Derek Pacque is the CEO of Chexology, a company that combines bag checking and drug testing services. Chexology has several clients including Nike, American Express, House of Blues, and Live Nation. The company has raised $1.2 million in seed funding. Many of its clients are also high-profile, such as the Barclays Center, Live Nation, and Museum of Modern Art. He is also the Founder and CEO of Chexology.
Founded in 2007, the company was originally known as Coatchex. Mark Cuban offered $200,000 for the company in exchange for a 33 percent stake in the company. Despite not being able to secure the initial funding, Derek Pacque found success without the financial support and has since added condo options to the CoatChex service. Currently, the company counts American Express, Nike, and Barclays Center among its clients. Its revenue is estimated to be anywhere between $1 and $10 million annually. Other clients include Live Nation, House of Blues, and the Museum of Modern Art.
In 2016, the company sought $200,000 in investment in return for a 10% stake in the company. Chexology has more than 50 accounts in the U.S., and is now hiring for expansion. Chexology is similar to Instacart and Uber. Its SaaS platform connects venue owners to visible customers and solves a number of problems for venues. With its credit card and the ability to send messages via SMS, the company has become a viable business that generates revenue. It is expected that Chexology will be profitable by June 2022, and is looking to expand further to expand into other areas.