Coolbox Smart Toolbox Update | Shark Tank Season 7

Andrew Smith December 22, 2022January 31, 2023

With everything being so high-tech in the world today, you may be wishing for an upgraded toolbox too. Jason Neubauer and Chris Stoikos invented the Coolbox, redefining the toolbox to fit the modern age. What will the sharks think of the new and improved toolbox on Shark Tank Season 7? Find out in our Coolbox update.

Shark Tank Coolbox Update

Entrepreneur: Chris Stoikos and Jason Neubauer
Business: Smart toolbox
Ask: $500,000 for 10% equity
Result: $500,000 loan at 5% interest for 15% equity
Shark: Lori Greiner

After achieving success on IndieGoGo, Chris and Jason entered Shark Tank Season 7 to pitch their redefined toolbox for the modern world: the Coolbox. Its features include USB ports, Bluetooth speakers, a clock, an integrated extension cord, a dual-sided whiteboard, and more.

Coolbox: World’s Smartest Toolbox

PASS-THROUGH POWER: An 8 ft AC extension cable, integrated 3-way splitter and internal 4-hour 11.1V/3Ah lithium polymer battery makes it handy to power small tools and appliances.

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The sharks were impressed by all the Coolbox included, especially the 20V rechargeable battery and the boombox capability. With many years of building expertise, Chris and Jason designed the Coolbox to meet their needs in a high-tech world.

The Coolbox cost $110 per unit to make, and pre-sold for $190 per unit, with just over $370,000 achieved in pre-sales. Chris and Jason were aiming to sell each unit at $249 with retailers. The sharks expressed wariness over the numbers being based on pre-sales.

Robert Herjavec highlighted that there was nothing to support their prices and valuation. Chris and Jason said that they had an order from Lowe’s for 8,000 units, and interest from Black & Decker for licensing.

Daymond John offered a deal of $500,000 for 25% of equity, conditional on licensing going through. Robert went out because he did not believe the target audience of blue-collar workers would spend that much on a toolbox.

Mark Cuban went out because he was not buying the valuation or the integrity of the business model. Lori Greiner made an offer of $500,000 for 30% contingent on Lowe’s following through with a purchase order.

Daymond went out after hearing Lori’s offer and Chris and Jason gave Lori the counter-offer of $500,000 for 20%. After some thought, she came back to them with an offer of a $500,000 loan at 5% interest, along with a 15% share of equity.

Chris and Jason accepted and left Shark Tank with a deal, but what happened after the episode aired? Keep reading our Coolbox update to find out more.

Research for our Coolbox update revealed that the deal with Lori never came to fruition. Chris and Jason altered their business model slightly by creating a smaller Coolbox sold at a cheaper price.

Coolbox seems to have struggled a bit since Shark Tank, but it can still be purchased Coolbox website and on Amazon and the social channels are occasionally updated. Hopefully, Chris and Jason can figure things out and continue to grow the business.

If you’d like to read more about the other products in Season 7 Episode 23, check out our other company updates in the links below.

Before you go, stop by our Season 7 Products Page for even more on companies and products!

Andrew Smith

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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!