In a world where almost all our devices are smart, Chris Stoikos and Jason Neubauer aimed to revolutionize the classic toolbox by creating Coolbox.
To kickstart their nifty invention, the two entrepreneurs appeared on Shark Tank in 2016 and were successful during their pitch.
What is the estimated Coolbox Net Worth now, and what are the founders up to? Keep reading to find out what happened to the company after the Shark Tank appearance.
CoolBox at a Glance
Coolbox is more than just a sturdy box with wheels and handles. Instead, it’s a smart toolbox that includes Bluetooth speakers, LED lights, USB ports, tablet and phone stands, and much more.
- Show: Shark Tank
- Season: 7
- Episode: 23
- Creators: Chris Stoikos and Jason Neubauer
- Shark: Lori Greiner
The creators behind Coolbox wanted to combine a toolbox and a cooler in one storage box. Thankfully, they had previous experience in construction that helped them nail the design.
The slogan “The world’s smartest toolbox” gives you a glimpse of what they wanted to achieve: making work more productive and pleasurable!
About the Creators
Chris and Jason are passionate entrepreneurs and best friends who aspired to become successful businessmen.
Chris Stoikos grew up in Toronto, Canada, where he sold gadgets and electronics. Later, he moved to California and began creating products.
He was the one who came up with the idea of Coolbox. Then, he pitched the concept to Jason and asked him to become his partner.
Meanwhile, Jason Neubauer grew up in California and used to sell golf balls as a child. During his college years, Jason went on the show Wheel of Fortune and won $32,695.
Since then, he has worked on different projects. Today, Jason Neubauer is considered one of the top influencer marketers by Forbes.
CoolBox on Shark Tank
Stoikos and Neubauer came to the show full of hope for their product, but their journey wasn’t without bumps.
Before Shark Tank
Before their appearance on Shark Tank, Chris and Jason raised more than $300,000 to start their business through Indiegogo Crowdfunding.
During Shark Tank
The creators started their pitch by wondering why people would ever say no to a smart toolbox in an age of smart TVs and smartphones. They were asking the sharks for an investment of $500,000 for a 10% stake in the company.
The sharks were initially impressed by the product. However, shortly after, they voiced their concerns about the cost.
Chris and Jason wanted to sell each unit for $249. They explained that each unit cost $110 to make. The duo also clarified that they made $370,000 in pre-sales by selling each unit for $190.
They added that they had an order of 8,000 units from Lowe’s and that Black and Decker was interested in licensing them. The sharks still wouldn’t budge since they found the numbers based on pre-sales and things were bound to change later.
After some negotiations, Daymond John and Lori Greiner were willing to put down their offers.
The Final Offer
The time came for the two aspiring entrepreneurs to make a decision. Daymond backed out, leaving Lori as the duo’s only hope.
She offered them $500,000 for a 30% share, but they asked if she would bring it down to 20%.
In the end, Lori offered a $500,000 line of credit at 5% interest for an equity of 15%. Chris and Jason accepted the offer and left the show with Lori Greiner as their shark.
CoolBox After Shark Tank
Chris Stoikos and Jason Neubauer faced some challenges after Shark Tank. There were production delays, which made them fall behind on orders. They also struggled to market the product.
After that, their deal with Lori was canceled. They had license plans with a big manufacturer, but this deal also fell through.
So, Chris decided to make a new deal with Kevin Harrington, a successful entrepreneur and a former shark on Shark Tank. Soon after, Harrington joined the Coolbox team and helped market the product.
Keep in mind that the website seems to be up and running, but their social media accounts have not been highly active for a while.
The company’s last product was the 2019 Coolbox Cooler.
Coolbox’s Net Worth
During the Shark Tank appearance, Coolbox had an estimated net worth of $5 million. However, there are no new estimates of the company’s net worth.
Although there are no updates about the company’s net worth, Chris Stoikos and Jason Neubauer still enjoyed other successes after Coolbox.
They are both renowned entrepreneurs who have been featured on Forbes. In addition, they have launched and supported many businesses over the years.
Chris is best known today for his business Dollar Beard Club. Meanwhile, Jason is the CEO and founder of Affect Change, a media company that aims to support people and organizations trying to create positive change.