Tony Chan promoted his created electric scooter, Coolpeds, which doubles as a carry-on bag during Shark Tank aired in episode 921.
His Coolpeds website features a wide variety of electric bikes and scooters that Chan develops, promotes, and produces himself.
Between 2015 and 2017, Chan obtained a little over $20,000 via IndieGoGo to fund his numerous projects.
Aside from that, Ampere electrical roadster is a product that Chan advertises in his speech as the company has a business partnership with Ampere.
In 2017, the duo-seater sports car had its public debut in the Auto Show of Los Angeles. Back then, it was a resounding success that it could open up pre-orders at a reasonable price at $9900 with an electric bike giveaway.
They plan to start production in spring 2018. Prior to early 2018, the company accepted the pre-orders at Consumer Electronics Show in Las Vegas. The vehicle has a 150-mile range on a single full charge, which makes it the most convenient transportation within cities.
Therefore, Chan hopes to gain a boost from the Sharks to power his electric automobiles. Will a Shark be interested in ratcheting things up and making an investment?
Company Overview in Shark Tank
|Company Name||Coolpeds USA|
|Episode||Season 9 Episode 23|
|Product Offering||Hybrid Electric Scooter-Luggage|
|Required Investment||$250,000 For 5%|
|Closing Deal||No Deal|
|Offered Sharks||No Shark|
|Current Business Status||In Business|
What is Coolpeds?
Coolpeds is everything about eco-friendly, electric-powered urban transportation that is both fashionable and functional.
Many states allow you to ride an electrical motorbike that contains three wheels, electric scooters, suitcase-attached electric scooters, and mopeds on the street if you have a valid driver’s license and a helmet as you have the proper training and equipment.
What is more, the scooters are easily transported by subway and bus which makes them a perfect choice for metropolitan commuting. Using a USB charger, it can go up to 5 kilometres on a single battery charge.
How Does Coolpeds Work?
There is a backpack, suitcase, or carry-on baggage linked to it.
For Chan, the target audience is the urban commuters who travel fewer than five kilometers. You may now have a really mobile gadget that can get you between point A and point B in a way that has never been possible before. One of Manhattan Beach’s most notable businesses, Coolpeds USA, was highlighted on CBS for its efforts to both enhance travel and commuting times while reducing emissions.
You may now travel at speeds of up to 12 miles per hour thanks to our revolutionary Aluminum CarryOnE. So take a five-minute stroll instead of a 30-minute one! Whether you’re traveling to/from your workplace, metro stations, lessons, or buying a late-night supper near your place, having a reliable mode of transportation is essential.
Coolpeds solutions are both functional and fashionable. Superior materials go into the development of every product. You’re in excellent hands with our faith guarantee. They have arrived to give enjoyable, dependable, and economical ecological transportation to people all around the globe.
Moreover, the fact that the company has previously developed pioneering award-winning electric scooters has served to bolster its will to continue developing cutting-edge goods for consumers.
Who Founded Coolpeds? Founder Backgrounds
Tony has always been fascinated by vehicles, having built or restored them since seven. Green mobility and technology have also piqued his curiosity throughout his life. As a result, combining his two passions made perfect sense. As a result, he began work on the first prototype of his electrically-propelled scooter.
With the assistance of IndieGoGo, he was able to raise more than $40,000 between 2015 and 2017. Additionally, he also worked with Ampere Motor, a Los Angeles-based electric sports car firm during this period.
With manufacturing expected to begin in late 2018, Coolpeds showcased a model of their new three-wheeled sporting motorcycle at the LA Auto Show in 2017. They began collecting deposits for customers in early 2018, selling at the price of $9900.00 on their website.
When Tony realized he needed more capital to grow, he searched for new investors.
Coolpeds Business Before Shark Tank
Scooters with a mini bag mounted on the front are used to enter the Shark Tank. This is a businessman who aspires to create a new way of transportation solution. The concept is straightforward when the scooter is featured with a plastic container placed at the front.
For visitors, Tony created the world’s first ultra-lightweight e-scooter. Riders may take it to the airport boarding gate, parking lot, railway station, university…etc. You can do all of this without bothering with a bulky backpack, and you’ll have a blast at the same time! You may move from a relaxing 7mph to a top speed of 15mph, and you can easily remove the bag whenever you want. Breaking will charge your battery when you use an electronic break, which is an added benefit of these systems.
Moreover, the battery is straightforward to remove to recharge it virtually anyplace, and you may use the USB connector to charge your phone while you are out and about. More than that, it is one of the world’s lightest electric scooters, weighing under 11 pounds, and particularly it also can be foldable.
For Tony, the ultimate goal is to make sustainable transportation accessible and exciting for everyone worldwide. Coolpeds USA is looking for a Shark to join its crew. Who is interested?
Coolpeds During Shark Tank Pitch
As part of his pitch to the Sharks, Tony requested $250,000 with five percent ownership in return in Coolpeds.
Onstage, he welcomes all the Sharks to view the Ampere scooter, which he then conceals for them to inspect at their leisure.
Kevin takes a risk and almost injures a stagehand with his stunt. Tony reveals the Ampere vehicle to Robert after he starts asking questions about what is lying beneath the surface.
Prior to continuing with the remainder of the interview, Kevin prefer to hear the scooters’ sales numbers. Based on previous performance within 18 months, Tony has earned revenues from selling at $500,000 for his company.
People thought that the cost of making each scooter was going to be about $170, and they were going to sell them for $399. In contrast, the Ampere prototype is still in development.
With a starting price under $10,000, this will be the first totally electric vehicle offered to the general public. Inspired by Tesla’s lead, they are putting out a roadster.
There is a “cool factor” that they’re trying to get people to buy, said Mark. He asserted that it would be foolish to market the cool. Not to deny that he could be the early Shark slaughtered by wolves.
As a result, Barbara has decided not to attend the proposal because she worries that scooters would create havoc in the airport area. Likewise, Lori is out of the picture since she doesn’t know how to market an automobile.
Mr. Kevin says that a 5 percent commission is little incentive to him and is convinced an excellent companion would be Robert.
Robert states that he might only project in one of the two alternatives and cannot do so in both; therefore, he is out.
Coolpeds Closing Deal in Shark Tank
Final Agreement: There was no agreement reached between the Sharks and the Coolpeds teams.
Coolpeds After Shark Tank
After Shark Tank, Coolpeds continues to remain functional, despite its basic and amateurish appearance. To correspond with the screening of the Shark Tank program, the Suitcase E-Scooter model is being offered for $499; however, the price has been reduced to $399.
Additionally, not only with iBike, they also include Ampere Electric Roadster in their product line. More importantly, Ampere promoted an open testing session that was scheduled to begin in the 2018 Spring.
IBikes include 350-watt power motors and other high-tech features like electric brakes. They’re great for short commutes or long trips. The iBike can be folded, making it compact-sized and ideal for traveling.
When the engine is engaged, the bicycle can go 20 mph and go approximately 20 miles on a single charge, allowing for both frequent use and long-distance riding. Like a motorbike, the grips have an accelerator, and the product has a suggested retail price of $499.
Current Update: Is Coolpeds Still In Business?
The business is still operating generally, although it did not succeed during the shark tank show. Coolpeds still sells most of its scooter products on the website and also was offered for purchase on Amazon.
There are both Coolpeds and Ampere on the list as being operating.
A completely separate site is dedicated to the Ampere Electric Roadster. The automated car is priced at $9,900 and is promised to have a driving at extent of 150 miles or more. In recent weeks, the vehicle has been on a number of local news channels and at various automotive and motor exhibits. For $199, you get a complimentary electric suitcase scooter when you make your pre-purchasing.