Entertainment

Acton Skates Update | Shark Tank Season 7

When you think of transportation, you generally think of buses, cars, and trains. Skates, as a mode of transportation, doesn’t seem like a viable option, now, does it? Well, Acton Skates’ founder Peter Treadway seems to think otherwise.

Peter brought his company, Acton Skates, which sells personal electric skates as a mode of easy and independent transportation for the people. He asked for $1 million for 3.5% of the company.

Given the uniqueness of the brand and the quirky element of the product, people are quite curious to know how the business is doing. We shall look further into it.

Shark Tank Acton Update

  • Entrepreneur – Peter Treadway
  • Business – Electric skates for transportation
  • Ask – $1 million for 3.5%
  • Result – No deal
  • Sharks – None

Given that Acton is an electrical skates company, it made sense for the founder to introduce the company with a demonstration. That’s exactly what Peter did and brought Robert Herjavec on the stage to try out the skates for himself.

During the demonstration, Peter explained that the skates come with a range of 10 miles and they rely on the motion of the user’s feet to guide the direction. During the demonstration, Robert tried out the skates and concluded that operating them wasn’t as easy as it looked.

Breaking down the product variant and availability, Peter clarified that they currently offer three different types of options. They have skates that support smaller ranges and cost around $499 while the ones with longer ranges are priced at $699.

When talking about the finances, Peter clarified that the products cost 40% of the retail price to manufacture, leaving them with a profit margin of 60%. 

Furthermore, Peter also confirmed that the company had crossed $2 million in revenue already and they have also raised investments in two rounds. The first one raised $2 million and the second round raised $2.5 million.

After listening to everything, Robert decided to back out because he didn’t believe in the fact that Peter needed further investment. This was followed by Ashton Kutcher, who found the idea unique but thought the price point of the skates was too steep.

Following that, Lori Greiner and Mark Cuban decided to back down because they were not quite sure about the numbers that Peter was giving them. Lori even thought that Peter wasn’t too explorative with the pitch and wasn’t interested in a deal.

Kevin was the only shark that offered Peter a deal. He offered the asking amount of $1 million for 15% equity. To that, Peter asked if he would settle for 6%. Kevin didn’t budge and Peter had to leave the show with no deal.

Despite not being able to secure a deal, Acton didn’t stop there. The company is now renamed Acton Global and has shifted its product categories. Instead of electric skates, the company now sells electric bikes and scooters.

Besides that, they also sell electric skateboards, which is a popular purchase among the students. The business is thriving and they make roughly around $6 million in revenue. 

Maria Garcia

Maria Garcia is a Senior Content Writer at asiamediajournal.com. With a passion for entertainment, she enjoys crafting engaging and informative content in this field. Maria's expertise lies in writing articles, reviews, and features that captivate readers and keep them informed about the latest trends and news in the entertainment industry. Her dedication to delivering high-quality content makes her a valuable asset to the team at asiamediajournal.com.

Recent Posts

Celebrate 2025 with Stunning Welcome GIFs & 3D Animations

Moving animated images for welcoming 2025 is a new way of sending refreshing GIFs. Yeah,…

2 hours ago

Happy New Year 2025: Top 50+ Photos with Quotes, Greetings & Messages for Your New Year Celebrations

The new year is just around the corner this year and while this year has…

2 hours ago

Happy New Year 2025: Images, HD Photos, 3D GIF Pictures & Whatsapp DP for Giving A New Life to Your New Year Wishes

A new year is a new beginning. A new year gives you many more chances…

3 days ago

Last Day of the Year Images, Pictures, Photos & Perfect WhatsApp DP Ideas

December 31st is just around the corner. So it's time to get ready for ringing…

3 days ago

Last Day of the Year Quotes, Wishes, Greetings & WhatsApp Status Ideas 2024

31st December is almost around the corner and so it's time to begin preparing for…

3 days ago