LocTote Shark Tank Net Worth 2023
Don and Adam entered the Shark Tank looking for $150,000 in exchange for a 5% stake in their company, which had a valuation of $3 million.
After Robert offered them $150,000 for 10% plus a royalty of $10 per bag, valuing their company at $1.5 million, they accepted the offer.
Their venture has been successful since July 2022, with the sales of their bags exceeding $6 million even though they haven’t gotten into any big retailers yet; instead, they sell them directly off their website and on Amazon.
As of February 2023, the business was still operational generating annual revenue of about $1 million.
What is LocTote?
The LocTote backpack/tote is a highly secure product that can resist slashing and be locked to deter theft. It is designed to be five times more cut-resistant than Kevlar and includes brass locks and an RFID-blocking liner to prevent unauthorized reading of credit cards.
The founders of LocTote are Adam McBride and Don Halpern. Halpern has had a varied career, beginning with chemistry studies in college before earning an MBA. He then worked on Wall Street, in management consulting, a specialty consulting firm, and even attended culinary school before following his passion for invention.
The idea for LocTote came to Halpern when his wallet was stolen while he was swimming on vacation in St. Croix. He searched for a bag that he could secure to a fixed object and use to store his valuables without fear of theft but found nothing suitable. So, he decided to create the product himself.
Halpern launched a Kickstarter campaign for $18,000, which exceeded all expectations by raising over $855,000, making it the highest-earning Kickstarter campaign for a bag at the time. The overwhelming public support demonstrated the demand for such a product and signaled the company’s future success.
What happens to LocTote at the Shark Tank Pitch?
Halpern founded the company by launching a successful Kickstarter campaign that raised $855,094. They also raised $617,347 in a second IndieGoGo campaign, totaling $1,472,441. The bags are manufactured in New Albany, Ohio, and are priced at $179, with plans for various other versions.
Don and Adam sought a $150,000 investment for a 5% stake in their company on Season 8 Episode 22 of Shark Tank. This implied a valuation of $30 million. They shared their story and provided samples, including a box cutter with each bag to demonstrate their durability.
The Sharks were impressed that the bags couldn’t be cut apart and surprised by the amount of money raised on the two crowdfunding sites, as well as the $1.4 million in sales.
Daymond wasn’t interested, Mark was unsure of the market, Robert didn’t see a market, and Lori was unsure about the bag’s cutting issue and high pricing. Kevin offered $150,000 for a 10% stake plus a $10 royalty per bag until he recouped $450,000.
The boys countered with a $150,000 investment for 10% and the same royalty terms until Kevin recouped the $150,000. Robert later joined the deal.
LocTote after the Shark Tank Pitch
Robert’s contract was left unfinished as they ran out of stock shortly after the original air date.
In response to customer feedback expressing a willingness to sacrifice some slash protection for a lighter and more affordable bag, LocTote created the Flak Sack SPORT after their appearance on Shark Tank.
According to Halpern, LocTote had no interest in producing an ineffective product that was only lighter and cheaper. As a result, they went back to the drawing board.
The Flak Sack SPORT not only weighs less but is also $89 cheaper than the original. Honeywell’s Technology Museum in Washington, D.C. has recently added the Flak Sack to its collection.
Despite not being carried by any major retailers, the company has sold over $6 million worth of bags as of November 2021. They continue to sell directly through their website and Amazon.
LocTote Net Worth
Don and Adam enter Shark Tank searching for $150,000 for a 5% stake in their company. This indicates a $30 million valuation. They accepted an offer from Robert of $150,000 for 10% + $10 royalty per bag thus valuing it at $1.5 million.
LocTote Competitors
Loctote’s primary competitors are XD Design, RiutBag & Pacsafe.
Loctote Shark Tank Updates
Loctote is a theft-proof bag brand that appeared on Shark Tank in Season 8 Episode 22. The founders, Adam McBride, and Don Halpern pitched their product seeking $150,000 for 5% of their business.
They demonstrated the durability of their bags by handing out samples and box cutters to the Sharks, encouraging them to try to cut the bags open.
The Sharks were unable to cut the bags open, and the founders received an offer from Robert Herjavec for $150,000 for 10% equity plus $10 per bag. However, the deal with Robert never closed.
As of February 2023, Loctote is still in business with annual revenue of around $1 million. The company has sold over $6 million worth of its bags and still sells directly off its website and on Amazon.
The founders never got into any big retailers. Loctote’s appearance on Shark Tank helped the company gain exposure and launch its product.
Summary Table: LocTote Shark Tank
| PROPERTY | DETAILS |
| Company name | LocTote |
| Founders | Adam McBride and Don Halpern |
| Product | Theft-proof backpack/tote designed to resist slashing and deter theft |
| Valuation | $3 million pre-Shark Tank; $1.5 million post-Shark Tank with Robert’s offer |
| Investment | $150,000 for 10% equity plus $10 per bag royalty from Robert on Shark Tank |
| Competitors | XD Design, RiutBag, Pacsafe |
| Sales | Over $6 million worth of bags sold as of November 2021 |
| Revenue | Approximately $1 million in annual revenue as of February 2023 |
| Retailers | Not in any major retailers, direct sales on the website and Amazon |
| Updates | Created Flak Sack SPORT after Shark Tank appearance; Robert deal unfinished |
LocTote FAQS
What Is Loctote And Use Its Use?
LOCTOTE is a brand that produces anti-theft bags designed to protect belongings from theft. The founder of LocTote is Donald Halpern.
The bags are lockable, slash-proof, water-resistant, and RFID-blocking. The bags are made with proprietary materials and manufacturing methods, making them the most slash-resistant bags in the world.
The bags come with a solid brass combination lock that enables the bag to be locked shut when worn, making it 100% pickpocket-proof. The bags also have a locking mechanism that allows them to be locked to a fixed object for added security.
LOCTOTE bags are versatile and can be used in various situations. They are suitable for a day at the beach, where they can be secured to a beach chair, allowing the owner to go for a swim without worrying about their belongings.
The bags are also suitable for the gym, where they can be used to store valuables while working out. LOCTOTE bags are also suitable for shopping, where they can protect belongings while out and about town.
The bags are soft and comfortable to sling over the shoulder, making them an invaluable companion.
LOCTOTE bags are made with Flaknit® and steel-reinforced slash-resistant straps, making them like portable safes for belongings. The bags are designed to protect against cut-and-run theft and bag-slashing attacks.
The bags also have a stab-proof side seam. The bags come in different styles, including drawstring backpacks, messenger bags, and sling bags.
What Happened to Loctote After Shark Tank?
LocTote, a company that produces ultra-secure backpacks and totes, appeared on Shark Tank in Season 8 Episode 22. The founders, Adam McBride, and Don Halpern asked for $150,000 for 5% of their business.
Robert Herjavec offered $150,000 for 10% equity plus $10 per bag. Kevin O’Leary also made an offer, proposing a royalty deal of $150,000 for 10% equity and a $10 royalty per bag until he makes $450,000. The founders accepted Kevin’s offer, but he asked them to stay digital.
After the show, the deal with Robert never closed. However, the company sold out of inventory after the original air date. As of July 2022, LocTote is still in business and has sold over $6 million worth of their bags. They never got into any big retailers, but they still sell directly from their website and on Amazon.
How Much Was Loctote Asking In The Shark Tank?
Adam McBride and Don Halpern, the founders of Loctote, appeared on Shark Tank in Season 8 Episode 22. They asked for $150,000 for 5% equity in their business.
During their pitch, they handed out samples of their ultra-secure backpack/tote and encouraged the Sharks to try to cut the bags open with box cutters. The Sharks were unable to cut the bags open, and when Don told them the price of the bags – $179 – they were shocked.
The Sharks started coming in fast and strong with their criticism. Robert Herjavec and Daymond John didn’t see the application of the product in a casual setting so they went out.
Mark Cuban followed because he didn’t think that the company could sustain itself in the long term. Lori Greiner pointed out that the bags were expensive and suggested that the founders should consider lowering the price.
In the end, Robert Herjavec made an offer of $150,000 for 10% equity in the business, with a $10 per bag royalty until he recoups $150,000. The founders accepted the offer, and Loctote has since become a successful business, with over $1.4 million in sales.
How Much Did Loctote Get?
LocTote Industrial Bag Co. appeared on Shark Tank in 2017, asking for $150,000 for 5% equity. The company’s founders, Adam McBride and Don Halpern, pitched their theft-proof bag company, which is water-resistant, lockable, and theft and slash-proof.
The Sharks were impressed with the product and its durability, but Lori Greiner pointed out that the price point was too high.
In the end, Kevin O’Leary offered $150,000 for 10% equity and a $10 royalty per bag until he recoups $450,000. However, Robert Herjavec jumped in to steal Adam and Don’s counter to Kevin, which they ultimately accepted.
As of February 2023, LocTote is still operational and generating an annual revenue of about $1 million. Despite not being carried by any major retailers, the company has sold over $6 million worth of bags as of November 2021.
The bags are priced at $179, and the company also sells combination locks, as well as replacement drawstring ropes.
How Much Does A Loctote Cost?
The original Loctote bag costs $179. This price shocked the Sharks on Shark Tank, but the creators explained that the proprietary fabric used to make the bag is expensive and it costs $75 to make each bag.
The Loctote website also sells other models of bags, such as the Sling Bag, Mini Cinch Backpack, and RFID Passport Case, which range in price from $189 to $199.
In a review of the Loctote Flak Sack II and AntiTheft Sack 3L, the Dream Big Travel Far Blog recommends buying Loctote bags directly from their website or Amazon store.
The website may offer a wider range of products depending on the location. The review does not mention the exact price of the bags, but it does question whether they are worth the price tag.
Where Can They Buy Loctote?
Loctote is a brand that specializes in making anti-theft bags that are lockable and slash-resistant. They offer a range of products, including the Flak Sack II, AntiTheft Sack 3L, and Cinch Pack.
The Flak Sack II is their most popular product, a drawstring bag made of innovative slash-resistant materials.
The best place to buy Loctote bags is either directly from their website or their Amazon store. They also sell their products on other retailers’ websites, including Home Depot and Walmart. Depending on the location, they may sell a wider range of products directly from their website.
Is LocTote waterproof?
Their bags have a water-resistant nylon lining and a spacious tablet-sized water-resistant internal pocket with an Aqua guard zipper to keep their belongings as dry as possible.
Is it possible to wash the bag?
They recommend hand washing with a light detergent.
Are the bags heavy?
No. Their fabric has the same physical weight as strong canvas or nylon, but their bags are considerably softer and more flexible. The Flak Sack weighs 1 pound and 7.25 ounces, while the lock weighs 3.75 ounces.
Why don’t they call these cut-proof bags?
Their bags are composed of the world’s most superior slash-resistant fabric. They are extremely tough to cut, but they can be.
Are the bags stiff, rough, or scratchy?
No, not at all.
Why do their bags cost so much?
They don’t scrimp on anything, as they’ve undoubtedly figured out by now. They only use the highest quality cloth, thread, metal, straps, rope, leather, and labor. All of this is incredibly pricey.
Where is LocTote located?
Loctote’s headquarters is located in Blacklick, Ohio, USA
Is there any warranty?
For two years from the date of initial purchase, all LocTote items purchased directly from this website are promised to be free of faults in material and workmanship.
This guarantee excludes deliberate damage, accidental damage, damage caused by inappropriate usage, natural wear, and tear, poor treatment, damage caused by a common carrier, loss of use, and other consequential damages.
LocTote Industrial Bag Co. was started in what year?
It was formed in 2015.
LocTote Industrial Bag Co. works in what industry?
LocTote Industrial Bag Co. is a company that works in the Consumer Goods industry.
What are the strengths of LocTote?
LocTote comes with its own combination lock
What are the weaknesses of LocTote?
LocTote is a bit pricey for the everyday consumer.
What is the net worth of Adam McBride?
Unknown.
What is the net worth of Done Halpern?
Unknown.
