'Shark Tank's Coolbox Lives Up To Its Name

First conceived of by co-founders Christopher Stoikos and Mike D'Agostini, the Coolbox entered the Shark Tank on April 8... and actually did pretty well. So, what exactly is the Coolbox? Well, think of it as a modern, technology-infused Swiss army knife of a toolbox: It's tricked out with every accoutrement you could think of. The creators were very careful while choosing which attributes to imbue their product with, as D'Agostini explained to Entrepreneur.com, "While doing outside research, we noted a number of things we were leaving out and, more important, a few things we did not need. All of this resulted in the current list that the Coolbox offers."

Among the Coolbox's many bells and whistles are a tablet stand, USB ports for charging your phone and other gadgets, bluetooth speakers, LED flood lights, and a bottle opener. The toolbox features these bonuses on top of some more standard perks, such as wheels, and a magnetized lid for holding down nuts and bolts and the like. D'Agostini further commented to Entrepreneur, "It took examining our own field and experiences to find the inspiration for the Cool Box ... There is no shortage of tools, gadgets and tech that people use in our industry, but no product combined everything into one easy-to-use product."

As such, the Coolbox enjoyed a pretty rockin' Indiegogo campaign — they reached their goal of $50,000 in a brief 36 hours, eventually crushing said goal by raising almost $500,000. This kind of consumer interest and support is only one of the reasons the Sharks eventually decided to back D'Agostini and Stoikos' new invention. Robert Herjavec, Kevin O'Leary, and Mark Cuban all passed on the project, but Daymond John and Lori Greiner expressed some interest, quickly countering each other's offers.

After some back and forth, the inventors of the Coolbox eventually struck up a deal with Greiner: She invested $500,000 along with a 5 percent line of credit, for 15 percent equity in the company. All in all, it's an exciting opportunity for the entrepreneurs: Greiner's support (not to mention her connections) will likely take the new product very far.

If the Coolbox is something you'd like to add to your DIY arsenal, you can currently purchase one on the company's website for $199, thanks to a Shark Tank special (usually, it retails for $249). According to the website, the products won't ship until July 2016, but that just gives you some time to pick out the perfect first project to tackle with a Coolbox.

Images: Michael Desmond/ABC; Coolbox.io