Have you ever lost a coat at an event? Or struggled to keep track of a coat-check ticket? That’s exactly the problem CoatChex set out to solve. Founded by Derek Pacqué, this company created a ticketless coat-check system that makes events smoother and more secure.
CoatChex got its big break on Shark Tank back in 2012. But that was just the beginning. Today, the company has evolved into Chexology, offering smart baggage and item tracking for top brands. Let’s dive into their journey, net worth, and what happened after Shark Tank.
The CoatChex Story: How It All Began
Derek Pacqué came up with the idea while in college. One night, he went to a bar and had nowhere to put his coat. He saw people losing jackets or leaving them behind. That’s when the lightbulb moment happened.
What if there was a better way to check coats—one without messy paper tickets? That’s how CoatChex was born. It used facial recognition and mobile technology to keep track of coats, so people could pick them up without worrying about losing a ticket.
CoatChex Shark Tank Pitch: Did CoatChex Get a Deal?
Derek appeared on Shark Tank in Season 4, Episode 1. He asked for $200,000 in exchange for 10% equity in his business. The Sharks were impressed by his idea, but there was a catch—the business was seasonal.
| Aspect | Details |
|---|---|
| Founder | Derek Pacqué |
| Founded | 2012 |
| Shark Tank | Season 4, Episode 1 |
| Ask | $200K for 10% (No Deal) |
| Shark Tank Offer | $200,000 for 33% equity |
| Deal | No deal |
| Rebranded To | Chexology |
| Major Clients | Madison Square Garden, Hilton, Nike, Delta Airlines |
| Net Worth (2025) | $7 million |
| Annual Revenue | $7 million |
Mark Cuban loved the concept and offered $200,000 for 33% equity. But Derek turned it down. He believed CoatChex could grow without giving away that much of the company.
No deal was made, but the Shark Tank effect was real. The exposure brought in tons of attention and new business opportunities.
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What Happened After Shark Tank?
Even though he didn’t get a deal, Derek kept pushing forward. He realized that his technology could be used for more than just coats. That’s when he expanded beyond coat-checking and rebranded as Chexology.
Here’s how the business took off:
- Big Clients: Chexology landed deals with Madison Square Garden, Delta Airlines, Nike, Hilton Hotels, and more.
- More Services: They now offer bag-checking, rental tracking, and event solutions.
- Tech Upgrades: The system became even smarter, making it easier for businesses to track belongings.
The result? The company’s revenue skyrocketed.
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CoatChex (Chexology) Net Worth and Revenue
As of 2025, Chexology is worth an estimated $7 million. The company brings in around $7 million per year in revenue.
That’s a huge leap from where they started.
What’s Next for Chexology?
Derek and his team aren’t slowing down. They’re working on new ways to improve item-tracking technology for businesses everywhere. With major brands already using their services, the future looks bright.
From a simple coat-check system to a multi-million-dollar company, CoatChex’s journey proves one thing: a great idea, paired with determination, can lead to huge success—even without a Shark Tank deal.
What do you think about CoatChex’s journey? Would you have accepted Mark Cuban’s offer? Let’s discuss in the comments.
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