Highlights
- Peter Treadway pitched Acton, his company that manufactures “rocket skates” and M Scooters, on Shark Tank.
- He started Acton with two successful Kickstarter campaigns, raising over $600,000.
- Acton achieved $1 million in sales in 2014 and aimed for $20 million in 2015.
Overview
| Category | Details |
|---|---|
| Name | Acton |
| Founder | Peter Treadway |
| Industry | Electric Personal Transportation |
| Product | Rocket Skates and M Scooters |
| Funding | Kickstarter campaigns raising $622,707 pre-Shark Tank |
| Investment Ask | $1 million |
| Equity Offered | 3.5% |
| Valuation | $28.6 million |
Peter Treadway pitches Acton, his company that manufactures “rocket skates” and M Scooters, in Shark Tank episode 701 – the season 7 premier. Treadway started Acton with not one, but two successful Kickstarter campaigns. In December 2013, he raised $71,982 to get the M Scooter rolling and in August 2014 he raised a WHOPPING $550,725 to fund production of the Acton Rocket Skates. Treadway is the first, and definitely not the last, Kickstarter entrepreneur to pitch in the Tank in season 7.
Both the Acton skates and M Scooter are electric personal transportation devices that use brushless hub motors for propulsion. The skates can go up to 90 minutes per charge, the scooter goes 3-5 hours. Each device is eco-friendly and designed for fun as well as functionality. The Acton products are in use worldwide and they’ve developed an app that tracks usage and lets riders connect with each other in real-time.
Apparently, once you get the hang of the rocket skates, they are a lot of fun to ride on. As the world’s smallest and lightest personal transportation device, the Acton brand is poised for worldwide growth. People in urban areas are constantly seeking the cheapest and easiest way to get around and Acton products fit the bill. Rocket Skates range from $499 to $699 per pair and the M Scooter will set you back $1599. They aren’t inexpensive, but compared to running a car in an urban setting, they’re a good value.
As with any endeavor that involves a lot of manufacturing, Treadway is likely looking for investors to help fund production for existing and new sales. Will a Shark buy into Treadway’s vision?
Acton Shark Tank Recap
Peter enters, on Acton Skates, seeking $1 million for 3.5% of his business. He and a helper demonstrate the skates while Mark quips, “the electric boogaloo is back!” Robert wants to try them out and he gets a pair on with Peter’s assistant’s help. As he’s getting them on, Ashton Kutcher asks if they’re like Segways for the feet.
Once Robert is fitted, he has difficulty standing and looks a bit awkward, causing Ashton to mock him. Robert says it’s harder than it looks, but it’s very cool. This prompts Mr. Wonderful to ask how long it takes to become proficient; Peter says it depends on the rider. Of the three models Acton produces, Peter says the only real difference is range. He also says manufacturing costs run about 40% of retail cost.
Rocket Skates have over 20 patents and sold $1 million in 2014. Half way through 2015, they’re at $2 million and they’re shooting for $20 million. So far, Acton has received $2 million in seed funding with a second round of $2.5 million at a $20 million valuation. After hearing that, Robert says he loves the technology but hates the valuation; he thinks he’ll only make money if Acton hits it out of the ballpark. Robert also questions whether Peter came to the Tank even wanting to do a deal. Peter said he came to make a deal, but Robert’s out.
Mr. Wonderful says a million bucks doesn’t make him feel the love. Ashton thinks its cool but he wasn’t wowed and thinks they are far away from the mass consumer market; he’s out.
Lori thinks it’s clever but she thinks he didn’t try too hard because he isn’t dying for a deal. Peter denies it and says he’s here for a deal; he says he’s capable of negotiating, but Lori is out. Mark says he believes Peter came to do a deal, but Mark thinks he wasn’t precise about the numbers; he’s out.
Mr. Wonderful says he’s asked for too much and says he’ll do a million bucks for 15% Peter counters with 6%.
Mr. Wonderful wont budge because he thinks he’ll be diluted to 7.5% when it’s all said and done. He goes on to say having a Shark investor has more value because of the “power of the platform” and Peter needs to understand the platform comes with a price. Peter counters with 8% but Mr. Wonderful just says “YOU’RE DEAD TO ME!”
Acton Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. As of August, 2022, Acton no longer sells its skates. The company re-branded itself as Acton Global. They are now in the business of providing electric bikes and scooters to cities and large campuses. They also sell an electric skateboard. As of February, 2023, they have their electric bikes in over 100 cities globally. Annual revenue is $6 million.
Posts About Acton on Shark Tank Blog
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