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In today’s tech-savvy world, people want everything in one place to save time and build better living standards, and coming to the rescue is one such product known as Coolbox. It is a revolutionary and modern toolbox that Chris Stroikos and Jason Neubauer created.
They presented their unique product on Shark Tank season 7, episode 23, aiming to address the needs of the modern tech-savvy world. The Coolbox featured on Shark Tank Season 7 is a multi-functional toolbox with technological integrations.
The sharks were mesmerized by the dynamic capabilities of the gadget and its robust set design. However, in spite of getting positive feedback on the product, did the gadget eventually succeed and get into the market as a successful product?
If so, what is the net worth of this revolutionary product at present? In this article, we will delve deeper into these aspects to estimate Coolbox’s 2024 net worth.
Coolbox Smart Toolbox Key Highlights
- Founding: Coolbox was founded by Chris Stroikos and Jason Neubauer, who aimed to create a multifunctional toolbox for modern needs.
- Product: The Product features Bluetooth speakers, USB connections, a digital clock, and other innovations, making it a versatile toolbox.
- Current Status: Coolbox ceased operations in 2018, but its founders may explore new ventures in the future.
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What is Coolbox?
Coolbox is known as the world’s most advanced toolbox that is specifically designed to solve all your modern-day problems.
A Coolbox is an innovative toolbox that features dual Bluetooth speakers, dual USB connections, battery chargers, a bottle opener, an LED light, a stand for your devices, a digital clock, a whiteboard, and ample space for all your necessary tools and equipment. Further, the gadget has a 20V rechargeable battery.
Wheels are also incorporated into the gadget for ease of transportation, and a magnetic lid keeps small metal tools secured in their place. It also comes with a built-in extension cord, turning the gadget into a station for mobile charging.
This revolutionary toolbox, also known as Coolbox, was designed and created by Chris Stroikos and Jason Neubauer. They presented their product on season 7 of Shark Tank to address the concerns and needs of today’s high-tech modern world.
Who Is The Founder Of Coolbox?
The Coolbox was designed and created by Chris Stroikos and Jason Neubauer. They presented their product on season 7 of Shark Tank, episode 23. The product’s diverse capabilities and sturdy set design captured the Sharks’ interest.
Journey and success story of Coolbox
| Name | Coolbox |
| Founders | Chris Stoikos and Jason Neubauer |
| Features | USB ports, Bluetooth speakers, a clock, an integrated extension cord, a dual-sided whiteboard, and more |
| Cost to Make | $110 per unit |
| Pre-Sold Price | $190 per unit |
| Retail Price | $249 per unit |
| Shark Tank Season | 7 |
| Shark | Lori Greiner |
| Deal | $500,000 loan at 5% interest for 15% equity |
| click |
The Coolbox, though, resembles an essential toolbox and a cooler, consists of high-tech integrations and is multi-functional. It assembles practicality and modernity in one place and serves the needs of modern world problems.
The gadget is equipped with a tablet holder, dual Bluetooth speakers, an LED light, a digital clock, a built-in UX/USB port, marine-grade speakers, and a drain plug. It is very thoughtfully designed, with wheels attached to the box for ease of mobility.
The founders of the gadget – Chris Stroikos and Jason Neubauer, were involved in contracting projects and noticed that they needed to carry many “extras” for their cumbersome work. Chris stated that he felt really worn out when he had to take A lamp, extension cord, and speakers in addition to his tools and more fantastic.
Therefore, he aimed to build a product meant for contractors and do-it-yourselfers that would combine all the things in one place and make their work process more fun and more accessible. Chris and Jason jointly discovered that the gadget can be the product they are looking for and can be used for additional purposes as well.
The gadget can be beneficial in any profession or activity that makes use of several parts, pieces, and tools. Chris Stroikos and Jason Neubauer discovered that they had created what is known as the “Swiss Army knife” of toolboxes and coolers for everyone, be it a makeup artist or a camper.
After much thoughtful design and implementation, they created the multi-faceted box that combined the toolbox and cooler in one place and named it Coolbox. In 2013, the founders of the gadget launched a Kickstarter campaign via IndieGoGo crowdfunding to raise financing for their firm.
Their Kickstarter campaign was successful, and they were able to raise $300,000 before debuting their product in 2016. After this, they decided to appear on Shark Tank to raise extra funding for supplement manufacturing.
Who invested in Coolbox at Shark Tank?
After achieving success at IndieGoGo, Chris and Jason entered Shark Tank to pitch their innovative toolbox, The Coolbox, to fit the modern world’s standards. The sharks were massively impressed with the Coolbox, especially with its 20V rechargeable battery and boombox feature.
The gadget costs $110 per unit and is pre-sold at $190 per unit, with pre-sales reaching over $370,000. The sharks expressed caution over the pre-sales numbers and figures. Robert Harjavec expressed his concern that there was nothing to back up their prices and valuation in support.
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Chris and Jason stated that they had received an order for Lowe’s for 8000 units and interest from Black and Decker for licensing. Daymond John offered a $500,000 deal for a 25% stake, subject to licensing. Robert backed out because he believed that the target audience of lunch bucket workers would not spend such a fancy sum to buy the gadget.
Mark Cuban backed off because he was not convinced of the integrity of the business model. Lori Greiner, who earned the moniker “Queen of QVC”, offered a different deal. She offered a $500,000 loan at 5% interest for 15% equity. Hearing Lori’s offer, Daymond backed out.
Chris and Jason considered her offer and ultimately accepted the deal, thus making Lori their investor in Shark Tank.
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Post Shark Tank progress of Coolbox
After striking a deal on Shark Tank, the team behind the gadget seized the momentum and strategically advanced their business via increased sales, strategic partnerships, and lucrative marketing efforts. The team strengthened their sales through both online platforms and retail giants like Amazon and Lowe’s, respectively.
They successfully managed to handle 8000 unit orders, showcasing their ability to meet large-scale orders. Further, to keep their customers informed and updated, the Coolbox Team built a string of presence on social media platforms like Twitter.
With ambitious plans in mind, Chris and Jason planned to launch a smaller version of the device in February 2017. However, despite initial success and positive feedback, Coolbox faced unforeseen challenges and failed to establish its smaller version in 2017. Further, securing a licensing agreement did not pay back.
Because of such setbacks, unfortunately, the company came to a halt in 2018.
Contemporaries of Coolbox
Coolbox faced several challenges from similar products in the market that offered similar functions and technologies to its users. Because of this, Coolbox failed to build a strong presence in the market and ultimately fell off. Some of its notable competitors are:
iPlace
iPlace offers LED lighting, USB ports, and Bluetooth connectivity alongside its sleek design and trustworthy performance, making it one of the top players in the intelligent toolbox industry.
Power
Power Toolbox is another competitor of Coolbox. Its features include built-in speakers, wireless charging facilities, and a robust design that can endure challenging work environments, offering durability and reliability to its consumers.
How much will Coolbox’s net worth be in 2024?
Coolbox’s net worth was 5 million dollars when it appeared on Shark Tank. However, the net worth of Coolbox as of 2024 has yet to be discovered since it was shut down in 2018. The future of Coolbox remains uncertain ever since its closure in 2018.
But, its founders, Chris and Jason, might bring new advancements and ventures in the near future.
FAQS about Coolbox
What is Coolbox?
Coolbox is a revolutionary toolbox designed for modern-day needs, featuring dual Bluetooth speakers, USB connections, and more.
Who created Coolbox?
Coolbox was created by Chris Stroikos and Jason Neubauer, who presented it on Shark Tank season 7.
What sets Coolbox apart from traditional toolboxes?
Coolbox integrates technology, such as Bluetooth speakers and USB ports, making it a multifunctional toolbox for various needs.
Did Coolbox succeed after Shark Tank?
Despite initial success, Coolbox faced challenges and eventually ceased operations in 2018.
What is the net worth of Coolbox in 2024?
Coolbox’s net worth in 2024 is unknown as the company shut down in 2018.
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