Bunch Bikes are electrically powered cargo bikes with an attached basket. Founder Aaron Powell appeared on Shark Tank Season 12, Episode 18, seeking $250,000 for 10% equity.
Bunch Bikes offer the convenience of traveling in even the smallest spaces, while also being eco-friendly. These bikes are designed with minimal environmental impact, making them a sustainable choice.
Ideal for family vacations, Bunch Bikes bring families closer together while enjoying the outdoors. Powell was inspired to create these bikes during a 2016 trip to Denmark, where he fell in love with cargo bikes. He saw their potential for family travel and creating lasting memories.
After returning home, Powell was motivated to develop his own cargo bikes. Despite extensive research, he struggled to find an affordable option, leading to the creation of Bunch Bikes.
The cargo bike resembles a bicycle but features three wheels: two at the front to support a large cargo box and one at the rear for movement. The cargo box includes four comfortable seats, which can be removed if more space is needed.
Currently manufactured in Holland, this bike is considered one of the best electric-powered cargo bikes on the market.
Electric and cargo bikes are gaining global popularity for logistics and delivery tasks, as they simplify work and save time. Bunch Bikes, with their electric motors and baskets, make family travel easier on rough roads.
Bunch Bikes offers four models:
- The Original: Seats up to four children, with a 350 lb load limit and a 500w electric motor. Priced at $3,999 in 2022.
- The K9: Designed for dogs, featuring front doors for easy access. Accommodates two large dogs and is priced at $3,999 in 2022.
- The Preschool: Equipped with two benches, this model can seat up to six children and includes a front door for easy loading. Priced at $4,499 in 2022.
- The Mini: Intended for children aged 4 to 7, it does not have an electronic battery or motor. The cargo box measures 12 x 16 inches.
Except for the Mini model, all Bunch Bikes come with a 48v 13.6ah battery from Samsung’s 35e cells, offering a range of up to 35 miles on a single charge.
| Company Name | Bunch Bikes |
| Founder | Aaron Powell |
| Product | bikes with baskets for the whole family to ride |
| Asked For | $250,000 for 10% equity |
| Final Deal | $150,000 loan + 100,000 15% equity |
| Shark | Barbara Corcoran |
| Episode (Shark Tank USA) | S12 E18 |
| Air Date | March 26, 2021 |
| Business Status | In Business |
| Net Worth | $3 Million *estimated |
| Website | Visit Website |
| Headquarters | Dallas-Fort Worth Metroplex, Texas, US |
| Go To Amazon | Buy Now |
Another Shark Tank Pitch
How Was The Shark Tank Pitch Of Bunch Bikes?
Aaron Powell requested $250,000 for 10% equity in his company, Bunch Bikes, during his appearance on Shark Tank. This request was based on a $5 million valuation of the company.
Powell detailed the benefits of his electric cargo bike and explained its potential for adventure on the show. The original Bunch Bike is sold at retail for $4,295, while the premium model is priced at $6,000, with a manufacturing cost of $2,917.
To fund this venture, Powell sold his jewelry business for $300,000, using the proceeds to pay off his student loans and invest $85,000 in developing the electric cargo bikes.
By the end of 2021, Bunch Bikes had generated total sales of $2.7 million. Sales figures included $285,000 in 2018, $1.1 million in 2019, and a projected $2.2 million for 2020.
Although all the sharks declined to invest, Barbara was particularly impressed by the business.
Barbara offered this business $250,000 for 40% equity. But Aaron countered the offer with $100,000 + a $150,000 loan for 15% equity.
Bunch Bikes Shark Tank Update
Barbara signed a deal with Bunch Bikes and provided valuable guidance on how to grow the business. Powell, who previously operated an e-commerce jewelry business, used his expertise in product research and marketing to advance the cargo bike venture.
Despite the high price of the bikes, which many middle-class families find unaffordable, Bunch Bikes focuses on premium quality, limiting their ability to lower prices significantly. Prior to appearing on Shark Tank, Powell’s major challenge was production, but this issue was resolved with the investment.
Powell is currently focusing on expanding across the United States and plans to begin shipping to countries like the UK and Canada in the near future. However, covering the entire U.S. market remains challenging due to high shipping costs, which were $199 per bike as of August 2022.
Robert and Kym Harjavec shared a post featuring Bunch Bikes with their children on Instagram, prompting Robert to propose a 50/50 deal with the company.
To increase marketing and provide product demonstrations, Bunch Bikes offers test drives in 82 cities across the U.S. Powell believes that customers need to experience the bike firsthand to fully appreciate its value. This strategy appears effective, as the company achieved $4 million in sales in 2021.
In 2021, Bunch Bikes also received the E-Bike Award from Bicycling Magazine and was featured on the EBR Bikes review website.
Powell presented several compelling strategies to secure funding on Shark Tank, but only Barbara was convinced to invest. Although the bikes are expensive, Powell maintains that their premium quality justifies the high price.
In 2020, Bunch Bikes recorded $2 million in sales and aimed to reach $4 million by 2021. Following the original Shark Tank air date, sales increased to $1.8 million. Additionally, the company secured a $2 million order from Lucca & Livvy Beverages in 2021.
What Is The Bunch Bikes Net Worth?
Bunch Bikes’ net worth is estimated at $3 million. Recently, they have ventured into the beverage industry.
Originally started with a capital of $85,000, Bunch Bikes has grown into a company valued at $3 million.
In the electric cargo bike category, Bunch Bikes has the potential to compete with major brands. Given the high price of these bikes, they primarily attract customers above the middle class.
Yes, Bunch Bikes is still in business as of April 2024.
