Coatchex Shark Tank Update

Coatchex Shark Tank Pitch

Derek Pacqué was at Indiana University's business school (where Mark Cuban went), when he came up with a service to safe keep people's coats at nightclubs called Coatchex.

Derek had a well-prepared, clear, and entertaining presentation for the sharks. Derek plans to franchise the technology and branding and take a cut of all sales as a fee.

Derek has put all of his savings into Coatchex, borrowed money from family and friends, and turned down many job offers. Derek just graduated, and his former professor, Gerry Hays, is an investor in Coatchex.

Derek has not tested Coatchex or had any sales. Derek values his patent on his "ticketless bailment system," which he compares to laundromats where items are temporarily provided to a holder and later reclaimed. Derek hopes to expand into other ticketless bailment markets in the future.

Mark is the only shark to make an offer, and the rest of the sharks are in awe that Mark is spoiling contestants with offers way over-valuating companies. Even more shocking, Derek's professor advised against accepting Mark Cuban's offer, which Derek turned down.

Coatchex After Shark Tank

According to newsinfo.iu.edu

Derek Pacqué was on The Guy Who Knows A Guy podcast in 2021, here

Coatchex started with nightclubs, and expanded to museums including the Museum of Modern Art in New York City in 2017, and then convention centers. In 2021 Coatchex focused on expanding into large hotels to hold luggage that arrives before the guest does.

The buzz around turning down a deal from Mark Cuban led to outside investments after the show aired. As of 2021, Chexology has raised $3 million.

In 2015 Coatchex expanded its services and created the brand Chexology. One use case was for a "silent discos" company, which provided headphones to large crowds to dance to music in sync while being accommodating to city noise limits. Chexology reversed its technology to have headphones stored, and people could check out headphones.

According to Derek's LinkedIn

In 2022 Gerry Hays continues to teach entrepreneurship at Indiana Universities Kelley School Of Business according to his LinkedIn

Chexology's website is chexology.com