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 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
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
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.
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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
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
In the last bit of news for our Bunch Bikes update, since airing on
For more Episode 18 company updates, be sure to check the links below.
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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!