BoxLock Smart Lock Update | Shark Tank Season 10

ByAndrew Smith

Brad Ruffkess came up with BoxLock after someone stole a package from his front porch. He realised this was a common problem, especially in cities where many people deal with missing deliveries. So, he created a smart padlock that only opens when a delivery driver scans the right tracking code, keeping the package safe until the owner gets home. Will the sharks help him lock in success? Find out in our BoxLock update and pitch recap.

If you’re short on time, here’s a quick overview of what happened to BoxLock after Shark Tank.

Brad pitched his smart technology padlocks on Shark Tank Season 10, seeking $1,000,000 for 5% equity. Ultimately, he walked away without a deal as the sharks had concerns about consumer delivery behavior and the company’s high valuation.

In terms of a BoxLock update, the company has grown to around $13 million in annual revenue and partnered with big names, like UPS, Milwaukee, DeWalt, and more.

SharkResult
Lori Greiner$1 million loan with 8% interest and a 2.5% equity + a $500,000 royalty structure
Jamie SiminoffNo offer
Kevin O’LearyNo offer
Daymond JohnNo offer
Mark CubanNo offer

 Shark Tank BoxLock Pitch

Shark Tank BoxLock update
  • Entrepreneur: Brad Ruffkess
  • Business: Smart technology padlocks
  • Ask: $1,000,000 for 5% equity
  • Result: No deal
  • Shark:  None

Brad brought his lock company, BoxLock, to Shark Tank, hoping to get a deal.

Right from the start, he highlighted a growing problem: package theft. He told the sharks that 30% of Americans have had packages stolen from their doorstep.

His solution was a smart padlock designed for deliveries, aiming to prevent what he called “porch piracy.”

During his pitch, Brad explained how BoxLock works. The lock is attached to a secure storage box on the customer’s porch.

When a delivery driver arrives, they scan the barcode on the package using the bottom of the lock. If the tracking number matches one of the packages scheduled for delivery, the lock opens.

The driver then places the package inside the box and locks it back up. The customer gets a notification through the BoxLock app confirming safe delivery.

To streamline the process, the lock integrates with major carriers like UPS, FedEx, and others, pulling in tracking data automatically.

Brad handed out samples and walked the sharks through a live demonstration.

He emphasized that the product didn’t require delivery companies to adopt new hardware, only a small shift in driver behavior.

Customers could buy BoxLock online, and it works with any lockable box they choose. The company also sells compatible boxes on its website and on Amazon.

However, the sharks quickly turned their attention to the company’s valuation. At a $20 million valuation, they wanted to understand how he arrived at that number.

Brad explained that he had already invested over $500,000 into research and development.

At that point, BoxLock had only made about 800 sales through Kickstarter, each unit priced around $100.

The sharks were unimpressed by the low sales figures and high burn rate.

Guest shark Jamie Siminoff, and founder of Ring, was the first to bow out.

He said, unlike Ring, which simply enhanced a doorbell, BoxLock required people, especially delivery drivers, to adopt a new process, which he saw as a major barrier.

Mark Cuban went out next, saying he didn’t see a clear path to profitability.

Daymond John and Kevin O’Leary followed, both citing the unrealistic valuation as the dealbreaker.

Lori Greiner offered a $1 million loan with 8% interest and a 2.5% equity, plus a royalty structure until she made back her investment and an additional $500,000.

Brad tried to negotiate, hoping to bring Jamie back in as a partner, but Lori backed out after those efforts fell flat.

In the end, Brad walked out without a deal.

Was he able to succeed following his rejection on Shark Tank? Keep reading our BoxLock update to find out

Shark Tank BoxLock Update

Our BoxLock update revealed that following the episode, website traffic surged. The team used that momentum to raise approximately $5 million in funding.

Investors included industry professionals from DHL, Amazon, Microsoft, and Pitney Bowes.

After the show, BoxLock shifted focus. While it originally targeted consumers, the company pivoted its focus to business clients.

In 2021, it launched enterprise locks and entered medical logistics. It partnered with companies like Parsyl and McShane Welding to improve tracking and delivery in healthcare.

As demand grew, BoxLock introduced new items, including Bluetooth Asset Gateways, barcode scanners, GPS trackers, and Cam Locks with built-in sensors.

These tools helped businesses manage access, monitor inventory, and track environmental conditions.

By the end of 2021, BoxLock reported about $13 million in annual revenue.

If we learn anything new about this company, we will certainly let you know.

In the meantime, you can check out our other company updates from Season 10 Episode 1, by following the links below!

Before you go, be sure to check out our list of all the Shark Tank Season 10 products.

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Andrew is a lifelong fan of Shark Tank and an entrepreneur at heart. He started Shark Tank Recap because he wanted a single place to track what happens to the companies, founders, and deals after they air on TV. With a sharp eye for business insights and a passion for all things Shark Tank, Andrew makes sure every recap is accurate, engaging, and fun.