Coolbox Net Worth 2021

Coolbox is a smart toolbox that brings convenience and safety to a variety of projects. It has two USB ports, speakers, a bottle opener, and a whiteboard. The device can be used by sports teams, makeup artists, campers, and more.

Founders Chris Stoikos and Jason Neubauer started CoolBox in hopes of creating a product that would make life easier for do-it-yourselfers. They wanted to make extras such as flashlights and tool belts more useful and cohesive. As a result, they developed several CoolBox models. Each model includes additional devices like a battery charger, a magnetic cover, a USB-detachable whiteboard, and a Bluetooth-connected LED light.

Coolbox was introduced to the Shark Tank in April 2016, where it was valued at $5 million. During the pitch, Lori Greiner offered to invest $500,000 in exchange for 15% ownership of the company. But her offer went sour, as she was not able to get Lowe’s to stock the product. Fortunately, Daymond John stepped up and offered to buy half of the company for $500,000 in exchange for a 25% stake.

After being featured on Shark Tank, Coolbox did not sell any more boxes. Instead, the company has a pending order for 8,000 units from a retail company. However, this does not mean that they are closing their doors. In fact, they have been developing plans to expand their business. For example, they plan to license one of their CoolBox models to a large tool manufacturer.

They are currently raising a million dollars to continue manufacturing and sell their products. They have over 800 backers who have pledged to help them raise money. Although they are still looking for investors, they have received substantial funding from their Indiegogo campaign. This is also a sign of consumer demand.

Although they have not updated their social media profiles or website, the Coolbox team is not going anywhere. Their marketing agreement with ex-Shark Tank executive Kevin Harrington is helping them raise funds.

Despite the recent fallout, Chris and Jason still plan to expand their business. They have a pending order for 8,000 units of CoolBox from a retail company. Also, they are looking to raise more capital to create new goods. They are looking for an investor who is willing to give them a stake of 10% in the firm.

Lori Greiner has also gotten into the CoolBox game. Initially, she offered to invest $500 000 in exchange for a 5% interest loan and a 15% equity stake. Her offer was contingent on the Coolbox being stocked by Lowe’s. She then revised her offer to a $500 000 line of credit at 5% interest and a 15% equity stake. At the time, Lori Greiner had personal relationships with the Coolbox target demographic.

Even though the deal with Lori Greiner did not work out, the Coolbox team is still looking for investors. They are not sure if Daymond John is interested in buying a stake in the company, but they are considering it.