A CoolBox is a toolbox that was the solution to all the modern problems.
A CoolBox is a smart toolbox that includes two speakers that can be connected through Bluetooth, two USB ports, battery chargers, LED light, bottle opener, device stands, a digital clock, and a whiteboard all this with space for all your tools. The founder of this product Chris Stoikos and Jason Neubauer appeared on season 7 of the show seeking the investment of $500,000 for 10% of the equity.
CoolBox at a glance:
|BUSINESS IDEA||Smart Toolbox|
|FOUNDER||Chris Stoikos And Jason Neubauer|
|ASKED FOR||$500,000 For 10% at $5 million valuation|
|ACCEPTED OFFER||$500,000 Line Of Credit At 5% Interest For 15% Equity|
|BUSINESS STATUS||Out of Business|
As mentioned on the Coolbox website the idea of Coolbox came because they saw in the 21st century the tools were changing. For those modern tools, the founders wanted to change the face of the traditional toolbox and make it modern. After a long time of inventing themselves, they managed to make the most important box which was a cooler and a toolbox.
The duo raised funds for their business through IndieGoGo crowdfunding in 2013. Where they raised $300,000 and in 2016 they launched their product. After having a successful Kickstarter campaign they decided to go on the business show Shark Tank to have more funds for more production.
How was the CoolBox shark tank pitch?
Chris Stoikos and Jason Neubauer appeared on season 7 of the show. They started their pitch by saying they were asking for $500,000 for 5% of the equity. The partners introduced their product Cool Box as a “smart toolbox”.
Jason states why wouldn’t anyone want to get a Cool Box? In the world of smartphones and smart TV. The further states that their toolbox is the first smart box ever created. They demonstrate the features of the box that includes the built-in speaker, USB sockets, charging port, mobile stand, digital clock, LED light that pops out, and a two-sided whiteboard. Jason states this was just dead space for the old toolbox. Jason later explains that the top part of the box was magnetic so you could stick your tool while using them.
Robert seemed interested in the product he asks the partners about the cost of production. Chris lets them know that each box takes $110 to make and they pre-sold the product at $190. Jason lets them know they are going to retail the box for $294. Daymond wants to know how they did in the pre-sales Chris tells him they made $370,000 in sales. Chris lets them know that Beck and Deckers showed huge interest in them and it would be a huge licensing opportunity for them.
Robert says he liked the product but it was expensive and the company was valued at a high price when they hadn’t sold a single unit. Chris lets Robert know that they already have a purchase order of 800 units which they were intended to ship by September. The partner Jason further reveals they have invested $50,000 of their own money.
Daymond John is the first to step in as he offers $500,000 for 25% of the equity but he wants to license it. Robert says the price of the regular toolbox is $35 and any blue-collar employee will take that box over $294 one even if it had too many features and for that reason, Robert steps out.
Lori says that she is all over hardware and she would be a big help to the business. She offers them $500,000 for 30% but she wanted to be sure that Lowes was giving those orders. Jason counters her asking if she would do $500,000 for 20% of the equity. Lori instead offered them a loan at 5% and in addition to 15% of the equity. The partners happily accept the offer and leave the stage with Lori as their partner.
How does CoolBox make money?
The duo revealed that each unit took them $110 to make and pre-sold at $194 during the presale. The duo lets the shark know they were going to retail the product at $294.
The partners already sold $370,000 worth of product with pre-sale which was supposed to be shipped in 2017. The duo had said they were expecting a licensing deal from Beck and Dickers as they were showing huge interest in them. They were also certain that they were receiving an order from Lowe’s stores.
In 2017 they introduced their product Coolbox which was bigger and included more features than the Coolbox toolbox. The original Cool Box toolbox retails for $119 on the website and the Cool Box retails for $159 along with the charger adapter which sells for $28.
Let’s have a look at the specification of the product.
|Model Name||Cool Box Toolbox||Cool Box|
|Outer Dimension(l×d×h)||22” ×12.5” ×9”||22” ×13” ×11.75”|
|Inner Dimension (l×d×h)||NA||18” ×6.9” ×8.75”|
|Weight||14.4 lbs.||19.75 lbs.|
|Water-resistant rating||1p×4, USB port covers||1p×4, mobile compartment.|
|Battery||3fuse AC ports and 2 USB ports.||11.1v/2.5|
The products are available on the company website, Amazon, and are listed on Lowe’s website. Although the company website has been silent since 2019. There are no updates about the company yet.
During the pitch, the partners revealed that they had made $300,000 from the crowdfunding campaign with Indiegogo. They received an offer of $500,000 for 15% of the equity and the 5% of it on loan from Lori Griener when they appeared on the shark tank.
What happened to CoolBox after the shark tank?
During the pitch, it was revealed the Coolbox was about to ship its first batch. With the help of Lori, they were able to start the production. The company introduced a new model named “Cool Box” which is bigger and had an inbuilt cooler and bottle opener and an iPad holder in place of the whiteboard. This box is made to be taken while traveling or going to picnics.
There had been no updates from any of the social media platforms of the company or websites. There have been talks in the market that the company has shut down in 2019 but none of the partners had announced it yet.
Is Coolbox still in business?
In 2018, there were planning to license deal with a big manufacturer but that didn’t work, which lead to Coolbox shutdown.
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What is CoolBox?
CoolBox is a toolbox that was the solution to all modern problems. A CoolBox is a smart toolbox that includes two speakers that can be connected through Bluetooth, two USB ports, battery chargers, LED light, bottle opener, device stands, a digital clock, and a whiteboard all this with space for all your tools.
Who founded CoolBox?
CoolBox is founded by Chris Stoikos and Jason Neubauer they appeared on season 7 of the Shark Tank seeking the investment of $500,000 for 10% of the equity.