VibeRide Shark Tank Update – Net Worth 2024

Three friends entered Shark Tank Season 15 Episode 10 with their skateboard company, VibeRide. The mission is simple: to make skateboarding safe for everyone. 

The founder, Charlie Canon, claims that VibeRide is the largest skateboard company on earth. Despite these lucrative claims, what will be their future in the sports industry? Our VibeRide Shark Tank Update answers the same question. 

VibeRide got a deal from Mark Cuban. He did not negotiate much with the company because the trio’s passion for skateboarding and successful entrepreneurial background advocated their case. This pitch had passion, innovation, and grit. Find out what went down in Shark Tank VibeRide Update. 

VibeRide Net Worth

Charlie Canon asked for a $250,000 investment in exchange for 10% equity in his company. This meant he valued his company at $2.5 million. He made a deal with Mark Cuban for $250,000 in exchange for 12% equity. This new deal valued his company at approximately $2.08 million. After the show aired, VibeRide saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of VibeRide is about $2.52 million.

VibeRide Shark Tank Update

What Happened To The VibeRide After Shark Tank?

VibeRide’s appearance on Shark Tank boosted their popularity. With over 7 million viewers, the show gave them some awesome publicity. And their longboard brake system? It solves the speed control problem on downhill rides. No wonder they made $50,000 in sales and built a strong brand presence on social media. VibeRide knows what riders want, offering three different longboard options to suit different styles and skill levels. From the Classic Brake for beginners to the Pro Brake for thrill-seekers, they’ve got it all covered. And the prices range from $211 to $378, so there’s something for everyone. They even have electric scooters and e-boards now, giving riders even more options to enjoy the ride.

Did The VibeRide Get A Deal On The Shark Tank?

Yes, VibeRide was successful in closing a deal on Shark Tank. One of the sharks, Mark Cuban made an offer of $250,000 for a 12% equity in the company, and the founders accepted it. With this partnership, Mark and the entrepreneurs have high hopes to grow their business and make it even more successful. They are excited about the opportunity and ready to take their venture to new heights.

Shark(s) name	Offer	Demand	Counteroffer	Accepted?
Mark Cuban	$250,000 and promise to bring prospective investment, if required	15% of equity	12% of equity	Yes
Kevin O’Leary	N/A	N/A	N/A	N/A
Lori Greiner	N/A	N/A	N/A	N/A
Daymond John	N/A	N/A	N/A	N/A
Candace Nelson	N/A	N/A	N/A	N/A

Vibe Ride products

VibeRide is claimed to be the largest skateboard company in the world. It was founded in 2020 by Charlie Canon at the University of Utah. The founder had one vision: integrating an effective braking system into skateboards. 

VibeRide sells two kinds of products: a separate brake system that makes a simple skateboard halt and complete boards with everything the company has developed. VibeRide sells three skateboard categories: premium, medium, and low-performance products. The brakes are easy to apply, as the skater has to press the lever with his heel. The product is explained later in the update. 

VibeRide Founders

Charlie Canon has been an entrepreneur since he was 14 years old. He launched his first videography start-up in high school when he saw a gap in the market for affordable drone cams. He started selling a privately-labeled product line on the Internet. Within 2.5 years, the start-up sold drone cams worth $15 million and employed around 23 people. 

Charlie met Carson MacDonald in the engineering school, and they immediately got along. They met Chris Goodhue afterward, and the trio worked tirelessly to make the other project work. However, the real purpose lay somewhere else.

Being the youngsters driven by their passion, the trio wanted to make a mark on the consumer market. Charlie used to skate since he was ten and currently ski as a semi-pro. Chris was a surfer and a passionate skater. Carson was a state champion biker, a cliff jumper, and an amateur skater.

The trio had one common passion: skating. Considering this, VibeRide was formed in 2020 with the vision of integrating a safe braking system within skateboards. The company went on to purchase every skateboard brake patent on the market. After developing different skateboards and sole braking systems in the initial three years, the company started its official sales in 2023. The business has a blend of passion and determination.

Pitch and initial presentation

Three friends entered the Shark Tank Stage, cheering with zest on their skateboard. The trio introduced themselves as Charlie Canon, Chris Goodhue, and Carson MacDonald. They demanded $250,000 for 10% of equity in their skateboard company, the VibeRide. 

Charlie, the founder, claimed that their company is the biggest skateboard company in the world. The company specializes in making skateboards and longboards with brakes. Charlie started comparing skateboards with other vehicles to help sharks connect with the cause. Then Chris lay on the floor while Charlie climbed a ramp to slide down riding his skateboard. 

As Charlie went down the ramp, he pivoted his heel to stop the skateboard before he could run into Chris. The trio showed that their product actually worked and that it was tested for safety at fifty miles per hour. They further elaborated on the pricing mechanism where VibeRide charges $149 for the sole brake system and $259 for the full board. The company also has skateboards costing $189 and $129, available to suit customers with limited budgets. 

Discussion on pitch and offer

Mark Cuban seemed interested from the start as he asked how much the product cost. Charlie said the company was making consistent margins at 63% per product. Kevin O’Leary wanted to know the popularity of sole brake systems bought by the customers. Charlie answered that the ratio between sole brake systems and the entire skateboard was 50-50. However, they expected to sell more boards as they were more profitable. 

As a curious mom, Candace Nelson asked an awkward question regarding why skateboards have no brakes. The trio were caught off guard by the question. Charlie cleverly said that skateboards were older than them, so they could not answer with authenticity. 

Lori Greiner inquired if the company had patented its products. Charlie proudly claimed that they have six utility patents registered for each product. This impressed Lori, who wanted to know how the company achieved this milestone. 

Charlie, Carson, and Chris told their background to the sharks and explained what they went through in their lives. The details are mentioned in the ‘founder and backstory’ section of our VibeRide Shark Tank Update. 

Impressed by what the team had already achieved, Candace asked their age. The trio answered accordingly. The shark emphasized the importance of passion in a business. Charlie then explained how VibeRide is a passion-driven business. 

Every shark was amazed by the athletic passion that each individual had. However, Kevin brought the discussion back to business as he inquired Charlie about the recent sales figures. Charlie explained that VibeRide just completed its pre-sale phase a couple of months ago. The two-month sales were $150,000. However, he insisted that the company would finish the year at $600,000. 

Daymond John asked the last question regarding Charlie’s investment in the business. Charlie clarified that he had $1.2 million invested in the business, from which $450,000 was paid to acquire every skateboard-with-brakes patent in the USA. 

Negotiation and final deal

Mark Cuban was the first and the only shark to offer VibeRide. His offer included $250,000 for 15% of equity. However, Charlie insisted on raising the investment to $350,000 for 15% equity as it would help the company fund their research and development. Mark Cuban was reluctant to agree but bettered his offer with $250,000 for 12% equity and promised to fund the company further (whenever required). Charlie accepted the offer, and they had a deal. 

VibeRide availability

The world never expected skateboards and longboards to have actual brakes. However, VibeRide assessed the need and has added easy-to-apply & effective braking mechanisms within skateboards. The company developed a failure-free and smooth braking system within three years. Its products have been popular amongst different segments of customers due to the variety in product design and pricing.  

VibeRide sells skateboards in three qualities. The premium skateboard costs $259. It is developed for steep surfaces and hilly surfaces. The budget-friendly skateboard is available for $189 and can stop the skater at a medium-hill inclination. However, the company did not forget people with a low budget. Their low-priced skateboards cost between $129 and $139. Separate brake systems are available for people who want to make their old skateboards secure. 

Charlie did explain how the braking system worked. The skater has to press the lever integrated at the rear end of the board. Once pushed, the lever extends arms at the bottom to lock the tires. The tires have brake pads to ensure smooth halt and maximum safety.

VibeRide skateboards will transform the market by making the boards more mechanically superior. The company has patented the design and technology, so it will be difficult for the competitors to copy. Every detail is tested to ensure the rider’s safety. This product will save many lives, especially those enjoying a thrilling skateboard journey to a hilly area.