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Coolpeds USA (Ampere Motor) Shark Tank Update: What Happened After Shark Tank?

PitchHybrid electric scooter-luggage
EntrepreneurTony Chan
Asked For$250,000 for 5%

Company Background

What is Coolpeds?

Coolpeds is all about green-powered, electrically driven urban mobility, done so stylishly and practically. Their product range consists of electric scooters, mopeds, a briefcase attachable electric scooter, and even an electric three-wheeled roadster motorcycle — street legal in many states, provided you have the correct license and wear a helmet.

The scooters, in particular, are bus and subway portable making them perfect for getting around the city. Having the ability to travel a distance of five miles on a USB power cable full charge.

Who Owns Coolpeds?

CEO and founder Tony Chan started Coolpeds USA in partnership with Ampere Motors. Tony is a University California Los Angeles Magna cum Lauda graduate and an all-around lover of cars. He paid his way through college by buying old cars, restoring them, and selling them for profit.

Tony remains active in the company, working from an office and showroom in Santa Monica. He sells his products online as well, shipping internationally. And he hopes to increase the company’s presence globally in the electric car market.

Founder’s Story

Tony has always been passionate about cars, building or restoring cars since he was seven years old. He’s also always had a keen interest in innovative green transportation and technology. So it made sense to combine his two interests. And so he set about designing the first model of his electric scooter.

He got the ball rolling by crowdsourcing on IndieGoGo and managed to raise over $40,000 between 2015-17. During this time frame, he also partnered with Ampere Motor. An electric sports vehicle company in Los Angeles.

They show-pieced their prototype of the three-wheeled sports motorcycle (available for $9900.00 on Coolpeds website) at the 2017 auto-show in Los Angeles and started taking deposits for orders in early 2018, with production scheduled for the middle of the year. In order to scale, it was then that Tony decided to look for more investors.

What Happened After Shark Tank Update

Coolpeds Controversy

Prior to and after appearing on Shark Tank, it became apparent that Tony Chan was not the entrepreneur he claimed to be.

In just a few months after his appearance on Shark Tank, Tony once again turned to the public for assistance in funding his electric car vision.

This time he reappeared on the equity crowdfunding platform, StartEngine. Through StartEngine, Tony amassed an additional $65,961 from 104 investors, for a new company called Ampere Motor.

According to Tony, 95% of backers had received their Coolpeds iBikes from the Indiegogo compaign, but the company’s IndieGoGo page remains littered with angry backers who have yet to receive their order.

Complaints can also be found on Coolped’s Better Business Bureau from customers who purchased from the company after the IndieGoGo had closed.

Is Coolpeds Still in Business?

Both Ampere and Coolpeds are currently listed as active. The Coolpeds website is still accessible with Coolpeds products available for purchase. However, customers have been warned against purchasing from the website or risk losing their money with no recourse for a refund.

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