What Happened to CoolPeds After Shark Tank?
What is CoolPeds?
CoolPeds is all about green-powered, electrically propelled urban mobility that is both stylish and functional.
Electric scooters, mopeds, a briefcase-attachable electric scooter, and even an electric three-wheeled roadster motorbike that is street legal in many locations as long as you have the necessary license and wear a helmet are among their product offerings.
Tony Chan, the company’s CEO and co-creator of CoolPeds USA with Ampere Motors. Tony is a University of California, Los Angeles Magna Cum Lauda alumni and all-around automobile enthusiast.
The scooters, in particular, are transportable by bus and subway, making them perfect for city commuting. The ability to go five kilometers on a single charge using a USB charging cable.
CoolPeds was founded by whom?
Tony Chan is the CEO and founder of CoolPeds USA, which works in conjunction with Ampere Motors. Tony is a University of California, Los Angeles Magna Cum Lauda alumni and all-around automobile enthusiast.
He paid for college by buying old cars, repairing them, and reselling them for a profit. Tony is still working at the company, which has a Santa Monica office and showroom.
On the CoolPeds website, Chan creates and sells scooters and electric bikes. Between 2015 and 2017, Chan created three IndieGoGo projects that raised little over $20,000 in total.
A three-wheeler with an electric motor is the most basic type of scooter. The steering wheel is equipped with a briefcase, suitcase, or carry-on luggage.
The urban commuter who travels less than five kilometers is Chan’s target market. Moving around a city is straightforward because the scooters are compatible with buses and subways. They cost $479. Chan also sells a folding electric bike for $599.
Another product that Chan supports is the Ampere electric sports car. Ampere is CoolPeds’ partner company. The two-seat sports car debuted at the 2017 Los Angeles Auto Show.
It was a resounding success. It is currently for pre-order for the low price of $9900. (This includes a free electric bike.) They plan to begin production in the spring of 2018.
In early 2018, pre-orders were taken at the CES in Las Vegas. The automobile has a range of 150 miles per charge, making it suitable for city travel.
What Happened to CoolPeds’ pitch on Shark Tank?
Tony Chan selected to pitch CoolPeds, an electric scooter that also doubles as baggage, to the Sharks for a partnership in Season 9 episode 23.
Tony entered the Shark Tank seeking $250,000 offer for a 5% stake in his firm, which worth $5 million.
He presents his argument as the Ampere vehicle is unexpectedly shown onstage, and then he requests that the Sharks inspect the scooter. Kevin tries it and nearly kills a stagehand.
When Robert wonders what’s beneath the sheet, Tony shows him the Ampere vehicle. Kevin wants to know how many scooters have been sold before we arrive.
He has made $500,000 in sales in the previous 18 months. The scooters are manufactured for $170 and sold for $399. The Ampere, on the other hand, is still in its early stages.
It will be the world’s first fully-electric sports car and will cost less than $10,000. They’re following in Tesla’s footsteps, which began with a roadster.
Mark believes that they were selling cool and that he would “be a fool to sell cool,” and he is the first Shark to exit.
Barbara worries that scooters would cause trouble in the airport, so she exits as well.
Lori isn’t sure how to sell a car, so she’s out. Kevin believes that 5% isn’t enough to get him out of bed in the morning and that Robert would be a better companion.
Robert states that he must choose between purchasing a vehicle and purchasing a scooter; he went out too. Finally, all of the Sharks had exits, and he walked away from the pitch with no deal.
What Happened to CoolPeds After Shark Tank?
After the show aired and Chan left the pitch without a deal, Chan and the Sharks were unaware that he had a two-year-old unfulfilled IndieGoGo Campaign for electric bikes at the time he taped this episode (February 2018).
He raised $43,000 and change but never delivered a single bike. A consumer advocate intervened, and one supporter had his money returned; however, the four others who had contacted the advocate received bikes that were damaged to the point of being hazardous to ride in 2019.
He is dubious of the fact that they are still taking orders for the Ampere vehicle in June 2021. They also say they’ll sell an electric scooter, an electric suitcase, and an electric moped scooter. Surprisingly, they haven’t made any changes to their Facebook profile since 2019.
A quick search indicates that several customers who put down deposits on Ampere vehicles want their money back.
There have also been Better Business Bureau complaints concerning defective or untradeable scooters. The things are no longer accessible on Amazon, and there is no way to contact them through their website. Avoid this business, even if it looks to be cool.
CoolPeds’s Net Worth
During and after the pitch, the firm was valued at $5 million. Since then, the firm has sold its goods on Amazon as well as their own website.
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CoolPeds FAQs
How does CoolPeds work?
CoolPeds provides electric scooters for people who live in cities and need to travel quickly but don’t want to drive. The scooters are equipped with a small suitcase that matches the scooter. The vehicles can also be used as a briefcase or carry-on luggage on planes.
How much is CoolPeds?
The CoolPeds USA website sells three electric scooters, the Cool Scooter, the Electric Bike S6, and the Ampere SC1.
Is CoolPeds worth it?
Yes, CoolPeds is worth it. It is eco-friendly and works as an alternative for commuting to work or school. Customers can easily charge it with a USB cable and use their smartphone to track their journeys.
How much does CoolPeds cost?
The coolest scooter costs $499
Is CoolPeds safe to use?
CoolPeds scooters are safe to use. They are rated for up to 20mph, which is the speed limit for most cities in the United States. The scooters also have a Brake Integration System that stops the scooter when it’s coming to a stop.
Another safety feature is the quick-release steering wheel that can be easily detached and attached, depending on your needs.
Is CoolPeds made in the U.S.?
Yes, CoolPeds are made in the U.S.
How do I use CoolPeds?
The CoolPeds website has a step-by-step guide to use the scooters. Once it’s charged, simply connect it to your smartphone and start cruising around.
Is there an app for CoolPeds?
Yes, users can download the CoolPeds app to their smartphone and track where they’ve gone with GPS. They can also see how long the scooter has been charged, how many calories it used as well as how much money they’ve saved on gas by using it instead of a gas-powered vehicle.
What is CoolPeds made of?
The scooters are made of aluminum and plastic. They also have an integrated luggage rack, a front basket, and a back wheel that can be removed.
How long is the battery?
The battery is removable, so you can charge the scooter anytime you want. The electric bike features 700-watt lithium-ion battery while the Ampere SC1 is powered by 600 watts motor with regenerative braking.
What is the warrant of CoolPeds?
CoolPeds is covered by a 72-month warranty. The scooters also come with a 1-year warranty on parts and labor and a three-year warranty on the battery.
How safe are CoolPeds?
The scooters are very safe to use. They have measures in place to make sure that riders don’t roll over in the event of an accident or skid when braking. These include a dual braking system, anti-lock brakes, ABS, and much more.
What is CoolPeds return policy?
CoolPeds doesn’t provide an exact return policy. However, it’s implied that the company will take back its products if users don’t like it. If they notice any defects, contact the company and they’ll gladly resolve the issue.
Is CoolPeds a scam?
CoolPeds is not a scam. It’s actually an eco-friendly way to get around their city. It helps reduce their carbon footprint by reducing pollution in your community while allowing you to save some money on gas and avoid traffic congestion during rush hour.
Does CoolPeds work in different cities?
The scooters work in worldwide. They function similarly to hover boards but use electric motors rather than gas engines. The scooters can be used in any city where there are no traffic laws or speed limits.
