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On Shark Tank tonight, the creators of a smart chess board approached the sharks with their creation and hoped to find some investors. Here is a look at what they had to offer, whether any sharks bit on the deal, and where you can buy ChessUp by Bryght Labs.
What is ChessUp by Bryght Labs on Shark Tank?
ChessUp is a smart chess board with a built-in engine and chess instructor. The board makes learning chess and getting better faster and easier for all skill levels. The way it works is by lighting up all possible moves according to strength, meaning that after multiple uses, anyone can become a chess expert.
Jeff Wigh and Adam Roush created ChessUp, a board that uses technology to help teach people how to play the game. The game is perfect for complete newcomers, as it teaches them how to play and what moves are best for each of their pieces on the board. The guys wanted $300,000 for 5% equity.
The company had an implied valuation of $6 million, which the Shark Tank investors seemed leery about. Jeff and Adam said they sold a single unit for $399 and it costs them $120 to make the board. They also said they raised $1.7 million on Kickstarter when crowdfunding the product.
For sales, they have the crowdfunded money and an additional $400,000 in sales in 2022. They also were paying a royalty to other partners, who were sucking some of the money from the business. Barbara Corcoran and Mark Cuban both dropped out immediately.
Kevin O’Leary said he was interested but the royalty structure was too complicated, so he also pulled out. Jeff and Adam offered Lori Greiner 5% equity for $300,000 and a 3% royalty until she recouped 1.5x her investment. She accepted and the deal was made.
Where can you buy ChessUp by Bryght Labs from Shark Tank?
People who loved ChessUp on Shark Tank can buy it on the company’s website at playchessup.com. It is also on sale at the moment. The full price of the board is $399.00, but people can get it right now for just $299.00. There is also an installment deal, with four interest-free plans of $26.99 through ShopPay.
For anyone who orders the board now, it will ship out in May 2023. This is also something people will want to get on fast because the first batch was sold out in just three months.
Also available to buy on the site is a carry bag for the board which costs $79.99. There are also checker pieces for anyone who wants to use the board for that ($39) and a batch of 34 extra chess pieces in case any are lost ($79).
Does ChessUp by Bryght Labs look like a good deal based on its appearance on Shark Tank? Is it something you might want to buy? Let us know your thoughts in the comments below.