LocTote Shark Tank Update | LocTote after the Shark Tank Pitch
What is LocTote?
LocTote is an incredibly secure backpack/tote that is resistant to slashing and can be locked to prevent theft.
These bags are five times more resistant to cutting than Kevlar, include brass locks, and an RFID-blocking liner that prevents credit cards from unauthorized reading.
Donald Halpern has donned numerous hats before to embarking on his LocTote voyage.
He began college as a chemistry student and graduated with an MBA.
He worked on Wall Street, then at a management consulting business, a specialty consulting firm, and culinary school before allowing his love for inventing to steer him.
Halpern got the idea for LocTote while on vacation with his family in St. Croix. While he was swimming, he noticed someone take his wallet.
He instantly began hunting for a bag that he could fasten to a fixed object and use to store all of his critical goods without fear of theft. When he couldn’t find anything that suited him, he decided to create it himself.
He launched a Kickstarter campaign for $18,000, which earned more than $855,000 and became the highest-earning Kickstarter campaign for a bag at the time.
The overwhelming public support validated the demand for such a product and projected the company’s future success.
Who is the Founder of LocTote?
Adam McBride and Done Halpern.
What happen to LocTote at the Shark Tank Pitch?
Halpern launched the company with a massively successful Kickstarter campaign that raised $855,094.
They collected another $617,347 in a second IndieGoGo campaign, for a total of $1,472,441. The bags are manufactured in New Albany, Ohio.
The initial bag costs $179, but several variants are in the pipeline.
Don and Adam appear on Shark Tank Season 8 Episode 22 in search of $150,000 for a 5% stake in their company. This indicates a $30 million valuation. They share their narrative and provide samples.
They give out box cutters with each sample and urge the Sharks to try to cut the bags apart. They are unable to.
The Sharks are taken aback when Don informs them the fee is $179. The cloth, which is a proprietary fabric, is pricey. Each bag costs $75 to create.
Because their US manufacturer couldn’t grow, they utilized their Kickstarter funds to move manufacturing overseas. The Sharks can’t believe how much money they raised on the two sites. They’re even more surprised that they’ve made $1.4 million in sales. The Sharks start going out after asking the lads about their histories.
Daymond is the first to respond, indicating that he does not notice the application.
Mark isn’t sure how they’ll sell it, so he’s out.
Robert isn’t seeing the market, therefore he’s out.
Lori is out since she is unsure about the bag cutting issue and does not like the pricing point.
Kevin offers $150,000 for 10% plus a royalty of $10 each bag until he recoups $450,000.
The boys react with $150,000 for 10% with a royalty of $10 each bag until he recoups the $150,000.
At this time, Robert enters the fray and declares he’ll take the bargain.
LocTote after the Shark Tank Pitch
The contract with Robert was never completed. They ran out of stock shortly after the original air date.
LocTote has created the Flak Sack SPORT since Shark Tank in response to consumers who stated that they were “ready to give up some slash protection for a lighter and cheaper cost bag.”
“We had no interest in producing a product that didn’t work only to make it lighter and cheaper,” Halpern says.
“With that, we returned to the lab.” Flak Sack SPORT is not only lighter, but also $89 cheaper (see link above).
The Flak Sack from LocTote was just welcomed into Honeywell’s Technology Museum in Washington, D.C. (Honeywell is the company LocTote works with to make the Flak Sack textile).
As of November 2021, the firm is still in operation and has sold over $6 million in bags. They were never accepted by any major stores, but they continue to sell directly through their website and on Amazon.
LocTote Net Worth
Don and Adam enters Shark Tank searching $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 FAQS
What is LocTote?
LocTote is a slash-proof drawstring purse with its own combination lock.
Who is the founder of LocTote?
Adam McBride and Done Halpern.
How much were they asking in the Shark Tank?
LocTote were asking $150,000 for 5%stake of the company.
How much did they get?
They secure an investment of $150,000 for 10% stake plus $10 royalty per bag until he recoups $150,000 from Robert.
How much does a LocTote cost?
A LocTote is $179 and a Flak Sack Sport is $89.
Where can they buy LocTote?
LocTote can only be bought online and on Amazon.
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 labour. All of this is incredibly pricey.
Where are 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 strengths of LocTote?
LocTote comes with its own combination lock
What are 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.
