Coolpeds is an electric scooter brand that also produces a variety of accessories that could potentially be useful to consumers. Entrepreneur, Tony Chan, placed a $5 million valuation on his company by asking for an investment of $250,000 in exchange for 5% equity. Let’s see if any of the sharks can convince themselves to make an offer with such a significant valuation placed on the company and get a Coolpeds update from the present day.
Shark Tank Coolpeds Update
- Entrepreneurs: Tony Chan
- Business: Electric Scooters / Luggage for Scooters
- Ask: $250,000 for 5% equity
- Result: No deal
- Sharks: None
Tony told the sharks that his Coolpeds had received $20,000 through an IndieGoGo crowdfunding campaign. Customers can purchase an electric scooter for around $400 and it costs the company just under $200 to manufacture one. He told the sharks that he had generated more than $500,000 dollars in gross revenue over the course of the last year and a half before appearing on
Lori Greiner and Barbara Corcoran dropped out because they weren’t interested. Mark Cuban also decided to pass on making an offer.
The two remaining sharks were Kevin O’Leary and Robert Herjavec, but neither of them seemed interested enough to make an offer. This resulted in Tony leaving
Now that we’ve covered the reasons that Coolpeds was forced to leave
Coolpeds original website now redirects to Zoome Scooters with a new 1500-watt electric scooter product page that apparently has a maximum range of 60 miles. It’s currently unclear if any of the original pre-orders were refunded to existing customers, but there were many complaints about customers not receiving their money back after placing a preorder.
While it’s a bit unclear of what the future holds for our next Coolpeds update, we will be sure to let you know if we find out more.
You can find the other company updates from Season 9 Episode 23 here:
Don’t forget to take a look at our Season 9 products page! We’ve got more company updates from
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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!