox increased sales through e-commerce sites such as Amazon and other larger retail websites. Although the startup was successful, it is now out of business.
Potential Impact:
Talking about the potential impact of Coolbox, the smart toolbox indicates a major influence on the toolbox industry. Customer feedback is a driving factor that determines the future of the product. The adaptability and agility of Coolbox showcase their dedication to leaving a lasting impression on the market.
Conclusion
In conclusion, Jason and Chris presented Coolbox, a smart toolkit, on Shark Tank. With several functions unified under one roof, this unique smart toolset is unlike anything else.
The duo caught attention by explaining the features, most importantly the Bluetooth speaker function in the toolbox. Daymond thought it was an overpriced toolbox, providing the functions of a toolbox with unnecessary features.
On the other hand, Daymond and Lori still had great offers. Lori ended up signing for $500,000 with 25% equity as a line of credit. There and then, Daymond took back his offer, subject to licensing for $500,000 and 20% equity.
Coolbox’s Shark Tank experience demonstrated its creative method for updating tool storage. Even though the agreement with Lori Greiner fell through after the program, the creators adjusted and released a more reasonably priced version, a smaller Coolbox.
Coolbox has grown by obtaining patent protection, forming business alliances, and boosting internet sales. They have been taking orders and fulfilling needs. Their concepts stand for the perseverance and preservation required to reach the pinnacles of achievement.
Get back for updates on this Shraks tank update describing the update to Coolbox. It’s worth describing the update after Shark Tank. If you missed any information, read this article again!
Hi. I’m Daniyal Durrani. A CA-finalist, CPA-UK, and Master in Economics, with a decade-long business studies experience. I work as an Audit and Business Advisory Manager in a globally recognized accounting firm. I have been watching Shark Tank for a long time and have always admired the innovative business ideas. The revolutionary solutions to unaddressed day-to-day problems presented on the show used to impress me like no other thing on TV. Read more About me.