BoxLock is a firm that sells Internet-Connected Padlocks to keep the users extra secured. The firm was launched by Brad Ruffkess in 2018. He started a Kickstarter campaign that raised $54,000. With lots of hope and dreams, Brad entered the Shark Tank show aiming to secure a deal of over $1,000,000 for 5% equity in the firm.
He pitched his idea to the Sharks on the first episode of the 10th season but left without a deal. What happened to BoxLock after the Shark Tank episode?
BoxLock Company Overview
This company specializes in selling smart devices that are designed to protect packages that are delivered at home. This firm aims to protect the boxes that are sitting on your porch when you are not at home which may be an easy and available target for thieves and burglars.
The BoxLock is a padlock that one puts on a storage container and by using the scanner on the bottom of the BoxLock, a delivery person scans the tracking number of the package that then unlocks the padlock. Here is a Youtube Video from which you can learn more about the company and the brand.
Brad Ruffkess was just sick and tired of thieves stealing packages from porches or left in front of people’s homes. He, therefore, decided to find a lasting solution to that problem.
He decided to put his knack for innovation to work to come up with a practical solution. He originally intended the product to be used by individuals but discovered that there is more value in the business-to-business selling strategy. Brad did his homework well and The BoxLock was born.
The company has a net worth of more than $17 million as of March 2022 and has potential for more growth as more clients come seeking its products and services.
What Happened At Shark Tank?
Brad went to the Shark Tank looking for an investment of around $1 million for 5% equity in his business. After the pitch, none of the Sharks were convinced about the valuation. Lori Greiner, offered Brad a $1 million loan at 8% interest together with a royalty. She tried to get another Shark to go into that deal with her after Brad tried to get a counteroffer, but could not do it.
After Lori failed to counteroffer Brad, she pulled back and left the bargaining table. Eventually, Brad left the show with no deal made.
Where Is BoxLock Currently?
After his appearance on the Shark Tank episode, Brad went on to raise around $4.5 million in March 2020 from former executives from Pitney Bowes, Microsoft, DHL, and Amazon. This group insisted that they see huge potential in addressing the $83 billion problems arising from parcel theft in the world.
As of November last year, BoxLock had earned $13 million in yearly sales. The product is available for purchase from online stores like Amazon but you can also get it from different retail stores.