What Happened to Bunch Bikes after the Shark Tank pitch?
What is Bunch Bikes?
Bunch Cycles is a line of electric cycles (e-cargo trikes) featuring a front basket for transporting children and dogs.
The bikes, often known as “tadpole-trikes,” feature two front wheels that carry a larger baggage box with seating for up to four youngsters.
They’re also ideal for doing errands or going grocery shopping. The bikes are currently manufactured in Holland and are considered to be among the best value electric bikes on the market.
There are several models to choose from. The Coupe, which can accommodate two children or dogs as well as a rider, costs $5999.
The Original, which costs $2999, has enough space for four kids and a week’s supply of groceries.
A Preschooler model with a seating capacity of six children costs $4999. Finally, the K9 model is designed specifically for dogs, featuring a swing-open door, a dog bed, and leash clips. The K9 costs $3199.
Who is the Bunch Bikes Founder?
Aaron Powell founded bunch Bikes. Aaron Powell, CEO of Bunch Bikes, was bitten by the entrepreneurial bug when his daughter was born.
He wanted to be able to “put his family first,” so he quit his job as a high school band director and started selling jewellery online.
Within a year, the site paid him twice as much as his teacher.
To commemorate the occasion, he organized a family vacation to Sweden, where he discovered his first family cargo bike.
He sought to buy one when he got home. He sold his e-commerce company in 2017 and established Urban Tribe Cargo Bicycles, which eventually became Bunch Bikes, because he couldn’t find a comparable option in the United States.
What Happened to the Bunch Bikes on Shark Tank?
Aaron comes on Shark Tank Season 12 Episode 18 in quest of $250,000 in exchange for a 10% ownership in his firm. This equates to a $2.5 million valuation. He gives his pitch and displays the bikes.
The Sharks were first worried since Aaron had not created a product but rather was a distributor of one that already existed.
They are concerned that nothing will prohibit another company from distributing their goods in the United States.
Although they like the goods, they are concerned about competitors joining his industry, especially if they can lower the costs to a more affordable price range.
Aaron reassures the Sharks by stating that he is the exclusive US distributor for this design and that any motorcycles with this design must be purchased via him.
Despite their concerns regarding the distribution and competitive aspects of the business, the sharks were ecstatic about Aaron’s estimated $2.2 million in sales by the end of the year (2020).
The majority of the Sharks decided that, while they wanted to be consumers, they did not want to invest in Bunch Bikes.
Barbara Corcoran admitted to the Sharks and Aaron that she was only “lukewarm” about the company, but she opted to invest $250,000 in exchange for 40% ownership.
Aaron, unwilling to give up so much ownership in the company, responded with a $100,000 investment accompanied by a $150,000 loan in exchange for 15% equity.
Barbara accepted his counter-offer, and they formally partnered to expand Bunch Bikes.
What Happened to Bunch Bikes Following the Shark Tank Pitch?
As of July 20, 2021, there is no sign that this transaction was finalized. It’s just been four months since the initial premiere date, so they might still be doing their homework.
Following the airing of the Bunch Bikes Shark Tank episode in March 2021, Robert Herjavec (who was not on the panel that night) approached Aaron about splitting the $250,000 investment with Barbara, who had purchased a Bunch Bike prior to seeing it on Shark Tank.
Bunch Bikes refers to the attraction as a “PLOT TWIST!” This is “the first time a deal has been done by a shark who is not on the panel,” according to Robert.
The company fell slightly short of its revenue predictions in 2020, with total sales of just about $2 million, but Aaron expects revenues to reach approximately $4 million in 2021.
In episode 1305, Bunch will provide an update and show off their new 12,000 square foot facility.
What is the Net Worth of a Bunch Bikes?
Aaron comes on Shark Tank Season 12 Episode 18 in quest of $250,000 in exchange for a 10% ownership in his firm. This equates to a $2.5 million valuation.
He valued the firm at $666,666.67 after accepting Barbara’s offer of a $150,000 loan plus $100,000 in 15% equity.
Who are the Competitors of a Bunch Bikes?
Bunch Bike’s key competitors are Yuba bikes, Cero.bike, Xtracycle, Amsterdam-bicycle, and Qbp.
Bunch Bikes FAQS
1. Where is the Bunch Bikes factory located?
The Bunch Bikes is located in Denton, Texas
2. How much is a Bunch Bikes?
There are several models to choose from. The range in price is $2999 to $5999.
3. Who invented Bunch Bikes?
Bunch Bikes was invented by Aaron Powell.
4. Who is the CEO of Bunch Bikes?
Aaron Powell is the CEO of Bunch Bikes.
5. How much was Aaron Powell seeking in the Tank?
Aaron Powell was asking for $250,000 for 10% stake, a valuation of $2.5 million.
6. Did he get the deal from the Sharks?
Yes, Barbara offered a $100,000 investment accompanied by a $150,000 loan in exchange for 15% equity.
7. What happened to Bunch Bikes after the Shark Tank?
As of July 20, 2021, there is no sign that this transaction was finalized. It’s just been four months since the initial premiere date, so they might still be doing their diligence.
Following the airing of the Bunch Bikes Shark Tank episode in March 2021, Robert Herjavec (who was not on the panel that night) approached Aaron about splitting the $250,000
8. Where can they buy a Bunch Bike?
They can buy a Bunch Bike from them on their website.
9. Is Bunch Bikes still in business?
Yes, Bunch Bikes is still in business as of 2021.
10. What payment methods do they accept?
They accept all major credit cards through Shopify’s secure checkout.
They also accept Apple Pay, Google Pay, PayPal, and Affirm payment plans.
11. How long does the battery take to charge?
The battery might take up to 4-6 hours to completely charge. The battery charger is a power adaptor that resembles a laptop charger.
When charging, the charger displays a red light, and when completely charged, it displays a green light.
12. What is their return policy?
All cargo bike sales are final due to the big size of their cargo bikes and the corresponding freight charges. They are unable to provide a refund or credit.