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 Shark Tank Updates

BoxLock is a smart padlock that secures online deliveries by locking the box that can be kept outside your house and can help you prevent package thefts.

The founder, Brad Ruffkess, appeared on Shark Tank in Season 10 Episode 1, seeking $1 million for 5% of his access control technology. Despite his valuation of $20 million for his company, BoxLock, the sharks did not make a deal with him.

However, BoxLock is still in business and continues to grow. In March 2020, the company raised $4.5 million from former executives at DHL, Pitney Bowes, Amazon, and Microsoft.

Many members of the company’s board of directors came from the shipping industry, and they see tremendous opportunity in curbing the $83 billion package theft problem.

After their Shark Tank appearance, BoxLock moved to the B2B side, where they are trying to help businesses by making their supply chain more accountable, reliable, and efficient.

Title: BoxLock Shark Tank

COMPANY	BOXLOCK
Founder	Brad Ruffkess
Product	Smart lock for packages
Features	Barcode scanning, GPS tracking, audit logs, one-time access
Competitors	Encore Software Services, Ltr-leuter Talent Revolution, Culmen International, Envoy
Shark Tank	No deal
Valuation at Pitch	$10 million
Annual Revenue (2021)	$13 million
Net Worth (2023)	$17 million
Funding	Raised $4.5 million in March 2020
Mission	Tackle parcel theft
Available for Purchase	Yes, on getboxlock.com and Amazon

BoxLock FAQs

What Is BoxLock And How Does It Work?

BoxLock is a smart lock that can be used for access control and securing any storage container that accepts a standard padlock. The lock uses barcode scanning to secure unattended deliveries to residences and businesses.

The smart padlock unlocks when out-for-delivery packages are scanned with BoxLock’s proprietary barcode technology.

The lock is Wi-Fi-enabled and has a built-in scanner that lets delivery agents secure packages in a storage box where would-be thieves can’t see or get to them. The lock requires cooperation from all the major delivery companies and their drivers.

BoxLock is the world’s leading Supply Chain Access Control Platform that provides operational control, inventory management, and audit logging capabilities for leading healthcare, construction, transportation, and warehousing companies.

It offers real-time inventory management and increased visibility into operations, leading to improved efficiency, accountability, and customer satisfaction. The lock costs $129.

Who is the founder?

Brad Ruffkess was the founder of BoxLock, who is also the chairman of BoxLock.

How Does BoxLock Prevent Package Theft?

BoxLock prevents package theft by providing an app-based lock that connects with delivery companies to secure packages in a storage container where would-be thieves can’t see or get to them.

The lock can be placed on a container where delivery people stow packages, and only the owner and the deliverer can open the padlock. The BoxLock is designed to prevent theft of delivery packages left by the front door, and packages are protected from bad weather.

The lock has a built-in scanner that lets delivery agents secure packages in a storage box. The BoxLock is a Wi-Fi-enabled smart padlock that requires cooperation from all the major delivery companies and their drivers to eliminate package theft.

What Was The Outcome Of The BoxLock Shark Tank Pitch?

BoxLock appeared on Shark Tank in Season 10 Episode 1, where founder Brad Ruffkess pitched the company’s smart technology padlocks and sought $1 million for 5% equity.

However, the sharks did not make a deal with Ruffkess, and he left the show without securing an investment.

Despite this setback, BoxLock has continued to stay in business and grow, raising $4.5 million in funding from external investors, including former executives at DHL, Pitney Bowes, Amazon, and Microsoft.

The company has also shifted its focus to the B2B side, helping businesses make their supply chain more accountable, reliable, and efficient. As of 2023, BoxLock’s net worth is estimated to be $17 million, with an annual revenue of $13 million in 2021.

What Happened To BoxLock After Its Appearance At The Shark Tank?

BoxLock has managed to stay in business and has raised $4.5 million in funding from former executives at DHL, Pitney Bowes, Amazon, and Microsoft after its appearance on Shark Tank.

The company has moved to the B2B side, helping businesses make their supply chain more accountable, reliable, and efficient. BoxLock’s smart technology padlock is currently available for purchase and is designed to prevent package theft when used with a storage container.

The lock can be opened using a mobile app, and it can also be integrated with Amazon Key for in-home delivery. The company’s board of directors includes former executives from DHL, Pitney Bowes, Amazon, and Microsoft. They see tremendous opportunity in curbing the $83 billion package theft problem.

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.

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.