Now Reading: CoatChex Net Worth 2025: What Happened to the $7M Shark Tank Company?
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CoatChex Net Worth 2025: What Happened to the $7M Shark Tank Company?
Chexology’s Secret to Success: How a Simple Idea Became a $7M Brand
CoatChex Net Worth of $7 million tells the story of a small startup that grew into an innovative industry leader. Founded in 2010, CoatChex, now rebranded as Chexology, has revolutionized digital coat check and storage solutions. The company provides ticketless check-in technology to major venues like Madison Square Garden and Hilton Hotels. Its success highlights how smart innovation can transform traditional services into a thriving business.
Key Facts
- CoatChex originated from Derek Pacqué’s personal experience of losing his college coat at a neighborhood bar in Indiana.
- The company transformed from a custom coat check service to an international tech company valued at $7 million.
- Derek Pacqué appeared on Shark Tank Season 4 requesting $200,000 for 10% equity.
- The software service processes hundreds of coats daily across numerous taprooms, venues, and corporate events.
Coatchex Overview (Now Chexology)
| Detail | Information |
|---|---|
| Company Name | CoatChex (Now Chexology) |
| Founded | 2010 |
| Founder | Derek Pacqué |
| Current Net Worth | $7 Million (2024) |
| Annual Revenue | $7 Million (2024) |
| Industry | Digital Hospitality Services |
| Headquarters | New York City, USA |
| Employee Count | 51-200 |
| Notable Clients | MoMA, Nike, Hilton, Madison Square Garden |
What Is CoatChex’s Business Model?
CoatChex operates as a private company providing a ticketless coat check system through meaningful software applications. The company’s core product is software for tablets and smartphones that eliminates traditional paper claim tickets. This digital solution addresses financial challenges faced by venues while streamlining coat check operations.
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How Did CoatChex Start?
Derek Pacqué initiated CoatChex in 2010 after identifying operational inefficiencies in coat check services at his neighborhood bar. He developed a custom pop-up coat check service that initially served local establishments. The business expanded from serving numerous taprooms to becoming a multi-million dollar tech company.
What Happened on Shark Tank?
CoatChex appeared on Shark Tank Season 4 in 2012, where Derek Pacqué pitched his ticketless coat check system. The presentation resulted in negotiations with Mark Cuban, who offered investment terms. However, Pacqué declined the offer, choosing to maintain greater control over his company’s direction.
How Has CoatChex Evolved?
The company rebranded as Chexology and expanded its services to coat checking beyond traditional venues. The software service now manages:
- Digital coat check operations
- Luggage storage systems
- Event management solutions
- Corporate asset tracking
What Are CoatChex’s Financial Metrics?
The company demonstrates strong financial performance:
- Current net worth: $7 million (2024)
- Annual revenue: $7 million (2024)
- Client portfolio: Over 200 major venues
- Transaction volume: Processes thousands of items daily
Who Are CoatChex’s Major Clients?
CoatChex serves prestigious institutions including:
- Museum of Modern Art (MoMA)
- Madison Square Garden
- Hilton Hotels
- Nike corporate events
- Barclays Center
- ICC Sydney
What Technologies Does CoatChex Utilize?
The company employs advanced software for tablets integrated with:
- NFC technology for real-time tracking
- Digital photography for item identification
- Cloud-based storage systems
- Mobile notification platforms
What Recognition Has CoatChex Received?
The company’s achievements include:
- Featured on ABC’s Shark Tank
- Forbes 30 Under 30 recognition for Derek Pacqué
- Industry awards for technological innovation
- Recognition for customer service excellence
What Are CoatChex’s Latest Developments?
Recent company initiatives focus on:
- Expansion into international markets
- Development of new software features
- Integration with major venue management systems
- Enhanced mobile application capabilities
This comprehensive analysis demonstrates CoatChex’s evolution from a simple solution to a lost college coat problem into a sophisticated international tech company. The business continues to innovate in the digital hospitality sector while maintaining its core mission of eliminating paper-based check systems.
FAQs
Yes, CoatChex is still in business, having rebranded as Chexology to expand its services beyond coat checking.
As of August 2023, Chexology reports an annual revenue of $7 million.
Derek Pacqué is the founder and owner of CoatChex, now operating under the name Chexology.
After appearing on Shark Tank, CoatChex secured $1.2 million in seed funding in September 2015.
Chexology’s clients include American Express, Nike, Barclays Center, House of Blues, Live Nation, Delta Airlines and the Museum of Modern Art.
On Shark Tank, Mark Cuban offered $200,000 for a 33% equity stake in CoatChex, which was declined by the founder.
While specific current valuation details are not publicly disclosed, Chexology’s annual revenue of $7 million as of August 2023 indicates significant growth.
Since appearing on Shark Tank, CoatChex rebranded as Chexology, expanded its services, and achieved $7 million in annual revenue by 2023.
Yes, Chexology is successful, with a diverse client base and $7 million in annual revenue as of August 2023.
Chexology provides a ticketless item-checking platform that uses proprietary technology to streamline the check-in and check-out process for various items.
CoatChex, now known as Chexology, operates in New York City and serves clients across the United States.
Derek Pacqué is the founder and owner of CoatChex, now operating as Chexology.
While specific valuation details are not publicly disclosed, Chexology’s annual revenue of $7 million as of August 2023 reflects its substantial growth.
Derek Pacqué founded CoatChex after losing his coat at a bar.
CoatChex, now known as Chexology, is a private company specializing in ticketless item-checking solutions.
Yes, CoatChex appeared on Shark Tank in 2012, where founder Derek Pacqué pitched the ticketless coat-check system.
CoatChex developed a ticketless coat-check system that utilizes proprietary software to streamline the check-in and check-out process.
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