Entrepreneurs show their great ideas to a group of business-savvy people on ABC’s “Shark Tank.” The entrepreneurs want at least one of the “sharks” to give them money, and the sharks want to find a business that might be a good investment and get a piece of it.
However, not all deals go through. Check out the “Shark Tank” businesses and ideas that did amazingly well without any help from the sharks.
CoatChex Shark Tank Recap
Derek talked to the Sharks about giving them $200,000 in exchange for a 10% stake in his business. He wants to sell franchises to “area developers,” who will then sell them to end users, which is similar to how master franchises work.
Did CoatChex Make a Deal?
It’s “HORRIBLE HORRIBLE HORRIBLE!” says Cuban about the plan. Kevin thinks the business is too seasonal, which is odd since he lives in Canada, wears a lot of clothing, and goes out. Barbara follows right away.
When Daymond thinks CoatChex is worth too much, he leaves.Robert and Mark don’t like the franchising plan, but they do like the business and the fact that Derek owns a patent on a technology that can be used in other service companies, like dry cleaners and valet parking.
Derek offers 15%, but Robert still doesn’t think it’s enough, so he leaves. Mark makes an offer of $200,000 for 33%, and Derek responds with $200,000 for 20% after calling his professor. Mark then leaves.
CoatChex Shark Tank Update
People will always remember Derek Pacque as “the college kid who turned down Mark Cuban.” That will likely help his business in the long run. CoatChex is slowly growing right now. This winter, stores will open in Chicago.
Another place where CoatChex is getting deals is New York City. The business got $1.2 million in seed funds in September 2015.The business changed its name to Chexology. Now they check a lot of things, not just clothes. Now, besides just nightclubs, they offer their services and booths to all kinds of events.
American Express, Nike, Barclays Center, House of Blues, Live Nation, and the Museum of Modern Art are some of the clients. They will send SMS messages to everyone and remind people not to forget their stuff at the event.
Derek was smart to keep a third of his business. It was released by Chexology in October 2021 as a Digital Claim Ticket for Apple Pay and Google Pay. The business says it will make the process of checking in and out 20% faster. As of August 2023, the business makes $7 million a year.
CoatChex Net Worth in 2024
CoatChex, now known as Chexology, has seen significant growth since its inception and its appearance on “Shark Tank.” As of 2024, the company’s estimated net worth is approximately $7 million, according to Gazette Review.
In 2023, CoatChex reported revenue of $474.2K, with projections suggesting that the company could generate between $1 million and $10 million annually depending on the scale of operations and events serviced.
The business model revolves around providing a ticketless coat check system that enhances customer experience in various venues, such as bars, nightclubs, and large events like New York Fashion Week.
Founded in 2011 by Derek Pacqué, CoatChex initially focused on solving the problem of lost or stolen coats in crowded venues. The company utilizes innovative technology to streamline the coat-checking process, using mobile devices and smart tags for efficiency and security.
After its pitch on “Shark Tank,” where it did not secure a deal, the company expanded its services and rebranded to Chexology to reflect a broader range of offerings beyond just coat checks.
With no external funding reported as of now, CoatChex’s growth has been organic, driven by its unique service model and successful partnerships with major venues and events.
The company’s focus on technology and customer experience positions it well for continued expansion in the hospitality sector.
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