Are you a regular traveler and worry about losing your luggage? Well, if you are among these people, Trunkster is the perfect solution for you.
Trunkster is a luggage brand that manufactures smart luggage that comes inbuilt with a roll-up design, weighing scale, and USB ports to help you charge your gadgets while on the road.
Gaston Blanchett and Jesse Potash founded Trunkster. The founders planned to design and develop a smart suitcase that could be controlled with a smartphone app.
Trunkster suitcase features two design options: “carry-on” and “checked.” The Trunkster suitcase opens like a garage door and doesn’t feature a zipper-like traditional suitcase.
The material used to manufacture Trunkster are polycarbonate and airplane-grade aluminum. The Trunkster suitcase also features all-terrain wheels and a secret pocket to help you keep your important documents.
Moreover, the suitcase also features a TSA-approved combination lock to keep your items secure.
The founders of Trunkster reached out to Shark Tank to seek further investment in Trunkster to increase manufacturing and distribution.
What is TrunkSter?
Trunkster is a modern-designed suitcase that features a USB charging port, GPS Device, removable battery, and built-in scale.
The founders of Trunkster aimed to change the tradition of the luggage industry and bring innovation to the regular suitcase.
The suitcase featured two designs: “Carry-On” and “Checked.” Trunkster has implemented a completely different approach than a traditional suitcase as it doesn’t feature a zipper pocket and opens like a garage door.
Trunkster was valued at $30 million in 2015, which made it the most valuable startup.
|Founder||Jesse Potash and Gaston Blanchet|
|Product/Startup||Smart Bag With GPS, Scale, And Charging Station Built-in|
|Investment Seeking||$1.4 Million For a 5% stake in Trunkster|
|Final Deal||$1.4 Million For a 5% stake in Trunkster|
|Shark Who Invested||Lori Greiner and Mark Cuban|
|Episode Aired||Season 7 Episode 10|
|Business Status||Out of Business|
Who Is the Founder Of TrunkSter?
Jesse Potash and Gaston Blanchett founded Trunkster in 2014. The goal of Potash and Blanchett was to bring innovation and change to the luggage industry by adding modern components to the Trunkster.
The founder of Trunkster started a crowdfunding campaign on Kickstarter and IndieGoGo in 2015, which was highly successful. They could generate more than $3 million from more than 7000 individuals.
TrunkSter Before Shark Tank
Trunkster was founded in 2014 by Jesse and Gaston to create a smart suitcase that comes with modern features and gadgets to help travelers. They created Trunkster with a removable battery, USB charging port, GPS, and built-in scale.
They initiated a Kickstarter campaign to generate funding for Trunkster, generating $1.4 million from 7000 individuals. They were getting thousands of pre-orders on the Kickstarter platform as the campaign was super successful.
Next, the founder started another crowdfunding campaign on IndieGoGo to get investment for their product. The founders of Trunkster generated 2.7 million dollars from both campaigns in 2015.
Trunkster also won the Shopify Build a Business competition in 2015 which made the product super valuable. Further, they went to shark tank to get additional investment for their product.
TrunkSter On Shark Tank
Jesse Potash and Gaston Blanchett, two friends and founders of Trunkster, reached the shark tank to get additional funding for Trunkster production and distribution.
Jesse Potash and Gaston Blanchett appeared on Shark Tank requesting an investment of $1.4 million in exchange for a 5% stake in the Trunkster.
The duo started their presentation by displaying their product to the sharks. They showcased the Trunkster’s design and how it is a better alternative to the traditional suitcase.
They also displayed both versions of the Trunkster known as carry-on and Checkers.
The carry-on version featured a lightweight design and was meant for frequent flyers, while the checkers model is focused on checking in.
The sharks were highly pleased as the suitcase was manufactured using aircraft-grade aluminum to make it invincible.
However, Kevin O’ Leary was shocked by the amount they sought and even called the founders duo insane.
The founders of Trunkster informed sharks that they already had received $2.7 million in funding from the crowdfunding platform, and they had started producing 500 bags with the amount to be shipped by the end of December 2016.
The sharks went into a dilemma after hearing the valuation of Trunkster to be $28 million. However, the founder duo of Trunkster tried to convince the shark that Trunkster was worth $28 million.
Potash even stated that they were looking forward to generating sales worth $9 million with $6 million in profit by the end of 2016.
Mark Cuban noticed multiple issues with the pre-ordering and even thought about whether the founder duo was ready to handle such a large company.
Barbara was 2nd to leave the deal as she was confused with the product’s look. Robert Herjevec offered them $1.4 million for a 30% stake in Trunkster, bringing its value to $5-8 million.
Kevin offered to join hands with Robert, and when Robert declined to invest, Kevin offered $1.4 million for a 37% stake in Trunkster. The founder duo backed out.
They got another offering from Lori, who offered $1.4 million for a 15% stake in Trukster, while Cuban stated he was willing to negotiate his offerings.
Jesse and Gaston asked for some time to discuss among themselves and returned with Lori and Mark Cuban’s offer of $1.4 million for a 5% stake in Trunkster and doubled their stake if they do not pay their money back 2 years.
Lori and Mark both accepted the offers from Trunkster founders.
Final Deal: Lori Greiner and Mark Cuban agreed to invest $1.4 million for 5% to be repaid within 2 years in Trunkster.
Did TrunkSter Get a Deal on Shark Tank?
Yes, Trunkster, presented by its founder Gaston Blanchet, And Jesse Potash, secured Lori and Mark Cuban’s investment of $1.4 million for a 5% stake in Trunkster.
What Happened To Trunkster After Shark Tank?
Trunkster was supposed to deliver the products to the pre-ordered customers in January 2016. However, the company didn’t make any deliveries as promised by them.
Also, there is no news about whether the customers got their refund. There are a lot of complaints from the customers who pre-ordered Trunkster.
One of the founders of Trunkster, Jesse, has disappeared from the internet world while Gaston has launched humanity. Tv.
Many individuals pre-ordered the product and invested in crowdfunding have filed a lawsuit against the founders.
Is Trunkster Still in Business?
Trunkster seems to have ceased its operation as the product they promised to deliver in January 2016 are not yet been delivered.
One of the co-founders of Trunkster vanished from the internet world, while another started a new venture.
The lack of founders’ vision and experience cost thousands of people to waste their money.
Trunkster Business Model
TrunkSter has raised $2.4 million just from pre-orders. The crowdfunding campaign raised a total of $2.8 million.
According to the website, the carry-on model costs $495, and the checker model costs $535.
The bags are currently available for pre-order, but according to many reports, many users have yet to receive their orders, and many have received poor-quality products.
The Trunkster website stated that the carry-on model of Trunkster was priced at $495 while the checker model cost $535.
Trunkster suitcases are available for pre-orders; however, many customers claim they were not delivered even after making the full payment.
Why Did TrunkSter Fail?
Unfortunately, Trunkster’s creators and backers were caught up in fantasies about what the marketplace could have been, but the founders tried to bring it to life on their own and failed miserably.
Trunkster Shark Tank Update
Trunkster never completed the due diligence phase required to secure a deal with Lori and Mark.
They have disappeared completely since appearing on Shark Tank. Since they couldn’t ever meet with Lori and Mark, the deal was never done.
But, that was not the only problem that they had. Many other people have complained about the quality of their product too.
We can tell that they never delivered the products that people ordered. Many of the people who ordered the products never received them. Those who received the product did not like the quality.
Many people are demanding a refund from the company on their Kickstarter page. Several individuals are in the process of bringing a class action lawsuit against the company.
The worst is that the company that Jesse Potash founded appears to have disappeared. Gaston Blanchet left the company to work on a new project called Humanity.TV.
This is a social app that lets people interact with others who are curious, travelers, and adventurers.
Trunkster has deleted its websites and social media accounts. There is no way for anyone to contact the company anymore. Many are beginning to believe that Trunkster was a big scam.
Is Trunkster still in Business?
Trunkster appeared on SharkTank, but unfortunately did not make it to the final stage of the due diligence phase, and unfortunately, the deal fell through – neither Lori nor Mark was involved with the company.
The company Trunkster was hit by several difficulties while trying to get its business off the ground.
Trunkster was founded in 2009, but it became unprofitable after several difficulties. The founders are working on some new projects.
What Is the Net Worth of Trunkster?
The valuation of Trunkster was $28 million when it appeared on Shark Tank. The net worth of Trunkster is unknown as of 2022 since the company went out of business.