Chill Systems appeared on
Shark Tank Chill Systems Update
- Entrepreneur: Chase Mitchell and Brian Bloch
- Business: Lightweight, ice-free drink cooler
- Ask: $150,000 for 15% equity
- Result: No deal
- Shark: None
Chase Mitchell and Brian Bloch, founders of Chill Systems, appeared on
At the time of the pitch, Chase and Brian had managed to sell $111,000 worth of Chill Systems in just over two years. Further, just over $50,000 of that was raised from a Kickstarter. Despite having a decent amount of sales, Chase and Brian are actually losing money on each cooler sold. As they shared with the sharks, their first round of products cost $37 each to make and are only retailing for $30. However, they have managed to get the cost down to $18 with recent productions.
All of this was enough to dissuade the sharks from making Chase and Brian an offer, and Chill Systems left the tank without a deal. Further, Kevin O’Leary suggested that they give up on the business and move on to something else, however, the other sharks still felt like they could make it work.
In terms of a Chill Systems update, at the time of writing Chase and Brian are still selling coolers. Further, it looks like they have increased the price a bit, likely to make up for the lack of a profit. We will be sure to keep you updated with any new updates!
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