Are you tired of getting stuck in traffic for hours even though the distance you have to travel is very less?
Do you want an easy and compact way to travel around your area without having to carry your luggage?
Coolpeds is here with a solution for all your problems with their product designed to not only carry you around your area but also handle your luggage along the way.
Coolpeds at a Glance:
| Idea | An electric scooter/bike that can also function as a carry-on bag. |
| Founders | Tony Chan |
| Asked For | $250,000 for 5% |
| Accepted Deal | None |
| Sharks | None |
| Business status | In Business |
| Episode No. | Season 9, Episode 23 |
Index:
What is Coolpeds?
Coolpeds is a company that manufactures three-wheeler electric bikes and scooters that aim at improving ways of green mobility.
It also comes with a detachable carry bag on the steering post that can double up as your luggage carrier.
The company aims at providing better alternatives to public or personal transport for commuting less than 5 miles within your province. The scooters are subway-friendly so traveling becomes easier and hassle-free within your area.
Founder Story:
Tony Chan, the founder of Coolpeds is an inventor hailing from Hong Kong and graduated Magna Cum Laude from UCLA. He worked for companies like Accenture and Microsoft and has built 3 companies from scratch.
After working with various tech giants he decided to go forward in the field of green mobility with his expertise in digital marketing and supply chain and hence, invented Coolpeds.
Did Coolpeds get a deal on Shark Tank?
Tony entered the tank with an ask of $250,000 for 5% of his company valuing the company at $5 million. He presents his pitch enthusiastically and also asks Shark Kevin to try his product.
Tony came in with an investment ask in two companies,i.e., apart from Coolpeds, he wanted to get investment into his partner company Ampere which though in the prototype stage was aiming at manufacturing an Electric sports car.
The company’s sales figures were around $500,000 in 18 months and the sports car (under Ampere) had yet to be launched. The price point of his scooter was $399, while he manufactured it for $170. Tony planned to sell the fully-electric sports car at a price range of $10,000.
Though the sharks seemed to enjoy riding his product yet they were skeptical about both the price point and the utility of the product.
Out of all the sharks, Robert Herjavec was the most interested in investing in the company but Tony was adamant about getting investment in both companies and Robert failed to comply. Hence, the company had to return empty-handed from the tank.
What happened to Coolpeds after Shark Tank?
Before entering the tank, Tony had started an IndieGoGo campaign raising around $43,000 in the process in February 2018. He was unable to secure a deal on the Show.
After the episode went on air, the founder was charged with the fact that he raised money without delivering a single product.
After a customer advocate meddled in the affair, one customer got his money back while a few others delivered their product.
The customers further claimed that the product was not safe enough to ride and hence, Tony was banned from any further activities on IndieGoGo.
Despite all the rumors around the company and its founder the startup has managed to stay afloat and in business.
They sell their products from their own website and have also launched the fully electric sports car following in Tesla’s footsteps.
Product Details:
- A three-wheeled bike that is powered by an electric motor.
- It is a lightweight and easy-to-carry scooter that focuses on green commuting.
- The product also contains a detachable suitcase which can be used to carry your luggage around the area.
- It is a street-legal and subway-friendly mode of mobility that can be easily used to commute in local areas.
- It is a rechargeable product and goes up to 5 miles on a single charge.
What is the Net Worth of Coolpeds?
The company had sales of around $500,000 in about 18 months and was valued at around $5 million before entering Shark Tank. The company was unable to seal a deal on the show.
After the show, the business went haywire pretty early due to the money-laundering fiasco of the founder, yet the company managed to be in business and the Net Worth is estimated to be around the same i.e. $5 million as of 2022.
Who are the competitors of Coolpeds?
The primary competitors of Coolpeds are Sure Scooters,eBike Choices, Scooter Advisor, Electric Mobility Scooters, Jetson Electric Bikes LLC, and many more Electric scooter-creating companies.
Is Coolpeds still in business?
Yes, the company has managed to continue doing business as of 2023 and sells its products from its own website.
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FAQs:
What is Coolpeds?
Coolpeds is a company that manufactures electric scooters and bikes that can also function as carry-on bags.
What's the net worth of Coolpeds?
The company had sales of around $500,000 in about 18 months and was valued at around $5 million before entering Shark Tank. The company was unable to seal a deal on the show.