Bunch Bikes Update | Shark Tank Season 12

Going on bike rides with young kids is a great way to enjoy the outdoors. However, products on the market have several flaws. Because of this, Aaron Powell has created a better product for biking with littles. Will he get a deal on Shark Tank Season 12? Find out in our Bunch Bikes update!

Shark Tank Bunch Bikes Update

Bunch Bikes Update

  • Entrepreneur: Aaron Powell
  • Business: Electric cargo bike
  • Ask: $250,000 for 10% equity
  • Result: $100,000 and $150,000 as a loan for 15% equity
  • Shark: Barbara Corcoran

Bunch Bikes appeared on Shark Tank Season 12 Episode 18. Owner Aaron, shared his electric cargo bike company with the sharks.

The bikes can fit up to four kids in the basket, and is propelled via an electric motor so that anyone can ride. Aaron shared that he came up with the idea for his company after a family trip to Malmö, Sweden, where he first saw a cargo bike.

Since 2017, Bunch Bikes has done $2.7 million in sales. Further, during the Shark Tank pitch, Aaron shared that the company is on track to do over $2 million in sales in the next 12 months.

However, Aaron has run into some logistical issues along the way, as it costs around $450 to ship a fully assembled bike. Additionally, the bikes can range in price from $4,000-$6,000, which is quite expensive.

Another issue that revealed itself is that the bikes are not Aaron’s invention. The designs are something he replicated from bikes being produced in Sweden.

Mark Cuban spoke up at this point in the pitch, and while he was impressed with Aaron, he stated that the business model isn’t the most capital efficient way for an investor to work. For that reason he is out.

Next up is Lori Greiner, who is hung up on the fact that Aaron didn’t invent the bikes. She says when she invests, she wants to invest in the inventor, so she too is out.

Daymond John feels uncomfortable with the cost of the bike, so he is the next shark out.

Kevin O’Leary believes it would take too long to get his investment back, so he is also out.

However, none of this is enough to dissuade Barbara Corcoran. She offers Aaron $250,000 for 40% equity in the company.

Aaron counters her back with $250,000 for 20% equity, and she counters him right back with $250,000 for 33.3% equity.

After more negotiations, Aaron and Barbara agree on a deal of $100,000, and $150,000 as a loan for 15% equity. Keep reading our Bunch Bikes update to find out what happened following Shark Tank.

In terms of a Bunch Bikes update, the company is currently in the process of launching a new product called Bunch Connect. This is a two-wheeled electric cargo bike that connects to a bicycle.

Additionally, they’ve added several types of bikes to their line, including a mini version for kids!

Further, Aaron revealed that after airing on the Shark Tank, Robert Herjavec approached him and Barbara and offered to split the deal with her, even though he didn’t appear on the episode. It turns out that Robert was already a Bunch Bikes customer, and wanted to be a partial owner as well.

If you’d like to read more of the story, you can do so on the Bunch Bikes blog, and make sure to check out the Bunch Bikes website!

In the last bit of news for our Bunch Bikes update, since airing on Shark Tank the company has done over $1.8 million in sales, and is working with Lucca and Livvy Beverages who has agreed to purchase $2 million worth of bikes over the next three years.

For more Episode 18 company updates, be sure to check the links below.

For more on Shark Tank Season 12, be sure to check out our Season 12 Products page.

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Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!