During the fourth season of Shark Tank, CoatChex CEO Derek Pacque pitched his coat check business. The invention, which is a mobile app, compares a picture of the client’s coat to a picture of the item being checked. A confirmation message is then sent to the client. This process has been used at major events, including the Super Bowl, Mercedes-Benz Fashion Week and the Museum of Modern Art.
The idea for CoatChex actually came about after Pacque lost an expensive coat at a local bar in Bloomington, Indiana. He had been standing in line for hours to retrieve it, but had to leave. He also found out that the most common item discarded during coat checks was the jacket. He decided to solve this problem by developing a computerized coat check system, which would provide patrons with a ticketless coat check system.
The idea prompted Pacque to start Hoosier Coat Check LLC, which would fill a need for local restaurants. The business would initially be a ticketed system, but Pacque expanded it to include nightclub service. The CoatChex app is available on iOS and Android platforms. CoatChex now has eight full-time staff members and up to 75 part-time employees.
In addition to its mobile application, CoatChex provides kiosks for a wide range of events. These are also available for use at local universities. The business is also expanding to New York and Washington, D.C. Its clients include American Express, Delta Airlines, Live Nation, Nike, and the Museum of Modern Art. It has also been used at New York Fashion Week and the Super Bowl.
One of the more interesting aspects of CoatChex is its use of technology. The company has a patent on its bailment services. The app sends SMS messages to a client, and even includes a reminder. The company is also using facial recognition technology. The system is also designed to identify rare coats.
CoatChex is a successful business that has grown from a local business to a national brand. It has recently expanded its presence to Chicago, Washington, D.C., and is poised to expand even further with its acquisition of Live Nation, which will enable Coatchex to serve major events throughout the country. The company will also offer bag checking and rentals.
The most important part of CoatChex is its business model. The company focuses on quality over quantity. It offers 7,000 stations to members. The company has four seasonal managers and eight full-time employees. The company’s total assets are estimated at $5 million. This figure includes the assets of Coatchex and its sister company, Chexology.
The company has been featured on Shark Tank, which has provided the company with some interesting opportunities. For example, the company has been able to secure multi-year contracts with venues around the country. In addition, the company has made money by providing corporate clients with a ticketless coat check system.
It’s easy to see why CoatChex received a lot of attention on Shark Tank. In the year following the show, the company had a total revenue of $600,000. The company’s total assets are now estimated at $5 million.