CoolBox Toolbox Shark Tank Update ; Net Worth, Pitch & Deal
CoolBox Toolbox Shark Tank Update ; Net Worth, Pitch & Deal CoolBox Toolbox Shark Tank Update The CoolBox Toolbox is a multifunctional tool box invented by Chris Stoikos and Jason Neubauer, with features including an extension cord, battery, media player, and more. The product was presented on Shark Tank Season 7 where the sharks impressed…
CoolBox Toolbox Shark Tank Update ; Net Worth, Pitch & Deal
CoolBox Toolbox Shark Tank Update
The CoolBox Toolbox is a multifunctional tool box invented by Chris Stoikos and Jason Neubauer, with features including an extension cord, battery, media player, and more. The product was presented on Shark Tank Season 7 where the sharks impressed by its innovative features, especially the 20V rechargeable battery and boombox capability.
The cost to make each unit was $110, presold for $190, with over $370,000 in pre-sales. Chris and Jason aimed to sell each unit for $249 in retail.
Despite some skepticism from the sharks regarding the valuation based on pre-sales, they had an order from Lowe’s for 8,000 units and interest from Black & Decker for licensing.
After negotiations, Lori Greiner offered $500,000 for 30% contingent on Lowe’s purchase order, but the deal did not materialize. Eventually, Chris and Jason accepted a $500,000 loan at 5% interest and 15% equity from Lori.
Note that, during a successful crowdfunding campaign on IndieGoGo, the CoolBox Toolbox raised an impressive $370,497, further solidifying its potential in the market.
The entrepreneurs then seized the opportunity to pitch their product on Shark Tank, seeking a $500,000 investment for 10% equity in their business.
Lori Greiner, known as the “Queen of QVC,” saw the potential of the CoolBox Toolbox and made a deal with Chris and Jason. She offered a $500,000 loan at 5% interest and secured a 15% share of equity.
This strategic partnership provided the necessary capital for the entrepreneurs to grow their business and bring the CoolBox Toolbox to market.
Post-Shark Tank, they adjusted their business model by creating a smaller, more affordable Coolbox version.
The product is still available for purchase on the Coolbox website, Amazon, and occasionally updated on social channels, indicating ongoing efforts to sustain and grow the business.
Here is a table summary of the key information;
| Item | Details |
| Entrepreneurs | Chris Stoikos and Jason Neubauer |
| Business | Coolbox – Smart toolbox with USB ports, Bluetooth speakers, clock, extension cord, whiteboard, etc. |
| Ask on Shark Tank | $500,000 for 10% equity |
| Deal Received | $500,000 loan at 5% interest for 15% equity from Lori Greiner |
| Product Cost | $110 per unit |
| Pre-sales Price | $190 per unit, over $370,000 in pre-sales |
| Intended Retail Price | $249 per unit |
| Potential Orders | 8,000 units from Lowe’s, licensing interest from Black & Decker |
| Post Shark Tank | Deal with Lori did not materialize, created smaller and cheaper Coolbox model, struggling but still selling products |
Key Takeaways:
- The CoolBox Toolbox is a multifunctional tool box invented by Chris Stoikos and Jason Neubauer, with features including an extension cord, battery, media player, and more.
- It gained popularity through a successful crowdfunding campaign on IndieGoGo, raising $370,497.
- On Shark Tank, Lori Greiner made a deal with the entrepreneurs, providing a $500,000 loan at 5% interest and a 15% share of equity.
- Despite facing challenges post-Shark Tank, the CoolBox Toolbox is still available for purchase on their website and on Amazon.
- The entrepreneurs are committed to expanding their product’s availability and improving its features in the future.
The Features of CoolBox Toolbox
The CoolBox Toolbox is packed with a variety of impressive features that set it apart from traditional toolboxes.
Designed to meet the needs of modern users, this innovative toolbox combines functionality with high-tech capabilities, making it a must-have for DIY enthusiasts and professionals alike.
- USB Ports: The CoolBox Toolbox is equipped with multiple USB ports, allowing you to conveniently charge your devices while you work. Whether you need to power up your smartphone, tablet, or other USB-compatible gadgets, this toolbox has got you covered.
- Bluetooth Speakers: Enjoy your favorite tunes while working on your projects. The built-in Bluetooth speakers in the CoolBox Toolbox provide a high-quality audio experience, allowing you to stay entertained and motivated.
- Clock: Stay on track and manage your time efficiently with the integrated clock feature. No need to constantly check your phone or search for a wall clock. The CoolBox Toolbox keeps you aware of the time, helping you stay organized and focused.
- Integrated Extension Cord: Say goodbye to tangled cords and limited reach. The CoolBox Toolbox features an integrated extension cord that provides easy access to power outlets. With its 8 ft AC extension cable, you can easily plug in your tools and devices, even in hard-to-reach areas.
- Dual-Sided Whiteboard: Keep track of your to-do lists, project plans, and important reminders with the dual-sided whiteboard. Jot down your ideas or make a quick sketch without the need for additional notepads or sticky notes.
The CoolBox Toolbox also incorporates pass-through power with a 3-way splitter, allowing you to conveniently power multiple tools and devices simultaneously. Its 4-hour 11.1V/3Ah lithium polymer battery ensures reliable power for small tools and appliances.
With its impressive range of functionalities and high-tech features, the CoolBox Toolbox is your ultimate companion for tackling any DIY project or professional task. Experience the convenience and efficiency of this innovative toolbox that caters to your modern needs.
The Shark Tank Pitch and Deal
Chris Stoikos and Jason Neubauer had the opportunity to pitch their innovative CoolBox Toolbox on the popular television show Shark Tank during Season 7. Their goal was to secure a $500,000 investment in exchange for a 10% equity stake in their business.
The founders showcased the unique features and capabilities of the CoolBox Toolbox, highlighting its versatility and convenience.
Ultimately, the entrepreneurs struck a deal with Lori Greiner, a prominent Shark Tank investor and QVC host. Greiner offered a $500,000 loan with a competitive 5% interest rate, along with a 15% share of equity in the CoolBox Toolbox business.
This investment provided the necessary capital to further develop and bring the product to market.
Lori Greiner saw the potential of the CoolBox Toolbox and recognized it as a game-changer in the tool storage industry. Her expertise and financial support would prove invaluable in propelling the CoolBox Toolbox to success.
With Greiner’s guidance and backing, Stoikos and Neubauer were well-positioned to navigate the challenges and capitalize on opportunities as they continued to grow their business.
Shark Tank Deals
| Product | Shark | Investment | Equity Stake | Deal Type |
| CoolBox Toolbox | Lori Greiner | $500,000 loan | 15% | Debt and equity |
Post-Shark Tank Success and Challenges
Following their appearance on Shark Tank, Chris Stoikos and Jason Neubauer experienced both success and challenges.
One of their major accomplishments was altering their business model to introduce a smaller version of the CoolBox Toolbox. Priced at a lower point, this new product aimed to attract a wider customer base.
However, despite their initial hopes for a deal, they were unable to reach an agreement with Lori Greiner. This presented a setback for the entrepreneurs, but they remained undeterred.
The CoolBox Toolbox, despite these challenges, is still accessible for purchase through the official website and on Amazon. The entrepreneurs are committed to growing their businesses and expanding the reach of their innovative products.
As Chris and Jason continue to navigate the post-Shark Tank landscape, they remain focused on overcoming obstacles and driving the growth of the CoolBox Toolbox. They’re determined to solidify its position as an essential tool for professionals and DIY enthusiasts alike.
CoolBox Toolbox Net Worth
Before their appearance, Coolbox’s net worth was $5 million. Following their appearance on Shark Tank in 2018, their valuation significantly reduced to $3.33 million, after an investment from Lori Greiner.
Despite the challenges faced post-Shark Tank, Coolbox had shown growth by obtaining patent protection, forming business alliances, and boosting internet sales.
They had taken orders and fulfilled customer needs, demonstrating resilience and determination in their pursuit of success.
Is Coolbox Tool Box Is Still In Business?
No, CoolBox Toolbox is no longer in business. The company shut down in 2018 after struggling to find a major manufacturer to license their product.
Despite the innovative features of the CoolBox, such as a 20V rechargeable battery, Bluetooth speakers, USB ports, and LED lighting, the company was unable to overcome the challenges of manufacturing and distribution.
CoolBox’s social media pages have been inactive for over a year, confirming that the company is no longer operational.
