Trunkster Shark Tank Net Worth 2023
Trunkster is a smart luggage company that appeared on Shark Tank in 2015. The founders, Jessie Potash and Gaston Blanchet, requested an investment of $1.4 million for a 5% stake in the company.
Mark Cuban and Lori Greiner agreed to the deal with the added stipulation that their investment had to be repaid within two years. Trunkster was valued at $28 million when it appeared on Shark Tank, and had an estimated net worth of $30 million at the time.
The founders launched a successful crowdfunding campaign on Kickstarter and Indiegogo in 2015, raising more than $3 million from over 7000 people. However, the deal with Cuban and Greiner reportedly fell through after the show aired, and Trunkster is now out of business.
There has been no news about the business since its Shark Tank appearance which has left thousands of backers disappointed. As such, Trunkster’s current net worth is unknown.
What Is Trunkster?
In 2014, Trunkster was developed by Jesse Potash and Gaston Blanchett. It is a fashionable piece of luggage that features a USB charging port, GPS device, replaceable battery, and built-in scale. The main objective of Potash and Blanchett was to introduce innovation and revolutionize the luggage market by integrating current components into Trunkster.
Trunkster was designed to help travelers comply with the increased airline restrictions by providing better organization and maintenance options. Potash and Blanchett are designers at Breitling, a Swiss company that produces luxury watches and aviation equipment.
Working together, they have discovered new techniques in design and innovation. Potash hails from Ohio, where he honed his creativity by stitching designs onto old clothing and adding different accessories to them during his free time.
Who Is The Founder Of Trunkster?
Jesse Potash and Gaston Blanchett founded Trunkster in 2014. Potash and Blanchett objective was to bring innovation and change to the baggage market by incorporating current components into the Trunkster.
They launched a Kickstarter effort to raise funds for Trunkster, which raised $1.4 million from 7000 people. As the campaign progressed, they received thousands of pre-orders on the Kickstarter site.
Following that, the entrepreneur launched another IndieGoGo Crowdfunding campaign to raise funds for their project. In 2015, the founders were able to gather 2.7 million dollars from both campaigns.
Trunkster also won the Shopify Build a Business competition in 2015, which increased the product’s value significantly. They also went to Shark Tank to acquire further money for their invention.
What Happened To Trunkster At Shark Tank Pitch?
Potash and Blanchet decided to present their innovative suitcase concept to potential investors on Shark Tank to secure funding for expanding their product line.
During the presentation, Jesse and Gaston requested $1.4 million in exchange for a 5% stake in their company, which was valued at $28 million. They showcased the suitcase’s impressive features, but some of the Sharks were skeptical.
Mr. Wonderful criticized the product, while Robert made fun of their “millennial” approach. However, Kevin was interested in the company’s valuation, and they revealed that they had already sold $2 million worth of merchandise. Their pricing was 20% lower than the usual $395, and they aimed to ship 5000 units the following month. Trunkster predicted $9 million in sales.
Despite Kevin’s interest, Barbara thought the product was too masculine and bulky, and she declined to invest. Robert, however, saw potential and offered $1.4 million for a 30% stake, stating that he was not just investing, but going on a trip with them. Kevin wanted in on the deal, but Robert declined, offering $1.4 million for 37% ownership instead.
Lori believed the product had potential and wanted to invest, but she wanted the $1.4 million to cover 50% of purchase orders.
After some discussion, Jesse and Gaston countered with an offer of $1.4 million for 5% equity each, promising to repay the money in 24 months or quadruple the equity if they failed to do so. They also offered one dollar per unit in perpetuity.
After some negotiation, Mark and Lori accepted the deal, and the Sharks left the pitch with a promising investment opportunity.
What Happened To Trunkster After Shark Tank?
Trunkster made their debut on Season 7, Episode 10 of Shark Tank in 2015, where they struck a deal with Lori Greiner and Mark Cuban. The deal entailed giving up 5% of the company for $1.4 million, which valued the company at $28 million.
However, the deal ultimately fell through, and Lori and Mark are no longer involved with Trunkster. The company faced several challenges that hindered its ability to launch successfully.
Trunkster is no longer operational, and its founders have moved on to new ventures and jobs. Jesse Potash, one of the co-founders, is reportedly missing, while Gaston Blanchet, the other co-founder, has started a new project called Humanity.TV, which is a mobile app and interactive documentary for adventurers, explorers, and travelers.
Unfortunately, due to poor communication and lack of transparency, many of Trunkster’s supporters who had invested in the company have been left without their bags and without any means of obtaining a refund. Some of the backers have even discussed the possibility of filing a class-action lawsuit against the founders.
As of 2021, no refunds have been issued. Gaston Blanchet has been working at Story pod since June 2020 and ironically raised almost $240,000 on Kickstarter to start the business.
Competitors of Trunkster
The company competes with the following competitors in the market space; Tumi, American Tourister, Everki, Raden, and Travelpro.
Net Worth of Trunkster
The company was valued at $28 million during the pitch. The company net worth is estimated at $10 million.
Trunkster FAQs
What is Trunkster?
Trunkster is a company that produces and sells stylish suitcases. It has a team of designers and craftsmen who manufacture the products.
Who is the founder?
Jesse Potash and Gaston Blanchet founded Trunkster in 2014.
How much were they asking of Shark Tank?
They requested $1.4 million from the Sharks for a 5% stake of the company. The company was valued at $28 million when they pitched it on Shark Tank
Did they have the deal?
Yes, the company got the deal with Lori and Mark. They have not gotten the deal since then.
How much is the deal?
The Sharks offered $1.4 million for a 5% stake of the company each, but they never closed the deal.
Is Trunkster still in business?
No, the company is no longer in operation, and the founders have moved on to new initiatives and jobs.
What is the mission statement of Trunkster?
The founders want to provide a new experience to customers, where they can stay organized while travelling.
How do you use a Trunkster?
Users can pack, stack and save; be sure their box is protected from all sides, including corners, using patented Safe-T-Cap Design.
How much are they worth?
Their net worth is estimated at $10 million since the show aired.
Who are their competitors?
Tumi, American Tourister, Everki, Raden, and Travelpro are some of their competitors in the market space.
Was Trunkster a good investment?
No, the company is no longer in operation, and the founders have moved on to new initiatives and jobs.
Where was the Trunkster located?
Trunkster is based in Chicago, IL.
Was Trunkster profitable?
No, the company is no longer in operation, and the founders have moved on to new initiatives and jobs.
How did Trunkster get funded?
The team raised almost $250,000 on Kickstarter to get the business off the ground.
How can I contact Trunkster?
Customers can send an email to [email protected]goTrunkster.com to get in touch with them. There is no other contact option for customers at present.
What is the net worth of Jesse Potash?
Jesse Potash net worth is unknown.
What is the net worth of Gaston Blanchet?
Gaston Blanchet net worth is unknown.
