Viberide Net Worth Shark Tank Update

Skateboards are becoming popular among the younger generation of kids. They have been used as a fun sports activity but they have a downside. Sometimes, they end up colliding with an obstacle in the form of a car, wall, or a person and result in a bad accident.

Charlie Cannon, Carson Macdonald, and Chris Goodhue, the owners of Viberide, have introduced a unique type of skateboard for people of all ages. Their boards come with a brake that helps to stop or slow down the board, overcoming any type of accident.

The owners came on Shark Tank to request $250K in exchange for 10% of their company. Charlie even demonstrated the functionality of their board, making Chris his obstacle. Moreover, they also gave all the sharks custom-made boards to impress them. Let’s see if they got the deal or not.

Viberide Net Worth Shark Tank Update

Charlie, Carson, and Chris were looking for an investment of $250K in exchange for 10% equity in the company. At the time of the episode, they valued their company at $2.5 million. They successfully secured a deal with Mark Cuban for an investment of $250K for 12% equity in the company. The investment adjusted the company’s net worth to around $2.08 million. After the show was aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of VibeRide in 2024 is around $4 million.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Mark Cuban	$250K for 10% equity	$250K for 12% equity	Yes
Kevin O’Leary	Out	N\A	N\A
Lori Greiner	Out	N\A	N\A
John Daymond	Out	N\A	N\A
Candace Nelson	Out	N\A	N\A

The Owners’ Backstory

Charlie related that he has been into business for almost all his life. From 14 years of age, he was into flipping scooters, and T-shirts, and had a videography business in high school as well. He also made $15M in sales with a team of 23 by privately labeling a line of affordable camera drones for a duration of 2.5 years. Then, he sold that business for $3M.

Then he got the idea for brakes on skateboards. He was also into skateboarding when he was only 10 years old and even a semi-pro freeskier out of Utah.

Carson was a roommate of Chris, who has a background in engineering and graphic designing and now he looks after the designing aspect of the Viberide business. He has also worked in a warehouse thus he is also experienced in systems and automation. He is also a state champion biker, skater, and semi-professional cliff jumper.

Lastly, Chris works on the creative side and he is the business’s Chief Design Officer. He is also into surfing, and skating, and can backflip while riding a bike too.

Initial Pitch

The three friends came on the show to seek $250K for a 10% equity stake. Their product is a skateboard that comes with a break to control the board and stay safe from getting into an accident. It works by pushing the lever on top of the board which opens pad brakes inside of the wheels. It has been tested for up to 50 miles an hour which gives the product professional functionality too.

Additionally, they offer three sizes of skateboards including pro brake which retails for $149 for the kit only, and with the board, it comes at $259, the next one retails for $189, ideal for medium hills, and their cheapest model comes at $129 to $139.

Queries about the Product

Cuban asked the first question about the cost of making a single skateboard. Charlie highlighted that they have around 63% margin for all boards.

Kevin inquired about the number of people who buy just the brakes for their already possessed boards. The co-owner highlighted that the ratio between customers buying the product as a whole and the preferring a brake kit is about 50\50.

Lori wanted to know if they have a patent on this product. Charlie pointed out that they have six utility patents already on it.

Kevin was curious to know about this year’s sales and the next year’s projected sales. One of the friends highlighted that they launched their business for presale two months ago and in that duration, they made $150K in sales. At the end of this year, they will make $600K in sales.

Daymond asked about their investment in the business so far. Charlie pointed out that he invested $1.2M in the business.

Before starting the business, he contacted all the professionals working on brakes and bought all the patents too for $450K.

Shark’s Response and Final Decision

Cuban was the first shark to offer them $250K for 15% equity in their company.

Charlie then counter-offered him $350K for a 15% equity stake.

Cuban revised his offer and pitched a deal of $250K for 12% and also agreed to invest more cash if they needed any.

The owner counter-offered him for the second time and asked for $265K for 12% equity. Which Cubans readily rejected.

Finally, the owners accepted Cuban’s offer of $250K for 12% in their company and left the set cheerfully, having a deal on their hands.

Product’s Availability

VibeRide offers a wide range of products on its VibeRide website, giving customers plenty of options to choose from. For those who love skating, they also have an affiliate program where participants can earn a 10% commission. The company shared with a reporter that they have received an investment from a well-known investor, although the exact details will be announced in early 2024. They described the agreement as a “handshake deal.”

Conclusion

Thus, VibeRide has successfully introduced a unique skateboard with built-in brakes, providing a safer riding experience for all ages. After an impressive pitch on Shark Tank, they secured a $250K investment from Cuban for 12% equity. With strong sales, multiple patents, and a variety of products available on their website, VibeRide continues to support the skating community while offering opportunities through their affiliate program.