BoxLock is a home security product that appeared on Season 10 of the popular business-themed reality TV show Shark Tank. It’s a smart padlock designed specifically to protect packages from theft.
BoxLock addresses a significant problem many consumers face today due to the increasing popularity of online shopping. The product is designed with a robust, weather-resistant construction and a tamper-resistant lock, yet its standout feature lies in its integrated smart technology.
The BoxLock has a barcode scanner that connects via Wi-Fi to a smartphone app. When a delivery is made, the delivery person uses the scanner on the lock to scan the tracking barcode on the package.
The lock then verifies the package details against the user’s synced online shopping accounts. If the details match, the lock opens, allowing the delivery person to secure the package in a box fitted with the BoxLock. This ingenious technology ensures that only legitimate deliveries can unlock the box.
BoxLock’s integration with major carriers such as UPS, USPS, FedEx, and Amazon and compatibility with iOS and Android ensures broad accessibility and functionality. It’s also designed to be user-friendly, with easy installation and setup procedures.
The appeal of BoxLock lies in its response to a pervasive modern issue. With the rapid growth of e-commerce, package theft has become a commonplace problem, and BoxLock provides an efficient solution.
Moreover, the product grants consumers peace of mind, knowing their parcels are safe from theft. This sense of security, combined with the practicality of the solution and the innovative use of technology, makes BoxLock a good choice for homeowners and businesses.
|Product||Wi-Fi-connected padlock for secure storage containment and access control|
|Investment Asking For||$1,000,000 for 5% equity in BoxLock|
|Final Deal||No Deal|
|BoxLock Episode||Season 10, Episode 1|
|BoxLock Business Status||In Business|
|BoxLock Website||Visit Website|
|BoxLock Net Worth||$17 Million|
What Is BoxLock?
BoxLock is a smart padlock designed to secure packages delivered to your doorstep. It uses barcode scanning technology to ensure that only authorized recipients can unlock it. It is a smart padlock designed to work with various storage containers, such as delivery boxes or lockers.
The padlock features a built-in barcode scanner that allows authorized recipients to unlock it. When a package is delivered, it comes with a barcode or QR code on the label.
The recipient scans the code using the BoxLock app on their smartphone, and if the code matches an approved delivery, the padlock will unlock, allowing access to the package.
BoxLock provides security for your packages, ensuring only authorized individuals can access them. It helps prevent package theft and provides peace of mind for online shoppers.
Who Is The Founder Of BoxLock?
BoxLock was conceived and created by Brad Ruffkess, an entrepreneur from Atlanta, Georgia. Ruffkess’s background before establishing BoxLock is not explicitly detailed in the provided texts; however, his inventiveness and drive to solve practical problems are evident.
The inspiration for BoxLock came directly from Ruffkess’s personal experience. He had been a victim of package theft, a growing issue with the rise of e-commerce and home deliveries. This particular incident spurred him to create a solution to this widespread problem.
Ruffkess developed an electronic padlock with an integrated scanner, an idea that grew into BoxLock. He aimed to provide a secure space for delivery companies to leave parcels when the recipient wasn’t home.
Before appearing on Shark Tank, Brad Ruffkess had invested considerable time, effort, and resources into developing BoxLock. Research and development costs amounted to approximately $500,000.
The product was already in manufacturing, with 800 units sold in pre-sales at a cost of between $89 and $109 each. The retail price was projected to be around $129, with a production cost of $65 per unit.
Ruffkess had established relationships with major carriers such as UPS, USPS, and FedEx, setting up a system that automatically collected tracking numbers from these companies.
Despite the promising start and the evident demand for such a product, Ruffkess knew that BoxLock still needed additional funding and more extensive reach to potential customers.
This need for financial support and visibility led him to apply to Shark Tank, where he was invited to pitch in the first episode of the tenth season.
How Was The Shark Tank Pitch Of BoxLock?
During the Shark Tank pitch, Brad Ruffkess, the founder of BoxLock, entered the tank seeking an investment of $1,000,000 in exchange for 5% equity in his company.
This implied a $20 million valuation of BoxLock, which instantly sparked concern among the Sharks due to its high level.
Ruffkess’s pitch centered around the unique smart technology padlock he had developed to protect packages from theft, a common issue in an era of increasing online shopping and home deliveries.
He shared the company’s journey, including the significant cost of over $500,000 invested in research and development. Furthermore, he disclosed that the company had made approximately 800 sales through Kickstarter, costing around $100 for each unit.
While Ruffkess’s pitch was intriguing, the Sharks were skeptical about the product’s awareness among delivery drivers and the $20 million company valuation.
Given the relatively low sales figures, questions were raised about how the company planned to increase product awareness and how the valuation was justified.
Mark Cuban was the first Shark to withdraw from negotiations, citing the lack of a clear pathway to profitability and the overly high company valuation. Daymond John and Kevin O’Leary soon followed suit, unconvinced by the company’s high valuation.
Lori Greiner, the last Shark standing, proposed an initial offer of $1,000,000 as a loan in exchange for 2.5% equity. She stipulated that an 8% interest rate royalty should be established, to be paid until she recouped her investment plus an additional $500,000. However, after intense negotiations, Greiner also ultimately dropped out.
Despite failing to secure a deal on Shark Tank, BoxLock did not falter and continued its operations, managing to stay in business. The company later shifted its primary focus to B2B in 2022.
Despite the setback on Shark Tank, BoxLock has since raised nearly $5 million from other investors, demonstrating the continued potential of the company and its product.
What Happened To BoxLock After Shark Tank?
Despite not securing a deal on Shark Tank, BoxLock has proven its resilience and potential in the business world. The company successfully continued operations and even experienced significant growth after its appearance on the show.
The primary product, a smart technology padlock designed to secure packages from theft, remained available predominantly online and continued to garner interest and sales.
Moreover, BoxLock made a strategic pivot to focus primarily on B2B (Business-to-Business) transactions in 2022, a move likely aimed at capturing a larger, more stable customer base.
BoxLock has raised money from others since Shark Tank, which is one of its greatest achievements. Since their appearance on Season 10 of the show, the company has raised nearly $5 million.
This influx of investment demonstrates the viability of BoxLock’s solution and the confidence other investors have in its potential for growth and profitability.
BoxLock has an estimated valuation of $17 million, and its products are available on Amazon, where it maintains a 3.1-star rating.
With a staff of 25, mostly hired locally, the company also maintains a strong presence on social media platforms like LinkedIn.
The journey of BoxLock underscores that even without securing a deal on a platform like Shark Tank, companies can continue to thrive and grow with a valuable product and strategic business decisions.
Brad Ruffkess’s determination and conviction in his product serve as a reminder that a single setback doesn’t define a business’s future success.
BoxLock Shark Tank Update
After appearing on Shark Tank, BoxLock did not secure a deal with the Sharks. Lori Greiner offered a $1 million loan with royalties, but Brad Ruffkess countered with a $1.5 million offer with royalties.
Ultimately, Lori Grenier declined the counteroffer, and BoxLock walked away from the Shark Tank without a deal.
It is unclear what happened to BoxLock’s business immediately after the show. However, despite not securing a deal, the product still addresses a significant problem of package theft.
With the increasing number of online sales and porch piracy incidents, there is a demand for solutions like BoxLock that ensure the secure delivery of packages.
BoxLock remains an available product on the market, and customers can purchase it to protect their packages from theft. While alternatives, such as Amazon Key, allow delivery drivers to unlock the front door for deliveries, BoxLock offers a different approach with a lockable receptacle.
The company recommends bolting the receptacle to the home to prevent thieves from walking off with it. Using a scanner, the delivery driver can verify the barcode on a package and open the lock so that the package can be placed inside the box after it has been scanned. Once locked, the customer is notified that the package has been safely delivered.
Despite not securing a deal on Shark Tank, BoxLock continues to cater to individuals who cannot be home for deliveries and want to protect their packages from porch pirates. The product aims to provide peace of mind and prevent thefts from occurring.
Is BoxLock Still In Business?
Our research shows that BoxLock is still in business. Despite not securing a deal on Shark Tank, the company has managed to stay operational and has achieved some success since its appearance on the show.
BoxLock is available mostly online, primarily focusing on B2B (business-to-business) in 2022. The company has also raised nearly $5 million from other investors since its appearance on Shark Tank Season 10. This suggests that BoxLock has received external investments and is continuing to grow.
What Is the Net Worth Of BoxLock?
According to our research, the net worth of BoxLock is estimated to be $17 million. The valuation of BoxLock was $20 million when it appeared on Shark Tank.
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