Highlights
- Ryan Evans, Dave Evans, and Chris Haley pitched Inboard Technology’s M1 Electric Skateboard.
- The founders enter the show seeking $750,000 for 4% equity.
- The company was later liquidated in 2019 after an unsuccessful expansion into electric scooters.
Overview
| Category | Details |
|---|---|
| Name | Inboard Technology |
| Founders | Ryan Evans, Dave Evans, Chris Haley |
| Industry | Electric Skateboards |
| Product | M1 Electric Skateboard with Manta Drive Technology |
| Funding | $750,000 loan at 10% interest for 3% equity from Lori and Kevin (Deal did not close) |
| Investment Ask | $750,000 |
| Equity Offered | 4% |
| Valuation | $18.75 million |
Ryan Evans, Dave Evans, and Chris Haley pitch Inboard Technology, their business that makes innovative electric skateboards, in Shark Tank episode 807. Their flagship product, the M1 Electric Skateboard, is the focus of their pitch. According to Inboard Technology: “Our board is designed to be more than an electric skate. It’s an entire ecosystem that encourages third-party development, customization, and personalization.” What that means is it rides smooth – whether you’re riding powered or not.
The guts of the M1 revolves around their patented “Manta Drive.” This internal drive provides power directly to the rear wheels of the board and offers the smoothest electric skateboard ride in the world. It comes with swappable battery packs, so you never get left without power. It charges in about 90 minutes and has a range of 7-10 miles, depending on the rider’s weight. Riders control the M1 with a wireless, handheld remote or with the accompanying mobile app.
An Inboard Technology board will set you back $1399.00. The company also sells carrying bags, branded apparel, and charging accessories. They got a big boost from a highly successful Kickstarter campaign which raised $421,935 for custom molds and tooling. Inboard is producing boards now and most orders go out in a week. The company likely needs a Shark’s cash for ramping up production on a larger scale.
Will a Shark get on board with this business?
Inboard Technology Shark Tank Recap
Ryan, Dave and Chris enter seeking $750,000 for 4% of their business. They tell their story and invite Sharks to try it out. Kevin and Robert volunteer. The board operates with a remote, they hand it to Kevin and he zooms down the hallway and back. He likes it. When the fun is over, the questions start.
They answer Mark’s question first, stain g they’ve raised $2.7 million at a $10 million valuation. Lori asks if it can go uphill and the answer is yes, plus, when you go downhill, the motors act as brakes and it charges the battery. Robert thinks it’s a toy, not a vehicle. Mark thinks it’s too niche.
As for margins, they have a 65% margin on a $1399 board. To date, they’ve done $5.6 million in global pre-orders which will be fulfilled by the end of the year.
Did Shark Tank Invest In Inboard Technology?
Kevin offers a $750,000 loan at 8% interest for three years plus a 2.5% equity stake. Mark, Robert and Chris are all out, but Lori offers a $750,000 loan at 8% interest for a 3% equity stake. The guys go into the hall to discuss it and when they come back, Kevin and Lori have teamed up to offer the same loan terms but a 5% equity stake – 2.5% each. After some haggling, they agree to a $750,000 loan at 10% interest for three years at a 3% equity stake.
Inboard Technology Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. The deal with Lori and Kevin never closed. For a couple of years, they were selling the M1 like hotcakes, then a fiscal tragedy struck. The company tried to pivot into electric scooters and tried to cut a deal with a European company. This caused them to sink $8 million into developing the scooters. When the deal never materialized, creditors liquidated the company in 2019. There’s a more detailed explanation HERE.
Posts About Inboard Technology on Shark Tank Blog
Inboard M1 Electric Skateboard
Inboard Technology Company Information
Video
More products from this episode! Check out other businesses that participated alongside Inboard Technology.
