ZUUM Technologies, featured on Shark Tank Season 11, introduced the innovative Hover Shoes, aiming to revolutionize nearby transportation. Co-founded by Chico Guerra and Mason Buechler in 2018, this technology company entered the market to ride the wave of the booming electric transportation trend.
The Genesis of ZUUM and the Rise of Hover Shoes
Hover Shoes, the flagship product of ZUUM, serves as an electronic transportation device sourced from China and rebranded under the name. The company initiated a Kickstarter crowdfunding campaign in January 2019, securing $24,253 to further their venture. The Hover Shoes boast a robust build, employing a dual 350W Dynacore brushless motor capable of carrying up to 7lbs. Quick to charge, these shoes reach a top speed of 12 kph and retail at $250, available for purchase on platforms like Amazon.
The Faces Behind ZUUM: Chico Guerra and Mason Buechler
The company’s co-founders, Chico Guerra and Mason Buechler, collaborated to materialize the vision of ZUUM Technologies. Chico, with a background in accounting from the University of Corban, previously worked as a sales development representative at Deltek. Presently, he serves as a content consultant at TikTok.
The Shark Tank Pitch and Post-Appearance Trajectory
Seeking funding, Chico and Mason presented their business on Shark Tank, requesting $125,000 for a 20% equity stake, valuing the company at $694,000. Despite their pitch, the sharks deemed the business non-investable at the time, opting out of the opportunity.
Post the Shark Tank appearance, they faced challenges as the sharks declined investment due to the lack of proprietary manufacturing or exclusive deals. Consequently, the business struggled to secure funding and experienced an influx of market competition with numerous brands launching their versions of hover shoes.
As of August 2023, ZUUM remains operational, continuing to sell Hover Shoes on their website. Chico Guerra currently works as a content consultant at TikTok, contributing to the technology sector in a different capacity.
ZUUM’s Post-Shark Tank Performance and Market Impact
Despite the setback on Shark Tank, they persisted in the market, yet struggled to garner significant sales traction. The absence of exclusive manufacturing agreements hindered their competitiveness, resulting in numerous competitors entering the hover shoes market. The exact revenue figures following the Shark Tank episode remain undisclosed.
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Assessing ZUUM’s Worth and Business Standing
The estimated net worth of ZUUM Technologies is pegged at $500,000, reflecting the challenges arising from the lack of exclusive product deals leading to increased market competition.
Current Status of ZUUM Technologies
Headquartered in Portland, Oregon, they operates with a modest team of 2-5 employees. Despite the lack of comprehensive data on the company’s performance, it remains operational as of August 2023, continuing to navigate the dynamic market landscape.
Conclusion: ZUUM’s Ongoing Journey in the Electric Transportation Sphere
ZUUM Technologies, driven by innovation and the pursuit of revolutionizing electric transportation, faces challenges post-Shark Tank but remains active in the market. As the hover shoe industry burgeons with competition, the company navigates the landscape, aiming to solidify its position and carve a niche despite the hurdles faced in the wake of the show’s outcome.
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