BoxLock Smart Lock Update | Shark Tank Season 10
Brad Ruffkess pitched his lock company during
If you’re short on time, here’s a quick overview of what happened to BoxLock after
Brad Ruffkess appeared on
| Shark: | Result: |
| Robert Herjavec | No offer |
| Kevin O’Leary | No offer |
| Lori Greiner | No offer |
| Mark Cuban | No offer |
| Jamie Siminoff | No offer |
Shark Tank BoxLock Update
- Entrepreneur: Brad Ruffkess
- Business: Smart technology padlocks
- Ask: $1,000,000 for 5% equity
- Result: No deal
- Shark: None
Brad Ruffkess brought his lock company, BoxLock, to
- WIFI ENABLED - Connects over 2.4GHz WiFi and Bluetooth Low Energy
- SHAREABLE ACCESS CODES - Share access by texting or e-mailing barcodes to friends or family for one-time use, multiple uses or specific dates
It can be used to lock up storage boxes on your porch, for deliveries to be set inside. The delivery driver simply uses the bottom of the lock, to scan the tracking number on the package.
Further, BoxLock automatically collects these tracking numbers from UPS, FedEx, and all the major carrier services.
If the barcode matches the information in the lock, the lock then opens. From there, access is given to the delivery driver, who can then place the package in the box, and lock it back up before leaving.
Brad’s invention is to help thwart porch pirates and other thieves from stealing deliveries from people, before they’re able to finally retrieve them.
Despite Brad’s valuation of $20 million for his company BoxLock, the sharks gave him an opportunity to justify the significant ask.
He started out by discussing some of his company’s initial costs. Brad explained how he has already spent more than $500,000 on research and development, a monetary figure that shocked each of the sharks.
Additionally, through Kickstarter, the company had only had around 800 sales, with each unit costing just around $100. According to the sharks, these sales numbers were certainly not very impressive, especially for a company that is supposed to be valued at nearly $20 million.
The sharks began bombarding questions to Brad in relation to the product awareness for delivery drivers. After failing to get an answer from him, they shifted their focus back to trying to understand how the company is worth the $20 million valuation.
Guest shark Jamie Siminoff, creator of Ring Doorbell, had a few things to say as a former
BoxLock however, requires the user to create a new behavior, and this is what he doesn’t like, combined with the high valuation. For these reasons, he is out.
Mark Cuban goes out next, primarily because he didn’t see a pathway to profitability and due to the fact that the company valuation was way too high.
Daymond John and Kevin O’Leary quickly followed, by dropping out due to the incredibly high valuation.
Lori Greiner made an initial offer of $1,000,000 as a loan in exchange for 2.5% in equity. She also said that one of the loan conditions would be to establish a royalty at an 8% interest rate, until she makes her investment back plus an additional $500,000.
After some intense negotiations, Lori Greiner ultimately dropped out and left Brad without a deal for BoxLock.
Was he able to succeed following his rejection in
While the company didn’t receive a deal on the show, it has managed to still stay in business. The company website states that they have integrated with some big brands, like UPS, Milwaukee, and DeWalt, just to name a few.
Despite not getting a deal on
Products are available on the BoxLock website, and on Amazon.
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!
For even more on companies and products, be sure to stop by our Season 10 products page!
Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!