According to Jason Neubauer and Chris Stoikos, the Coolbox is a smart toolbox for the new millennium. The construction includes a plug-in wire, a magnetic cover, speakers, a USB detachable whiteboard, and a removable LED lamp powered by a rechargeable battery.
A bottle opener was a welcome addition to Coolbox, which also functioned as a cooler. The invention combines storage and many user functions, bringing safety, convenience, and pleasure to projects.
Chris Stoikos and Jason Neubauer, the creators of this product, went on Season 7 of the show searching for a $500,000 investment in exchange for a 10% stake in the company.
The toolbox has been around for a long time, but it needed considerable improvements to bring it up to date. The first purchase was shipped in February of 2017.
Neubauer and Stoikos are active, clever individuals with a keen sense of potential and innovation.
Their personality and desire for invention drove them to push Coolbox forward with enhancements that made the device handier and a terrific addition that combines work and enjoyment.
What is Coolbox?
A CoolBox is a toolbox designed to solve all of today’s problems. A CoolBox is a smart toolbox that features two Bluetooth speakers, two USB connections, battery chargers, an LED light, a bottle opener, device stands, a digital clock, a whiteboard, and space for all of your tools.
|Founder||Jason Neubauer and Chris Stoikos|
|Product||Coolbox: Smart Toolbox|
|Investment Seeking||$500,000 For 10% equity in Coolbox|
|Final Deal||$500,000 Line Of Credit At 5% Interest For 15% Equity|
|Episode||Episode 23 Season 7|
Who is the Founder of Coolbox?
Chris Stoilos and Jason Neubauer are the founders of Coolbox. It is a smart toolbox with wireless Bluetooth speakers, USB connections, and a built-in rechargeable battery, among other features.
Coolbox Before Shark Tank
The CoolBox resembles a toolbox and a cooler, but it has a slew of high-tech capabilities that allow users to have fun while remaining functional.
A smartphone/tablet holder, a built-in UX or USB port, marine-grade speakers, an LED clock, a drain plug, and a bottle opener are all included in the CoolBox.
It also serves as a wonderful cooler/toolbox due to its extremely sturdy handles. Inventors Chris Stoijos and Jason Neubauer improved on older ideas that had not received any significant functional modifications since their inception.
Chris Stoikos and Jason Neubauer noticed many “extras” to carry while working on contracting projects when they created the CoolBox.
Chris stated that he was weary of carrying a lamp, extension cord, and speakers in addition to his tools and cooler.
His goal was to build a product geared at contractors and do-it-yourselfers that would bring those things together and make their work a little easier and more fun.
Chris and Jason rapidly discovered that this box might be utilized for various additional purposes.
The CoolBox could be useful in any profession or activity requiring various tools, parts, and pieces. Stoikos and Neubauer discovered that they’d created the “Swiss Army Knife” of toolboxes and coolers for everyone from cosmetics artists to campers to sports teams.
“What’s cooler than cool?” asks the website. “CoolBox.” The Coolbox website explains that the idea emerged after seeing how tools developed in the 21st century. The founders of those modern tools aimed to modernize the classic toolbox by changing its appearance.
After a long time, they created the most crucial box: a cooler and a toolbox. In 2013, the couple raised financing for their firm through IndieGoGo crowdfunding. They raised $300,000 and debuted their product in 2016.
Their Kickstarter campaign was successful, so the team decided to appear on Shark Tank to raise additional funding for additive manufacturing.
Although the two guys had invented something that may revolutionize the lives (and job sites) of millions of people worldwide, they were having difficulty raising enough funds to get their business off to a good start.
How Was the Shark Tank Pitch of Coolbox?
Jason and Chris appeared on Shark Tank requesting an investment of $500,000 in exchange for a 10% stake in Coolbox.
Stoikos was no stranger to hype-building combined with internet marketing, having founded the ever-popular and always-viral Dollar Shave Club. Chris and his partner understood the importance of crowdsourcing.
The product they were developing was both costly to develop and to make. They could only create prototypes by utilizing their network of engineers, designers, business developers, and prototypers. The two men were able to build a modest firm to present to the Sharks thanks to the ability of their team and their life savings.
Chris Stoikos and Jason Neubauer appeared on Shark Tank hoping to land a $500,000 deal for their CoolBox. They were confident, believing the product was worth $5 million.
After all, their Indiegogo starting campaign alone generated $400,000 in pre-sales. Running this ad was a smart method for the Sharks to demonstrate market demand.
Jason asks, “Why wouldn’t anyone want a Cool Box?” In the age of smartphones and smart televisions.
The company also claims its toolbox is the first smart box ever made. They display the box’s capabilities, including a built-in speaker, USB ports, a charging port, a mobile stand, a digital clock, a pop-out LED light, and a two-sided whiteboard.
According to Jason, this was dead space for the old toolkit. Jason subsequently explains that the top of the box was magnetic, allowing you to hook your tool to it while using it.
Robert was alarmed when the Sharks weighed in. The estimated statistics were based solely on pre-sales, with no retail enterprises to back them up.
Chris and Jason respond by informing Robert that they have an 8,000-unit order from a single retail company and have been approached by a few others, including the heavy-hitting tool maker Black and Decker.
Because Robert appears to be interested in the product, he inquires about the production costs with the partners. Chris informs them that each box costs $110 to produce and that the goods were pre-sold for $190.
Jason informs them that the box will be sold for $294. Daymond is curious about how they fared in pre-sales. Chris informs him that they made $370,000 in sales.
Chris informs them that Beck and Deckers are very interested in them and would be a fantastic licensing opportunity.
More Sharks aired their reservations. The CoolBox pre-sale price was set at $190. The selling price was $249, with a manufacturing cost of $110. Kevin was likewise apprehensive, stating that their idea required a lot of money.
Mark was concerned that larger and more established companies would produce copies of the CoolBox and drive them out of business with a provisional patent.
Not all of the Sharks thought the plan was doomed. Daymond decided that the CoolBox was worth taking a chance on.
He offered $500,000 for 25% stock in the company but retracted his offer when Lori countered with her own.
Lori, who has business relationships with organizations that serve CoolBox’s target demographic – Home Depot, Lowe’s, and True Value – thought CoolBox would be a wonderful fit for her.
She offered $500,000 for a 30% stake in exchange for Lowe’s agreement to sell the product in their stores. After some bargaining, they settled on a $500,000 line at 5% interest and 15% of business ownership.
Final Deal: Lori Greiner agreed to invest $500,000 at a line of credit of 5% and 15% equity in Coolbox.
How Does CoolBox Make Money?
Chris and Jason disclosed that each unit of Coolbox cost them $110 to create and sold for $194 during the presale. The pair informs the shark that the merchandise will be sold for $294.
The partners had already sold $370,000 in pre-sale items intended to ship in early 2017.
Due to their strong interest, the duo stated that they expected a licensing contract from Beck and Dickers. They were also confident that they had received an order from a Lowe’s shop.
In 2017, they released the Coolbox, a larger device with additional features than the Coolbox toolbox. The original Cool Box toolbox costs $119 on the internet, while the Cool Box costs $159 with the charger adaptor, which costs $28.
CoolBox products are available on the company’s website, Amazon, and Lowe’s. The company’s website has been inactive since 2019. The company has not made any new developments.
Who Invested in CoolBox?
Announcing the crowdfunding campaign’s success on Indiegogo, the partners revealed they had made $300,000 from the campaign.
Coolbox received an offer from Lori Greiner for $500,000 in exchange for 15% equity and 5% loaned equity when they appeared on Shark Tank.
What Happened To CoolBox After Shark Tank?
It was disclosed during the pitch that the Coolbox was about to send its first batch. They were able to begin production with Lori’s assistance.
In place of the whiteboard, the business released a new model called “Cool Box,” which is larger and has an inbuilt cooler, bottle opener, and an iPad holder. This box is designed to be carried with you while traveling or going on picnics.
Since the show aired, the CoolBox social media accounts have been silent on Lori’s offer, and Lowe’s does not sell CoolBox items on their website or in their stores.
According to the episode, Lori’s offer included cooperation with Lowe’s, but the agreement appears to have fallen through.
Since the show aired, Jason and Chris have been focusing on strategies to grow their company and release different versions of their product. They plan to license one CoolBox to a large tool manufacturer and offer a smaller, cheaper version on their website.
Some belief Lori aimed for a smaller, cheaper version, hoping to ship the first units in 2017.
There had been no updates from the company’s social media outlets or websites. There have been rumors that the company may close in 2019, but none of the partners have confirmed this.
Chris and Jason have had a few setbacks. Despite having received large money through the Indiegogo campaign, they did not have the funds to mass-produce CoolBox. Former Shark Kevin Harrington is also assisting with fundraising through a marketing arrangement.
CoolBox has social media sites on Facebook, Instagram, and YouTube, but the most recent posts on each platform appear to be more than a year old.
Coolbox Shark Tank Update
CoolBox has been silent on social media since Lori’s offer was made public in the episode, and Lowe’s hasn’t listed any CoolBox products on their website or in their stores. Lori offered to work with Lowe’s as part of her deal, but it seems like the deal fell through.
Chris and Jason have been developing plans to expand their business and offer more than one CoolBox. One of their plans is to license their original product to a large tool manufacturer and launch a smaller, cheaper version on their website.
A few people have stated that Lori was considering making a smaller version of the CoolBox, which would be more affordable than the larger version. They also anticipated that the first unit would ship in 2017.
Chris and Jason have experienced a few setbacks with their business. Chris and Jason reported substantial funding through the Indiegogo campaign, but they did not have enough money to mass-produce CoolBox. The fundraiser is being done by Kevin Harrington, an ex-Shark Tank executive.
CoolBox has Facebook, Instagram, and YouTube pages, but the last time they posted on these platforms was over a year ago.
Is Coolbox Still in Business?
Coolbox’s deal with Lori Greiner fell through after the show. Coolbox is not selling anything on its website or taking orders from customers. Coolbox sold no more boxes after Shark Tank.
Coolbox ceased its operation in 2018 and went out of business.
What is the Net Worth of Coolbox?
The valuation of Coolbox was $5 million when it appeared on Shark Tank. The net worth of Coolbox is unknown as of 2022 since the company went out of business in 2018.