From CoatChex to Chexology: After Turning Down Mark Cuban, Shark Tank Company Raises $1.2 Million to Reinvent the Short-term Rental Economy

NEW YORK, Sept. 11, 2015 /PRNewswire/ -- CoatChex, the Shark Tank-featured company that transformed the coat checking industry, has closed a $1.2 million seed round for Chexology: the holding company that will apply its groundbreaking check-in, check-out platform to a dizzying array of new items. 

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"It all started when I lost my coat at an Indiana bar," said CEO and founder Derek Pacque. "We've made it our mission since to solve problems that exist when you go out, like the hassle of claim tickets or dying phones. This week, hundreds of Mophie™ phone charging cases will be made available to keep cameras flashing at the U.S. Open, powered by Chexology's NFC driven app."

America's largest companies, such as Chase, Delta, Uber, and Live Nation have already implemented the ticketless technology to make customers' lives easier. For JetBlue passengers at JFK, valuable luggage space is liberated by leaving winter clothes and boots behind for a tropical vacation.

Quiet raves are taking over Venice Beach, Brooklyn Bridge, and Central Park. "We used to take in a couple hundred IDs for headphone rentals. It was a nightmare to return those," said Will Petz, founder of Quiet Events. "Using Chexology, we quickly increased turnout to thousands with a more engaged customer base."

Chexology's patented process keeps user data private. With powerful, granular metrics like dwell time and customer loyalty, business owners connect seamlessly with customers as they enter and leave venues. Volume-wise, the company has landed over 50 accounts with services in Madison Square Garden and the Lincoln Center. 

With this new round of funding, the company is hiring, and positioning to expand with a land-grab strategy similar to Uber and Instacart.

Chexology

Chexology provides a trustworthy SaaS for bailment storage and short-term rentals. Developed from CoatChex, seen on ABC'S Shark Tank, the platform seamlessly connects business owners with their now, visible customers.

Chexology is made in New York City with headquarters at 150 East 52^nd Street.

For investor relations, please contact Derek Pacque, CEO: Email

For media inquiries, contact: Christine Lee, Public Relations, 212-951-1498: Email

All other inquiries, contact: Megan Matter, Strategic Partnerships: Email

SOURCE Chexology