BoxLock Smart Lock Update | Shark Tank Season 10

Let’s take a look at this BoxLock update from Shark Tank Season 10 Episode 1. Brad Ruffkess came into the shark tank asking for $1,000,000 in exchange for 5% equity in his company. The high valuation of his own company immediately sparked concern in the sharks, but that didn’t stop him from offering an intriguing pitch for his company that develops unique smart technology padlocks to protect packages.

 Shark Tank BoxLock Update

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

Despite Brad Ruffkess’ valuation of $20 million for his company Boxlock, the sharks gave him an opportunity to justify the significant valuation. 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.

BoxLock Smart Lock

• 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

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Through Kickstarter, the company had only had around 800 sales with each unit costing just around $100. These sales numbers were certainly not very impressive 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 to trying to understand how the company is worth the $20 million valuation.

Mark Cuban was one of the first to drop out of negotiations, 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 was the last shark available to Brad, and she ultimately 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 Ruffkess and his company without a deal.  Now let’s shift focus to our Shark Tank BoxLock update.  While the company didn’t receive a deal on the show, it has managed to still stay in business. The smart technology padlock is currently available mostly online.

BoxLock has achieved some success by managing to stay in business ever since its appearance on Shark Tank. With B2B as a primary focus in 2022, it’s very likely that the company will continue to grow in the next several years and beyond. While the company wasn’t able to secure an investment from a shark, other investors have been more willing to invest in BoxLock.

The company has managed to raise nearly $5 million from other investors since the company’s appearance in Season 10. So, it sounds like our future BoxLock update should be even better!

You can find the other company updates from Season 10 here:

• Bear Minimum Update
• FinalStraw Update
• LeGlue Update

Don’t forget to take a look at our Season 10 products page! We’ve got more company updates from Shark Tank Season 10.