What Happened to CoolBox Toolbox After Shark Tank?

What is CoolBox Toolbox?

CoolBox is a smart toolbox that has two Bluetooth speakers, two USB connections, battery chargers, an LED light, a bottle opener, device stands, a digital clock, a whiteboard, and storage for all of your stuff.

The toolbox has been around for a long time, but it needs significant updates to keep up with the times.

The initial purchase was made in February of this year. Neubauer and Stoikos are dynamic, intelligent people with a great sense of potential and innovation.

Their passion and enthusiasm for innovation motivated them to push CoolBox ahead with improvements that made the gadget more useful and a fantastic addition that combines work and play.

Who is the founder of CoolBox Toolbox?

CoolBox was established by Chris Stoikos and Jason Neubauer because they realized there were a lot of extras to carry along while working on contracting jobs. Chris expressed his dissatisfaction with having to transport a lamp, extension wire, and speakers in addition to his tools and cooler.

They raised roughly $370,000 using the crowdsourcing portal in March 2015. Marketing claims that tools have developed in the twenty-first century, so why not adapt the toolbox?

This isn’t your grandfather’s toolbox. It has tools (and a lot of them), but it also does a lot more. It has a 20-volt rechargeable battery that can power phones and even power tools.

Bluetooth speakers are available to turn the toolbox into a boombox. USB ports, LED lighting, an extension cord incorporated into the device, device stands, a clock, a two-sided whiteboard, twin carrying handles, and wheels are all included. There’s even a tablet stand on top of the box.

The creators had years of building experience and were tired of lugging numerous equipment to job sites, so they created CoolBox.

The initiative has garnered excellent comments from a variety of media outlets, and it has over 800 backers. As of the day of the Shark Tank presentation, they were still several weeks away from shipping their first production run.

What Happened to CoolBox Toolbox at Shark Tank pitch?

Chris Stoikos and Jason Neubauer bring their successfully funded IndieGoGo innovation, the CoolBox, to Shark Tank in episode 728. Chris and Jason are looking for a Shark’s help with manufacturing as well as finances to manufacture new things.

Jason and Chris joined the Sharks, asking for a $500,000 investment in exchange for a 10% stake in their business, worth $5 million.

They market the CoolBox as a “smart toolbox,” wondering why, in an age when everyone has a smartphone; buyers would not want a smart toolbox. They quickly go over the CoolBox features. The Sharks are completely outclassed.

Robert Herjavec gets right to work, enquiring about the CoolBox pricing. The partners are currently spending $110 on the production of the units. They’ve pre-sold units for $190, totaling $390,000, and aim to sell them for $249 at retail stores.

Robert reminds out that the data are pre-sales, and there are no retail shops to back up their claims and valuation.

Lowes has placed an order for 8,000 units, and companies such as Black & Decker have expressed interest in licensing the product. They’ve already invested $50,000 of their own money in the CoolBox and are looking for a larger investment to take it to the next level.

Daymond John was interested, but his idea is reliant on obtaining a license. He’s willing to pay them $500,000 in return for 25% ownership. The pair were considering other offers.

Robert Herjavec was skeptical that the average blue-collar worker will pay $249 for a toolbox. He’s gone.

Kevin O’Leary examines the risks of investing in giant box stores. He considers the CoolBox to be far too risky. He also goes out.

Mark Cuban, like the other Sharks, is in agreement on the price. He was concerned that the couple’s obligations are out of proportion to their available resources. He does not believe their idea is proprietary or “protectable.” He’s out.

The sole survivors were Lori Greiner and Daymond John. Daymond has made an offer, and Jason and Chris must consider the risk that, as Kevin O’Leary points out, if Lori exits, Daymond may adjust his offer to obtain more value for his money.

Lori finally speaks out, echoing many of the Sharks’ concerns. She makes a proposal. She is willing to give them $500,000 in return for 30% stock without the licensing requirement. After hearing Lori’s offer, Daymond withdraws his, leaving Lori as the only Shark remaining.

Chris and Jason make a counter-offer, asking Lori if she’ll do the $500,000 in return for 20% stock. She alters her offer somewhat, now providing $500,000 as a loan with a 5% interest rate and 15% equity. They accept the offer and leave the pitch with a deal.

What Happened to CoolBox Toolbox After Shark Tank?

Lori’s deal fell through following her appearance on Shark Tank. They designed a smaller CoolBox at a lower price point, with the first batch set to be released in February 2017.

They were preparing to license CoolBox to a large manufacturer, but when that fell through, they ceased operations in 2018.

CoolBox Toolbox’s Competitors

CoolBox’s major competitors include iPlace, Power, Gandalf Distribution, and Boss.

CoolBox Toolbox’s Net Worth

During the pitch, the firm was valued at $5 million; following Lori Greiner’s investment, the company was valued at $333,333. The company went out of business in 2018; hence the net value is unavailable.

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CoolBox Toolbox FAQs

What exactly is CoolBox Toolbox?

The CoolBox is a cutting-edge gadget that stores sophisticated tools and accessories in your toolbox.

Who is the creator?

The CoolBox was created by Chris Stoikos and Jason Neubauer, two of New England’s most successful entrepreneurs.

How much were they seeking on Shark Tank?

They were seeking for $500,000 in exchange for a 10% stake in the firm.

What happened to CoolBox Toolbox after it was shown on Shark Tank?

Lori Greiner made an offer to give a $500,000 loan with a 5% interest rate and 15% ownership shares in the firm.

Is CoolBox Toolbox still in operation?

Following the Shark Tank, the company went out of business.

Is CoolBox Toolbox a scam?

CoolBox is not a scam, and it was a legitimate product that you could get from their website when it was operating.

Where was CoolBox Toolbox located?

Boston, Massachusetts is home to the CoolBox.

What is the price of CoolBox Toolbox?

The CoolBox is priced at $249. Only a rechargeable 20 Volt Lithium Ion Battery and Bluetooth Speakers are included. There is an option to incorporate the extra accessories for $389.

Where can I buy CoolBox Toolbox?

Customers may no longer purchase CoolBox Toolbox since it is out of stock and the firm has gone out of business.

What is the purpose of CoolBox Toolbox?

CoolBox is a smart tool kit that includes innovative tools and accessories.

Is there any resemblance between the CoolBox Toolbox and the iPlace Universal Smart Phone Charger?

CoolBox Toolbox is a smart tool chest with a 20-volt rechargeable battery that can power phones and even power tools. It also incorporates Bluetooth speakers that turn the tool box into a boombox.

What happened in the Shark Tank episode?

The CoolBox was featured in Shark Tank Episode 728, Season 728.

What is the purpose of CoolBox Toolbox?

In addition to traditional tools, the CoolBox is a toolbox that includes a range of tools and accessories such as electricity, lights, speakers, and even other devices. It also has laptop mounts so you may use them while working on the job site.

Is CoolBox Toolbox on its way?

No, the CoolBox is no longer available for purchase since it is out of stock.