Coolest Cooler has been a disaster since it showed up on Kickstarter five years ago, but in an update, CEO Ryan Grepper said the company was officially going out of business due to tariffs. Camping Coolers. 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He said his buddies teased him when they bought second-hand Coolest Coolers on eBay, or ordered them from Amazon. In an email, though, Bernyk said the company is not responsible when backers lose money. For many backers it was their first experience with online crowdfunding and it was, at the time, the biggest project in Kickstarter history. Another 20,762 received nothing. He had sold medical supplies and developed a lightweight travel scale sold on SkyMall but was thoroughly unprepared for what Coolest Cooler became. 20-Watt Bluetooth Speakers & Subwoofer for Parties/Festivals/Boat/Beach. They often promise products in exchange for that support, but there are no guarantees. Grepper, Coolest Cooler’s founder, didn’t respond to an email seeking an explanation on why so few people received $20 settlements – and why some, like Flores, received much less. No? It was easy, though, for a novice entrepreneur to get in over his head. (Coolest Cooler Photo) Like warm beers around the campfire, the saga involving the infamous Kickstarter project Coolest Cooler took another sad turn over the weekend as the company … “It certainly did not make everyone whole. Kickstarter levies a 5% fee on projects that appear on its site, and its payment processors take an additional 3% to 5%. Coolbox: the Entertainment Cooler, Built-in Bluetooth Speakers, Portable and Insulated Ice Chest on … However, Skarstad said Coolest sought to “limit the field” by requiring that people confirm their address before receiving the $20 settlement. Coolest on grass.jpg. Fast & Free shipping on many items! Amazon … Coolest Cooler exposed the ugly side of crowdfunding, which was built for artisans and small businesses. You’re seeing this ad based on the product’s relevance to your search query. Registration on or use of this site constitutes acceptance of our User Agreement, Privacy Policy and Cookie Statement, and Your California Privacy Rights (each updated 1/1/21). After viewing product detail pages, look here to find an easy way to navigate back to pages you are interested in. 41,880 received coolers, most of them years behind the promised delivery date. 99 That includes $321,000 from backers who didn’t get their coolers, or only got a $20 refund. The Coolest Cooler was once the most successful Kickstarter crowdfunding campaign. Coolest Cooler, the cooler on wheels with a built-in blender, is going out of business, blaming tariffs from the ongoing trade war with China for its failure. Kickstarter and its payment processor pocketed approximately $1 million in fees associated with the project. She said the label was applied internally in 2014, when Coolest Cooler was raising its money. The Coolest cooler, a souped-up cooler complete wth a cutting board, blender, Bluetooth speaker and USB charger, started out as Kickstarter's own Cinderella story. It sounded like a delight and, at $200 apiece, Grossman decided she would buy one for herself. He shut down the company a year ago and liquidated the remaining inventory after giving up on ever delivering the remaining coolers. COOLEST COOLER: Get your very own COOLEST, complete with blender, a waterproof Bluetooth speaker, USB Charger and all the other awesome features. Accounting for the $20 refunds, backers lost nearly $4 million altogether. How are ratings calculated? You will be saving $115 off of the … Write a review. The novelty ice chest came with a built-in bottle opener, USB charger, LED lights, a wireless speaker and a blender for mixing drinks on the beach. Coolest Cooler now selling on Amazon for $225, down from $499 last November Some backers noticed that it was on sale last week for as low as $199. However, the $20 went to just one-third of those who didn’t get their coolers. Now that the cooler is available for purchase by everyone, Coolest is working hard to fulfill all of the supporters’ original orders. “I thought I was giving you money where I was going to get something in return,” Flores said. Rechargeable Speaker Cooler, Works with iPhone & Android (Rainbow, 2020 Edition), YETI Hopper M30 Portable Soft Cooler, Navy, TUNES2GO KoolMAX Cooler Audio System & Power Station (Grey), The #1 Cooler with Speakers on Amazon. Mashable crowned him “ the New York company still describes Coolest Cooler to get in... & coolers they lost, but there are no guarantees our affiliate links we may earn a commission backers... & coolers Launchpad for $ 225 with free shipping, … there 's a problem this. Relevance to your door, © 1996-2020, Amazon.com, Inc. or its.. Just one-third of those who didn ’ t really buy the Cooler itself is basically a one-stop-shop for you. 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