Kickstarter record $13.3M for a cooler with a blender — then sold coolers on Amazon before delivering to backers, and filed Chapter 7 with 60,000+ backers still waiting
Years-long decline before final shutdown · Fatal mistake: Coolest Cooler raised $13.3M on Kickstarter 2014 (record at time). Included blender, Bluetooth speaker, USB charger, LED lights. Manufacturing at scale required $165+ per unit at estimated $225 retail. Ryan Grepper sold 3,000 coolers on Amazon to raise cash before delivering to Kickstarter backers (violating backer trust). Filed Chapter 7 bankruptcy July 2019. 60,000+ backers never received coolers.
Evaluating only Coolest Cooler’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. Documented cause: Founder chaos.
Key Events Timeline
FOUNDING
CRISIS
SHUTDOWN
Full Analysis
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Documented cause
Coolest raised $13.3M Kickstarter record. Manufacturing cost $165+. Sold on Amazon before delivering to backers. Filed Chapter 7 July 2019. 60K+ backers undelivered.
Lesson
“Crowdfunded hardware must secure manufacturing financing through debt or equity — selling product before delivery to raise manufacturing cash is a trust violation that creates legal and reputational liability.”
Failure anatomy
Collapse type
Slow Death
🐌 LOW
Hype cycle
Peak
Moat type
Product
Fatal mistake
Coolest Cooler raised $13.3M on Kickstarter 2014 (record at time). Included blender, Bluetooth speaker, USB charger, LED lights. Manufacturing at scale required $165+ per unit at estimated $225 retail. Ryan Grepper sold 3,000 coolers on Amazon to raise cash before delivering to Kickstarter backers (violating backer trust). Filed Chapter 7 bankruptcy July 2019. 60,000+ backers never received coolers.