BoxLock Shark Tank Updates 2022: What Happened to BoxLock After Shark Tank Pitch?

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box lock shark tank

What Is BoxLock?

When a delivery is made, the smart lock BoxLock records and displays the distinctive barcode of the manufacturer. It links up with a mobile app to track the delivery and send text, email, and push notifications to the recipient.

BoxLock was developed by lifelong entrepreneur Brad Ruffkess. Brad earned a degree in computer science and communications from Tulane University in 2000. He then worked as the lead web solutions designer at FIGG Engineering Group in Tallahassee, Florida.

 

The gadget can offer an extra layer of security when Wi-Fi-connected to a person’s smartphone. This security can take the form of GPS tracking, audit logs, and barcode scanning that allows for one-time access.

Known for producing the BoxLock, a product with the same name, is the company BoxLock. BoxLock functions as a “smart” lock as opposed to the typical mechanical locks that currently rule the market.

Who Is the Founder of BoxLock?

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Veteran businessman Brad Ruffkess invented BoxLock. Brad earned a degree in computer science and communications from Tulane University in 2000. He then worked as the lead web solutions designer at FIGG Engineering Group in Tallahassee, Florida.

Any lockable container is compatible with Box Lock. Downloaded and synchronized with the lock is the companion app. When a delivery person brings a box, they scan the bar code and open the lock to check the contents.

After placing the item inside the box, the driver opens the lock before locking it again. Following that, the app notifies the customer that the delivery was made securely. Since it greatly lowers the frequency of “missing delivery complaints,” delivery drivers enjoy this gadget. 18% of persons who live in rural areas, 26% of suburban residents, and 42% of city dwellers had experienced parcel theft.

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This problem can be solved with BoxLock. To stop robbers from making off with the entire container, the company advises anchoring the container to your property. This gadget is meant to take the position of Amazon Key, which enables delivery personnel from Amazon to open a recipient’s front door while making a delivery.

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For obvious reasons, many people find the arrangement to be unsatisfying. Amazon Key is more expensive than BoxLock. The Amazon Key is about $300 while the lock is $129. Naturally, you’ll still need to buy a container with Box Lock; you may do this through Amazon or the business’ website.

Early in 2018, Ruffkess successfully used Kickstarter to begin his business, raising just over $54,000. The majority of pre-orders had been filled by August. Generally speaking, funders indicated pleasure with the fulfillment as well as the final result. Too often, Kickstarter campaigns have trouble meeting order delivery deadlines.

What Happened to BoxLock at The Shark Tank Pitch?

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Brad chose to pitch his idea to Shark Tank investors despite the success of his Kickstarter campaign in order to obtain additional cash for expansion. Brad enters Shark Tank in search of $1 million in exchange for a 5% stake in his $10 million company.

He describes his experience and advances his argument, stating that 30% of Americans have fallen prey to porch pirates. He gives out lock samples and illustrates how it works. Kevin cracks a joke about another businessman who arrived looking for an outrageous valuation.

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The valuation doesn’t excite any of the Sharks. Jaimie is the first to go, highlighting the importance of valuation and the fact that changing consumer behavior is necessary. Following suit, Mark Cuban, Daymond John, and Kevin O’Leary all point to the salary and learning curve of delivery drivers as arguments.

When she is unable to reintroduce Jaimie, Lori Grenier offers Brad a $1 million loan with 8 percent interest and a royalty; however, she declines Brad’s counteroffer and leaves. Brad ultimately left the pitch without concluding a deal.

What Happened to BoxLock After Shark Tank?box lock shark tank

BoxLock is still in business and growing after leaving the pitch without a deal. Currently, solo goods are still available for individual and personal use, and business plans are available for fellow entrepreneurs interested in adopting the product into their own company.

Amazon and the company’s website, getboxlock.com, both provide direct purchasing options for BoxLock. In March 2020, the company raised $4.5 million from former executives at Pitney Bowes, Microsoft, Amazon, DHL, and Amazon.com. The corporation’s board of directors includes many representatives from the maritime industry.

They see a lot of potential in trying to solve the $83 billion problems of package theft. The company had yearly sales of $13 million as of November 2021.

Net Worth of BoxLock

During the pitch, the firm was valued at $10 million; but, since then, sales have been strong, and in 2021, they are expected to generate $13 million in revenue annually. This indicates an increase in the company’s net value.

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