CoatChex is a ticketless coat checking system created by Indiana University graduate Derek Pacque. It’s an app that “uses patented line hacking processes and visual profiling technology” to allows people to check their coats and bags quickly, without having to wait on long lines. In September 2012, the young entrepreneur pitched his business on Shark Tank.
Pacque went into the Tank seeking an investment of $200,000 in exchange for 10 percent equity. While Daymond John didn’t think the company was worth $2 million (especially for not having any sales at the time), fellow IU alum Mark Cuban made Pacque an offer — $200k for 33 percent. After speaking with his business partner by phone, Pacque declined Cuban’s offer.
Since appearing on Shark Tank, CoatChex (which now operates under the name Chexology) has added the Museum of Modern Art (MoMA), Live Nation, AMEX, Nike (at the brand’s running clubs in New York City), and Barclays Center to its list of corporate clients. In 2016, Pacque reported (in the video) below that CoatChex made more revenue checking in coats at the Mercedes-Benz Fashion Week in New York than it did in its first year of business. New episodes of Shark Tank air Sundays at 10 pm on ABC, right after American Idol.
