CoolPeds Update | Shark Tank Season 9

Commuting in urban areas often involves multiple modes of transportation. CoolPeds founder Tony Chan identified a problem: how to carry luggage while using an electric scooter conveniently. His solution, the CoolPed scooter with a briefcase attachment, offered a combined function for easier travel. Let’s see if any of the sharks would make an offer to Tony Chan in our CoolPed update and pitch recap.

If you’re short on time, here’s a quick overview of what happened to CoolPeds after Shark Tank.

Tony Chan entered Shark Tank to ask for $250,000 for 5% equity in his new business. After a dramatic pitch experience, he failed to secure a deal with any of the sharks.

In terms of a CoolPeds update, following the show, CoolPeds faced significant customer issues, ultimately resulting in a ban from the crowdfunding platform IndieGoGo. Considering these challenges and a lack of recent activity, it’s likely the company is no longer in business.

Shark	Result
Lori Greiner	No offer
Kevin O’Leary	No offer
Mark Cuban	No offer
Robert Herjavec	No offer
Barbara Corcoran	No offer

Shark Tank CoolPeds Pitch

• Entrepreneur: Tony Chan
• Business: Electric Scooters / Luggage for Scooters
• Ask: $250,000 for 5% equity
• Result: No deal
• Shark: None

The founder of CoolPeds, Tony Chan, made a dramatic entrance into Shark Tank Season 9. He rode directly onto the set on one of his company’s CoolPeds briefcase scooters. 

This unique arrival caught the sharks’ attention and led to some lighthearted jokes as they expressed interest in trying out the product. 

After his grand entrance, Tony introduced himself and explained his business proposition. He sought a $250,000 investment from the sharks in exchange for a 5% ownership stake in his company. 

He invited the shark to try the scooter. Kevin gave it a shot and almost knocked over a stagehand.  

CoolPeds is great for folks who travel a lot and like to keep things light and convenient. It’s a special product that combines a suitcase with a small electric motor. You can wheel your luggage and then take the motor part off to use it as a scooter to get around town easily. 

CoolPeds is a great buy, even if you only use it once. The suitcase and scooter are built to last, so it’s a good value for the price. 

If you travel a lot, CoolPeds is a convenient option. They also offer other products without the suitcase, like the CoolPedsiBike and the Ampere Electric Roadster (inspired by Tesla). 

Kevin O’Leary asks for his sales number. 

Tony then revealed that CoolPeds has generated $500,000 in sales over the past 18 months. The company maintains a healthy profit margin, with each scooter costing $170 to produce and retailing for $399. 

Robert Herjavec notices something covered underneath a sheet and is curious to know what’s underneath it, so Tony reveals the Ampere car.

Shifting the focus to the centerpiece of his presentation, Tony unveiled the Ampere electric sports car.

Currently in the prototype stage, the Ampere is designed to be a highly competitive offering within the electric sports car segment, boasting a target price point under $10,000. 

Notably, Tony referenced Tesla’s approach of entering the market with a roadster, seemingly drawing inspiration from this strategy. 

Additionally, he disclosed that his CoolPeds project secured $20,000 in funding through the crowdfunding platform IndieGoGo. 

After Tony’s pitch, one by one the sharks decline the offer to invest in his business.

Mark Cuban emphasized the product’s “cool factor” but ultimately declined to invest, stating that the offered equity stake (5%) was insufficient. So he’s out.

Barbara Corcoran expressed concerns about the practicality of using scooters in airports and exited the deal. 

Lori Greiner acknowledged a lack of expertise in the car market and opted out of the deal as well. 

Kevin O’Leary found the equity stake unattractive and suggested Robert Herjavec might be a better fit for the business. He also exited the deal. 

Robert, however, indicated a preference for investing in either the car or the scooter concept, not both, and ultimately declined to invest. 

It’s obvious that Tony’s hopes were dashed by the sharks. Where did he end up? Let’s find out in our CoolPeds update.

Shark Tank CoolPeds Tank Update 

Our research revealed concerning information about Tony’s past ventures. Two years prior, a previously undisclosed IndieGoGo campaign for electric bikes concluded without fulfilling its promises despite securing $43,000.

This fact was unknown during Tony’s Shark Tank appearance.

Similar issues arose with the CoolPeds crowdfunding project. An independent consumer advocate intervened, with at least one backer receiving a refund.

While the remaining four backers received bicycles in 2019, safety defects rendered them unusable. Consequently, IndieGoGo banned Tony Chan from their platform.

Our CoolPeds update research found that further concerns emerged regarding the Ampere car. As of June 2021, the company website still accepted pre-orders, potentially misleading customers about the project’s status. 

Additionally, the lack of social media updates since 2019 and reported user requests for Ampere car deposit refunds raised red flags. 

These factors, combined with Better Business Bureau complaints about product malfunctions and the unavailability of products on Amazon, suggest a troubled company. 

Interestingly, a quick look at the CoolPeds website suggests that their flagship product is still on sale but under a new name, Zoom Scooters.

While the future holds a bit of uncertainty for our next Coolpeds update, it looks like this might be our final update on the company.

You can find the other company updates from Season 9 Episode 23 here:

• Eggmazing Update
• Hugo’s Amazing Tape Update
• CoinOut Update

Before you go, be sure to check out our Shark Tank Season 9 page for more company updates.