Aaron Powell's Bunch Revolutionizes Electric Cargo Bikes on Shark Tank
Aaron Powell, a visionary entrepreneur, has revolutionized the electric cargo bike market with his innovative design and creation of Bunch. The company, which focuses on optimal and efficient heavy load carrying, gained significant attention when Powell appeared on Shark Tank season 12, seeking $250,000 for a 10% stake in the business.
Powell's unique design, a tricycle model, allows Bunch to excel in transporting goods or children in an eco-friendly manner. It's not designed for speed, but rather for efficient hill climbing and navigating difficult terrains, thanks to its powerful torque. The bike comes fully assembled, complete with a front-loaded cargo box and a safety harness for cargo.
Bunch's quality and durability make it suitable for various purposes, from transporting goods and children to dogs. However, its high price point reflects its premium features. The company offers four models catering to different needs, including ones for transporting children, goods, dogs, and up to six children.
Powell's appearance on Shark Tank led to an investment from Robert Herjavec, who was initially a customer in 2020. After negotiations, Powell accepted a deal from Barbara Corcoran and Powell, involving a $100,000 loan, $150,000 in cash, and a 15% stake in the company. Corcoran initially offered $250,000 for a 40% stake, but Powell declined.
Bunch, with its innovative design and focus on efficiency, has carved a niche in the electric cargo bike market. Despite its high price, the bike's durability and versatility make it an attractive option for those seeking a premium, eco-friendly solution for transporting goods or children. The company's appearance on Shark Tank has not only brought it investment but also increased its visibility in the market.
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