BoxLock Shark Tank Net Worth 2023
The company’s success since its initial valuation of $10 million at the pitch has been phenomenal. With an annual revenue of $13 million in 2021 and continued growth, the company’s net worth has drastically increased to a whopping value of $17 million.
This demonstrates a remarkable increase within a few years, solidifying the fact that BoxLock is undoubtedly heading in the right direction as it continues to perform well and bring in more profits each year.
What is BoxLock? Who is the founder of BoxLock?
BoxLock is a smart lock that utilizes the manufacturer’s unique barcode to store and display the delivery information. By synchronizing with a smartphone app, the device can track the delivery and send notifications to the recipient via email, text, and push notification.
The inventor of BoxLock is Brad Ruffkess, a lifelong entrepreneur who graduated from Tulane University with a degree in Computer Science and Communications. He previously worked as the Lead Web Solutions Designer at FIGG Engineering Group in Tallahassee, Florida.
BoxLock, a corporation that produces the popular product, provides an additional layer of security in the form of GPS tracking, audit logs, and barcode scanning, allowing one-time access when connected to the user’s smartphone via Wi-Fi.
BoxLock is a “smart” lock that is compatible with any lockable container. To use the lock, the user downloads and syncs the companion app with the lock. When a delivery driver arrives with a package, they scan the barcode and verify the contents using the lock.
The driver then leaves the product in the box, locks it again, and the user is notified via the app that the delivery has been securely delivered.
Many delivery drivers appreciate BoxLock as it significantly reduces the number of “missed delivery complaints.” Package theft is a common problem for 42% of city inhabitants, 26% of suburban people, and 18% of rural residents.
BoxLock can help to solve this issue by bolting the receptacle to the user’s property to prevent burglars from stealing the entire receptacle.
BoxLock is an alternative to Amazon Key, which allows Amazon delivery drivers to unlock a recipient’s front door during a delivery, a solution that many people find unsatisfactory.
BoxLock is also less expensive than Amazon Key, costing $129 compared to Amazon Key’s roughly $300. Users can purchase a receptacle for the lock via Amazon or the company’s website.
In early 2018, Ruffkess launched his firm with a successful Kickstarter campaign that raised over $54,000. By August, most of the pre-orders had been fulfilled, and the backers expressed satisfaction with the product and the fulfillment process.
What Happened to BoxLock at Shark Tank pitch?
Brad decided to present his idea to the investors on Shark Tank in order to secure additional funding for expansion, despite his successful Kickstarter campaign. He appeared on the show seeking $1 million for a 5% stake in his company, which was valued at $10 million.
During his presentation, Brad explained his experience and argued his case, highlighting that 30% of Americans had fallen victim to porch pirates. He also demonstrated how his product worked and distributed lock samples.
During the discussion, Kevin made a joke about another entrepreneur who had entered the tank with an unrealistic valuation. However, none of the Sharks were particularly enthusiastic about Brad’s valuation. Jaimie was the first to opt-out, emphasizing the valuation and the need to change customer behavior.
Mark Cuban, Daymond John, and Kevin O’Leary also declined to invest, citing concerns about the value and the required training for delivery drivers.
Lori Grenier offered Brad a $1 million loan with an 8% interest rate and a royalty. However, when she was unable to bring Jaimie back into the deal, she declined Brad’s counter offer and left the pitch. Eventually, Brad departed the show without securing an investment deal.
What Happened to BoxLock after Shark Tank?
BoxLock is continuing to operate and expand, even though they didn’t finalize a deal during their pitch. Business plans are available for those who want to incorporate the product into their own businesses, and BoxLock products are still available for personal use.
You can purchase BoxLock directly from the company’s website, getboxlock.com, or through Amazon. In March 2020, the company raised $4.5 million from former executives at DHL, Pitney Bowes, Amazon, and Microsoft. Additionally, several board members have backgrounds in the maritime sector.
BoxLock is aiming to tackle the problem of parcel theft, which is estimated to be an $83 billion issue. The company has earned $13 million in yearly sales as of November 2021, demonstrating significant potential for growth.
Competitors of BoxLock
Encore Software Services, Ltr-leuter Talent Revolution, Culmen International, and Envoy are among BoxLock’s primary competitors.
Net Worth of BoxLock
The company was valued at $10 million during the pitch, since then the company has been performing well in sales with annual revenue of $13 million in 2021. This means that the company net worth has elevated.
BoxLock FAQs
What is BoxLock?
BoxLock is a smart lock that stores and displays the manufacturer’s unique barcode when a delivery is placed. It synchronizes with a smartphone app to track the delivery and notify the recipient via text, email, and push notification.
Who is the founder?
Brad Ruffkess was the founder of BoxLock, who is also the chairman of BoxLock.
How much was asking on Shark Tank?
BoxLock asked for $1 million in exchange for a 5% ownership in the company, which was valued at $10 million.
Did he get the deal?
No, he did not get a deal since none of the Sharks were overjoyed with the value.
How much is this device?
BoxLock is available for $129 on the website and Amazon.
Where can I buy BoxLock?
You can buy BoxLock directly from the company’s website, amazon.com, or getboxlock.com.
What is interesting about the BoxLock?
BoxLock is designed to be used with a large box with a lock on it. The recipient can choose to have his or her name and number printed on the inductor plate, creating a more personal connection between them and their parcel.
A human driver will arrive at the recipient’s house to unlock their box and then exit.
What is the BoxLock Barcode?
The barcode is what allows BoxLock to “see” and “talk.” It serves as the key to identifying the product being delivered and also allows it to access an individual’s device.
How does BoxLock work?
BoxLock links to a smartphone app, which is required to be downloaded in order to activate the device. Once the driver arrives at the front door and scans the barcode on the inductor plate, an alert is sent notifying the recipient of their delivery. The recipient can then unlock their box using their smartphone and sign for their delivery once verified.
Does Amazon use BoxLock?
BoxLock is compatible with UPS, USPS, FedEx, and Amazon deliveries. Other carriers’ tracking numbers can be utilized as one-time-use barcodes that can be manually entered as Packages.
What is a BoxLock shotgun action?
The BoxLock action is a hammerless action that dates all the way back to 1875. It is most typically utilized in double-barreled shotguns.
It was created by Anson and Deeley as a follow-up to the previous Westley Richards action. In a break-open action, the BoxLock action employs hidden, self-cocking hammers.
Is BoxLock scam?
No, the product is not a scam but it was pitched on Shark Tank where the company did not get a deal.
What is the net worth of Brad Ruffkess?
The founder of BoxLock Brad Ruffkess has an estimated net worth of $12 million.
