What Happened To Coolpeds Briefcase Electric Scooter From Shark Tank Season 9?
In today's busy world, getting from point A to point B can sometimes be an obstacle in and of itself. In a car, there's always traffic to consider, and walking to a destination might be unfeasible for the vast majority. However, there are options when it comes to travel that avoids using a full-bodied automobile or the power of human locomotion, like Coolpeds' briefcase electric scooter.
Coolpeds was founded by Tony Chan as a means of reducing the growing concern about our collective impact on the world. Chan hoped to create an electric and portable way for people to get around, which was achieved by Coolpeds' marquee product, the Briefcase Electric Scooter.
As one might be able to tell by the name, the Briefcase Electric Scooter is a snappy electric scooter that folds down into a briefcase and also has room for work-related devices like laptops and pads. In other words, Coolpeds' simple briefcase-like device can act as a portable vehicle and storage solution, which certainly turned a few heads when the product appeared on "Shark Tank." So how did Coolpeds do on the hit show, and is the company still around?
What happened to Coolpeds on Shark Tank?
Premiering on episode 23 of Season 9 in early 2018, the presentation began with founder Tony Chan riding directly onto the set upon one of the Coolpeds briefcase scooters. This entrance immediately caused the Sharks to joke about trying out the product, and Chan started by introducing himself and asking for a $250,000 investment for 5% equity. Chan explained that his scooter is great for getting around town, across campus, and traveling through airports. Noting that the suitcase part could be detached, Chan pointed out the scooter can attain speeds between 7 and 15 mph, and the regenerative braking system helps recharge the battery.
Highlighting several other features of the scooter, such as the fact that it only weighs 11 pounds without the luggage attachment, Chan soon asked if any of the Sharks were interested in trying it out, to which Kevin O'Leary volunteered and zipped around the "Shark Tank" studio.
Chan also attempted to show Coolpeds' iteration of an electric roadster, the Ampere, which costs less than $10,000. At this point, O'Leary interjected and said that the Sharks should focus on one product at a time and asked about the operational cost and sales of Coolpeds' electric scooter, which retails for $399 and costs $170 to manufacture. Unfortunately, the Sharks weren't biting. Mark Cuban said that Coolpeds was attempting to sell "cool," and he bowed out. The other Sharks also declined, and Chan and his Coolpeds scooter left without a deal.
What happened to Coolpeds after Shark Tank?
More often than not, appearing on "Shark Tank" has a positive effect on companies and entrepreneurs that show off their products or services, but it seems as if Coolpeds ran into some trouble in the immediate aftermath. While on "Shark Tank," Coolpeds founder Tony Chan mentioned that he had raised over $40,000 from an IndieGoGo fundraising campaign and had $500,000 in gross revenue in the year and a half before "Shark Tank."
What Chan neglected to tell the Sharks is that he had launched multiple fundraisers and had encountered several problems. Chan had five campaigns in his time on IndieGoGo, three of which were for variations on the briefcase scooter, and most of them have comments from unhappy customers, including another $40,000 campaign for e-bikes that never materialized, according to Shark Tank Blog. Some early backers eventually received a refund in 2019, a year after Chan appeared on "Shark Tank," but there are still many comments that seem to indicate that a lot of backers did not get their money back. A handful of backers actually did get bikes. However, they were reportedly low-quality and nearly unusable. Chan was banned from using the service after IndieGoGo received numerous complaints.
Is Coolpeds still in business?
Although Coolpeds is still around, there's not much info regarding its current operations. As of this writing, Coolpeds' website is still active, though it's bare-bones, and you have to dig to even find any mention of the briefcase scooter. The site's front page is mostly empty but provides a brief overview of the company. There are two "products," but neither is the briefcase scooter. There's a regular electric scooter (in other words, not foldable) and a pre-order page for the Ampere electric vehicle that Chan briefly showed in his "Shark Tank" appearance.
Clicking the scooter takes visitors to Zoom E-Scooters, a company that appears unrelated at first glance, but some digging on Coolpeds' Shop page shows a listing for the same design of scooter with a "Go Zoom" slogan further down the page. It seems likely that Zoom E-Scooters is connected to Coolpeds and Tony Chan in some fashion, but it's unclear how. The briefcase scooter also appears on the Shop page, the only mention of it on the site. It costs $700, as opposed to the $400 Chan quoted on "Shark Tank."
Meanwhile, the pre-order page for the Ampere asks customers to put $399 down on a total price of $9,900, but it also says that the vehicle is "not an automobile and does not meet automotive safety standards." According to the product description, each Ampere is custom-made, but it doesn't say how long it takes to receive it.