CoolBox Toolbox Net Worth and Shark Tank Update – After Shark Tank

Chris Stoikos and Jason Neubauer founded CoolBox to solve the lack of technological innovation in traditional toolboxes. They sought $500,000 for a 10% equity stake on Shark Tank. The post show deal fell through and the company was dissolved following internal legal disputes and halted product sales.

Chris Stoikos and Jason Neubauer identified that toolboxes had remained unchanged for over a century. They wanted to solve the issue of tangled cords, dead phone batteries and a lack of modern convenience for builders and creators on the go. CoolBox was billed as the world’s smartest toolbox.

It featured a rechargeable battery, pass-through power ports, Bluetooth speakers, USB charging ports, an LED light and a built in white board. On Season 7 of the ABC show the duo requested $500,000 for 10% equity, valuing the company at $5 million. They secured a deal with Shark Lori Greiner for a $500,000 loan at 5% interest plus 15% equity.

CoolBox Toolbox Net Worth

Chris Stoikos and Jason Neubauer went on Shark Tank asking for $500,000 for 10% of their company. This meant they thought their business was worth $5,000,000. They made a deal with Lori Greiner for $500,000 in exchange for 15% of the company, lowering the value to $3,333,333. The episode was aired in April 2016. The company stopped operating around 2018. The current net worth of Coolbox is $0.

Did The CoolBox Toolbox Get a Deal on Shark Tank?

Yes, CoolBox secured an on air deal on Shark Tank. The company’s founders Chris Stoikos and Jason Neubauer entered the tank in Season 7 seeking $500,000 for a 10% equity stake in their smart toolbox business. They walked away with an investment from Lori Greiner.

Daymond John was the first to jump in offering $500,000 for 25% equity because he liked the product’s novelty. Lori Greiner undercut Daymond by offering $500,000 for 30% equity but with a massive retail contingency. She needed a guaranteed purchase order from Lowe’s. Because of Lori’s retail strength Daymond pulled his offer.

The founders were hesitant to give away 30% equity so they pivoted the structure of the deal. They negotiated Lori down to 15% equity by converting her investment into a $500,000 line of credit with a 5% interest rate, which she accepted.

The company had already raised over $370,000 on Indiegogo proving customer demand. The traditional toolbox design had not changed in nearly a century leaving it wide open for modernization. The box consolidated major construction site needs featuring a rechargeable battery, Bluetooth speakers, USB ports and LED lights.

The entrepreneurs brought proof that home improvement brands like Black & Decker had already shown interest in them. The product matched Lori’s strong retail channels with hardware chains like Home Depot, Lowe’s and True Value.

Kevin O’Leary bowed out because he felt the manufacturing and fulfillment process required too much upfront cash. The unit cost $110 to build and retailed for $249. This left tight profit margins for a large hardware item. Mark Cuban worried that their provisional patent wouldn’t protect them from being copied by legacy tool manufacturers.

CoolBox Toolbox Shark Tank Deal Table

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’ Backstory

The CoolBox was co-founded by Chris Stoikos and Jason Neubauer along with Mike D’Agostini. Stoikos and Neubauer are serial entrepreneurs who had prior experience in construction and working with startups.

With years of hands-on construction and “maker” experience the founders grew frustrated with having to lug multiple heavy items to job sites. They were constantly carrying separate toolboxes, extension cords, radios, work lights and coolers. They designed the product to combine all these daily needs into one convenient cohesive unit making contracting jobs and DIY projects much easier and more efficient.

Founders Chris Stoikos and Jason Neubauer appeared on Season 7 of ABC’s Shark Tank seeking an investment of $500,000 for a 10% equity stake in the company. Features an 8-foot retractable power cord with three grounded outlets. Plus an internal rechargeable battery to run corded tools and electronics. Contains powerful 40 watt marine grade Bluetooth speakers and two USB ports to charge smart devices on the go.

Includes detachable LED floodlights and a custom digital clock display. Features an integrated dry erase white board under the lid, a magnetic lid to hold small metal pieces and stands to prop up tablets or phones. Built with durable high impact resin, dual carrying handles, sturdy latches and side mounted wheels to roll around 65 lbs of gear.

An integrated bottle opener for cracking open beverages after a hard day’s work. Before appearing on the show they raised over $370,000 in a successful campaign on Indiegogo. In the Tank, they secured a deal with Lori Greiner who offered $500,000 as a loan at 5% interest plus 15% equity in the company.

CoolBox Toolbox Shark Tank Pitch

The CoolBox Toolbox pitch on Shark Tank started with founders Jason Neubauer and Chris Stoikos entering the tank seeking an investment of $500,000 for a 10% stake in their company. They opened with a hook comparing the lack of innovation in toolboxes to how the smartphone revolutionized everyday communication.

The specific problem the founders presented was that the basic carrying case for tools had remained unchanged for over 100 years. Working professionals and do-it-yourselfers alike were frustrated by having to lug around multiple pieces of job site equipment such as extension cords, chargers, lights, and speakers. While dealing with dead phone batteries and tangled power cables.

The CoolBox product functions as an advanced, “smart” utility case designed to consolidate multiple workshop necessities into a single mobile unit. It operates via a rechargeable lithium battery and features a retractable power cord, built-in Bluetooth speakers, two USB charging ports and powerful LED floodlights. It also includes pass-through power outlets, a dry erase white board inside the lid, a magnetic tray for small hardware, a digital clock, a tablet stand and side mounted wheels for easy transport.

The business model was centered around a mix of direct to consumer online sales and large scale retail distribution. The founders utilized a successful crowd funding strategy on platforms like Indiegogo. To prove market demand and generate initial sales before shifting toward licensing partnerships with tool brands and establishing relationships with big box retailers like Lowe’s.

Shark Questions, Negotiations, Discussion & Reactions

The Sharks were skeptical of the high valuation since the business had no concrete sales history at the time. Lori Greiner questioned their intellectual property. The founders admitted they only held a provisional patent covering all the features in combination. Which Sharks feared left them vulnerable to copying by established giants like Black & Decker. Other Sharks including Robert Herjavec were concerned that integrating heavy electronics into a toolbox would alienate the hardcore professional contractor market.

Mark Cuban, Daymond John and Kevin O’Leary went out, arguing the valuation was unsupportable and the product had too many high tech gadgets. Lori Greiner offered them $500,000 as a loan at 5% interest plus a 15% equity stake. The founders accepted Lori’s offer on the spot believing her reach with hardware stores like Home Depot and Lowe’s was what they needed.

Despite reaching a worldwide marketing agreement after the show with investor Kevin Harrington, the initial deal with Lori fell through. Public reaction to the Coolbox was mixed. While the tech was praised, many consumers and Reddit communities criticized the high price point around $200 and questioned the durability of putting fragile tech inside an object intended for heavy duty job sites. The company produced a smaller, lower priced version of the Coolbox for a time but ceased operations in 2018.

Why Some Sharks Said No

The CoolBox, a feature heavy tech integrated toolbox faced scrutiny on Shark Tank from the investors. The product failed to secure a lasting successful partnership. Due to issues with manufacturing, unrealistic pricing, heavy competition and questionable target marketing. The founders had a track record of production and delivery delays with their original crowd funding campaign. The Sharks, especially Mark Cuban were worried that the heavy electronics and complex injection molds would make mass manufacturing difficult to scale.

Building a high quality box packed with Bluetooth speakers, lithium batteries and inverters meant the retail price had to be steep. The Sharks felt the high price tag would alienate traditional blue collar workers and DIY enthusiasts pushing it out of mass market reach. Traditional power tool and storage brands hold market share. The Sharks were concerned that if the CoolBox succeeded, established giants could easily copy the tech features and sell them at a fraction of the cost, crushing the startup.

The Sharks pointed out a disconnect in who the product was actually for. It combined work tools with an “entertainment and beach party” vibe, leaving the investors confused about how to market it as a serious job site necessity. While Lori Greiner offered the founders $500,000 as a loan at 5% interest with 15% equity, that initial on screen agreement fell through in real life. Mounting production delays and the founders prioritizing other business ventures caused the deal to dissolve.

Where To Buy CoolBox Toolbox Products and Product Features

The CoolBox is built from a rugged, water resistant, injection molded casing and offers 1,797 cubic inches of storage space capable of holding up to 65 lbs of gear. It is designed for easy transport, featuring sturdy piano hinges, solid latches, a locking mechanism and heavy duty wheels.

Powered by a 20V rechargeable lithium polymer battery. It features a 10 foot retractable power cord and passes through sockets so you can run corded electric tools from the box. Built-in 40W marine grade Bluetooth speakers turn the box into a worksite boombox controlled wirelessly via smartphone. Two USB ports and internal 12V/20V slots let users charge multiple phones or small devices.

A flip top lid reveals a 20″ x 12″ dry erase whiteboard for sketching. While magnetic sections on the lid keep small screws and nuts in place. Features an LED floodlight for night jobs and a digital clock. Dedicated slots hold tablets and smartphones at ergonomic viewing angles so you can watch DIY tutorial videos or follow blueprints while working.

Creators Jason Newbower and Chris Stoikos appeared on Shark Tank Season 7 asking for $500,000 for 10% equity. On the show, they highlighted its convenience, demonstrating how the magnetic lid holds fasteners and how the built in tablet stand holds devices. The hosts were impressed by the multifaceted nature of the product.

After some negotiating the founders agreed to a $500,000 line of credit at 5% interest alongside 15% equity with “Queen of QVC” Lori Greiner contingent on landing the product in physical hardware stores like Lowe’s. Following its successful Shark Tank debut and viral crowd funding campaigns on Indiegogo, the CoolBox saw rollouts through pre-sales and select hardware stores like Lowe’s.

However, as of 2026, the creators’ official website is no longer active and the product appears to be discontinued by the manufacturer. While it appears through third party liquidators it is listed as “currently unavailable” on mainstream portals like Amazon. When it was actively in stock the retail price ranged between $190 and $249 depending on the vendor and pre order phase.

What Happened To CoolBox Toolbox After Shark Tank?

After founders Chris Stoikos and Jason Neubauer pitched the feature-packed CoolBox on Shark Tank. The company experienced significant pre-show growth followed by fulfillment delays, a failed post-show acquisition and a business shutdown.

During the April 2016 broadcast, the founders made a deal with Lori Greiner for $500,000 structured as a line of credit at 5% interest plus 15% equity, contingent on getting the product into Lowe’s.The agreement with Lori Greiner fell through and the formal partnership never materialized.

Following the tank the founders partnered with former Shark and As Seen On TV giant Kevin Harrington, securing a worldwide marketing agreement in May 2016 to push the product into retail. The show provided a boost to visibility. Leading to a spike in direct consumer sales and thousands of back ordered units. Sales initially increased but the high production cost of $110 per unit and mounting engineering challenges led to manufacturing delays.

To help lower costs and meet demand they developed a smaller CoolBox and shipped the first wave of revised units in February 2017. Co-founder Chris Stoikos shifted his focus to growing his other startup the Dollar Beard Club. By late 2018 the company faced setbacks including a lawsuit filed by minority inventors/members who alleged that management was misappropriating funds and opportunities to third parties.

Plagued by rising production costs, logistical issues and internal legal battles CoolBox LLC ceased operations and the company shut down in 2018. The original CoolBox LLC is no longer an active, operating entity. Kevin Harrington’s team later pivoted the brand’s assets into a related “Coolbox Cooler” concept in the summer of 2018 but the original smart toolbox startup remains inactive.

Conclusion

CoolBox burst onto the scene with a viral Indiegogo campaign and later secured an on-air deal on Shark Tank for a hightech toolbox featuring built-in Bluetooth, USB chargers and a battery. That investment deal fell through, the company faced production delays and operations ceased in 2018.

The show brought an influx of brand visibility, proving the concept and generating incredible demand. The sheer volume of orders strained the company’s ability to fulfill them leading to severe logistical bottlenecks. The TV boost helped facilitate partnerships and worldwide marketing agreements with entities like original “Shark” Kevin Harrington to help the founders scale.

Despite the initial hype balancing the demand of a capital intensive product with the co-founders’ other ventures proved difficult. The company faced lawsuits regarding delays and misappropriation of funds by 2018. This caused the core business to fizzle out shortly after the planned release of the “Coolbox Cooler”. While the remaining stock of the boxes is periodically available through platforms like Amazon. The original smart toolbox enterprise itself is no longer an actively maintained company.

The patented features and design of the smart toolbox could be acquired by a legacy tool manufacturer and revived as a premium product line. The underlying technology could be licensed to heavyweights in the industry such as Milwaukee or DeWalt seeking to integrate digital charging and sound systems into their modular storage. A new ownership group could reengineer and simplify the supply chain to launch a second generation, cost effective smart toolbox.