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.
Trunkster was founded by Gaston Blanchett and Jesse Potash. The founders planned to design and develop a smart suitcase that could be controlled with a smartphone app.
Trunkster suitcase features two design options known as “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 different designs known as “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 5% stake in Trunkster|
|Final Deal||$1.4 Million For 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 into the Trunkster.
The founder of Trunkster started a crowdfunding campaign on Kickstarter and IndieGoGo in 2015, which was highly successful. They were able to 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 founder duo was able to generate 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 close friends and founders of Trunkster, reached the shark tank to get additional funding for Trunkster production and distribution.
The duo appeared on episode 1 and Season 7 of Shark Tank seeking an investment of $1.4 million for a 5% stake in the Trunkster.
The duo started their presentation by displaying their product to the sharks. The showcased how the design of Trunkster was and how is Trunkster 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 were seeking and even called the founders duo insane.
The founders of Trunkster informed sharks that they already had received $2.7 million funding from the crowdfunding platform, and they had started production of 500 bags with the amount which were 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 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 look of the product. Robert Herjevec offered them $1.4 million for a 30% stake in Trunkster which brought 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.
Did TrunkSter Get a Deal on Shark Tank?
Yes, Trunkster, presented by its founder Gaston Blanchet, And Jesse Potash, secured Lori and Mark Cuban 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 customers who pre-ordered 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 money or not. 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 who pre-ordered the product and invested in crowdfunding have filed a lawsuit against the founders.
TrunkSter Revenue Model
The company 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.
Let’s take a closer look at the company’s profit. Since its appearance on Shark Tank, the company has not made any news, leaving thousands of backers unhappy.
Is Trunkster Still in Business?
Trunkster seems to have ceased its operation as the product they promised to deliver in January 2016 are yet not 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 raised about $2.4 million from the pre-orders and more than $2.8 million from their crowdfunding campaign.
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 that 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.