ChessUp bags $300K deal with Lori Greiner, 'Shark Tank' fans say no to $399 chess board
LOS ANGELES, CALIFORNIA: ChessUp, an AI-enabled smart chess board that claims to be your chess coach, analyst, and fierce opponent all rolled into one, managed to impress the Sharks on 'Shark Tank' but sadly the same can't be said for the show's audience. ChessUp founders Adam Roush and Jeff Wigh walked into the tank seeking a $300,000 investment in their smart chess board brand in exchange for a 5% equity in their company.
Despite the high valuation and low equity that the duo was offering, the Sharks were almost immediately intrigued by the smart chess board and its impressive sales figures. So, when it was finally time for them to roll out an offer, the Queen of QVC aka Lori Greiner was more than happy to make one, as she felt that ChessUp's take on the classic board game was innovative and unique. After some back and forth, Adam and Jeff finally agreed to close a royalty deal with Lori and left the tank feeling pleased. While Lori and ChessUp's founders were happy with the outcome, 'Shark Tank' fans failed to see the product's appeal, mainly due to the hefty $399 price tag.
