Have you always been fascinated with skates and dreamed of owning an electric vehicle at the same time? Did you know that both of these could be combined together to form one device? Astonishing, right !!
Acton is here to convert this dream into reality by combining an eco-friendly electric vehicle with a fun roller skate.
Acton at a Glance :
| Idea | Personal transportation manufacturers. |
| Founders | Peter Treadway |
| Asked For | $1 million for 3.5 % |
| Accepted Deal | None |
| Sharks | None |
| Business status | In Business |
| Episode No. | Season 7, Episode 1 |
Index:
What is Acton?
Acton is a company that produces skates and M-scooters, both of which are electric modes. These are used as personal transportation devices that use brushless hub motors for propulsion.
Acton solves the problem of transportation-caused pollution, as it can significantly reduce the use of public transportation and replace it with electric personal transportation.
Founder Story:
Acton is a passionate startup founded by Peter Treadway, who was himself driven by the motive of reducing pollution through means of transportation. Staying true to his motive, Peter Treadway created electric skates and scooters as a means of personal transportation facilities.
Starting with a small investment, Acton went on to gain two of the largest crowdfunding from Kickstarter campaigns, accumulating a total of $71,982 and $550,725 respectively.
Did Acton get a deal on Shark Tank?
Acton’s founder pitched his company on Shark Tank in season 7. His pitch included a demonstration of how the Skates work. The skates worked on the motion of your feet and communicated wirelessly. Acton also offers three different types of skates, the range of each depending on its size.
The main problem the sharks had with the product was its steep valuation as a result of which most of the sharks decided to opt out of the company. Shark Kevin O’Leary offered $1 million for 15% equity, but Peter could not accept such a drastic decline in the company’s valuation. Hence, the deal could not be cracked.
What happened to Acton after Shark Tank?
Though Acton could not get a deal on Shark Tank, the company seems to be doing well. In the years since Acton has rebranded itself to “Acton Global”.
They no longer sell electric skates, but are now focused on producing electric bikes and scooters for college campuses. As of February 2023, the company has sold electric bikes in over 100 cities and has an annual revenue of $6 million.
Product Details :
- Acton produces electric M scooters and skates that can be used for personal transportation.
- The skates can go up to 90 minutes per charge, the scooter can go for 3-5 hours.
- Each device is eco-friendly and is designed for multi-functionality as well as for fun.
- The Acton producers have also developed an app that tracks usage and helps get connected with each other in real time.
- Acton no longer sells skates now but is completely into the business of electric scooters and bikes.
What is the Net Worth of Acton?
The appearance on Shark Tank seems to have done a great deal of good for Acton, as the company continues to move forward substantially well. It is seeing constant growth in annual sales and profit as well.
At the time of Shark Tank’s appearance, Acton was valued at around $28.5 million as per the founders. The Net Worth of Acton, as of, February 2023 is reported to be around $6 million.
Who are the main competitors of Acton?
Acton deals with a space of automobiles that is seeing a surge of companies in it. As a result, Acton is facing tough competition from many old and new companies in this arena. Some of the major competitors are Electric Bike and Skate, Lirol Retail, Electric Bike Place, MobilityMicro.com, and many others.
Is Acton still in business?
Yes, Acton is still in Business and is in fact making good profits out of it. It is safe to say that, even though Acton could not get the deal with Sharks, it is still functioning and even better than before.
Social Links:
Do Share Your Thoughts:
Do tell us all your thoughts in the comments section below, we look forward to reading all the comments in the section below.
Also, don’t forget to try our Android app 📱 which contains startup case studies and business book insights 📚 , verified business strategies, and no bullshit!!
Related Articles:
FAQs:
What is Acton?
Acton is a company that manufactures personal transportation vehicles such as electric skates and scooters.
What's the net worth of Acton?
At the time of Shark Tank’s appearance, Acton was valued at around $28.5 million as per the founders. The Net Worth of Acton, as of, February 2023 is reported to be around $6 million.