Peter Treadway brought his personal electric skating device, the Rocket Skates, into
Shark Tank Acton Update
- Entrepreneur: Peter Treadway
- Business: Personal electric skates
- Ask: $1 million for 3.5% equity
- Result: No deal
- Shark: None
Acton’s pitch included a demonstration where Robert Herjavec tried out the skates. The skates had a range of about 10 miles. They communicated wirelessly and operated with the motion of your feet rather than a remote. Robert finds that they are harder to control than they look.
Acton offers three different types of skates, each with a different range. The range is what affects the price – smaller ranges sell for about $499 retail, where the longer ranges will set you back about $699 per pair. It costs about 40% of the retail cost to manufacture the skates.
In 2014, the company did $1 million in sales. Halfway through 2015, they already had $2 million in sales. Two rounds of seed funding have propelled them this far. In the first round, Peter raised $2 million, and in the second round was $2.5 million at a $20 million valuation.
Robert was, surprisingly, the first to go out. He loved the technology but not the valuation and he speculated that Peter might not have come for a deal. Guest shark Ashton Kutcher is next, mostly because he wasn’t wowed and the price is too high.
Lori Greiner thought that Peter wasn’t trying during his pitch, where Mark Cuban was hesitant because Peter didn’t have precise numbers ready to go. Both went out.
This left Kevin O’Leary. Kevin offered $1 million for 15% equity but Peter countered with 6%. Due to his other investor obligations, he couldn’t offer more. Kevin wouldn’t budge because he didn’t want to be diluted and they are unable to come to make a deal. Regardless, the company seems to be doing well. Let’s find out more in our Acton update.
Though Acton walked away without a deal, our Acton update research revealed great news for the company. In the years since airing on the show, Acton has rebranded as Acton Global.
They no longer sell electric skates, and now focus on providing electric scooters and bikes to college campuses. Their electric skateboard is a huge hit, too. Reported annual revenue as of 2021 was $6 million.
You can find Acton’s other products (though they no longer sell the Rocket Skates) on the Acton Global website.
Don’t forget to check out the other company updates from Season 7 Episode 1. You can find them here:
Before you go, make sure to swing by our Season 7 products page to see more company updates from