Trunkster Shark Tank Update| Trunkster after Shark Tank
What is Trunkster?
Trunkster is a stylish luggage with a USB charging port, GPS device, changeable battery, and built-in scale. Jesse Potash and Gaston Blanchett developed Trunkster in 2014.
Potash and Blanchett objective was to bring innovation and change to the baggage market by incorporating current components into the Trunkster.
The Trunkster Luggage was created to help organize and maintain increased airline restrictions by using current components.
Potash and Blanchett are both designers for Breitling, a Swiss manufacturer of luxury watches and aviation equipment.
Through their work together, Potash and Blanchett have discovered new methods in design and innovation.
Potash is from Ohio where he learned to be creative with his spare time by threading designs onto old shirts or pants then gave them different accessories.
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 pitch their suitcase idea to Shark Tank investors in order to raise funds to expand their inventory. Jesse and Gaston enter the pitch asking $1.4 million for a 5% ownership in their company, which is valued at $28 million.
They present the case and discuss its smart features. Mr. Wonderful smashes it about as Robert mocks their millennial attitude as the sharks attentively investigate it.
Kevin is curious as to where they derive their valuation. They’ve already sold $2 million worth of stuff. Their price is around 20% of the normal price of $395, and they want to ship 5000 units next month. Trunkster expected to make $9 million in sales.
Lori thinks it’s a big ask. Kevin claims it is not a $28 million corporation; Robert claims it is worth $8 million.
They claim they won’t do $1.4 million for 30%, and Kevin says no one would give them a 28 million value; he wants to know if they’re willing to move on that amount. Jesse claims that they are willing to bargain.
Barbara believes it’s excessively manly and hefty, and that customers haven’t tried it; she’s out. Robert believes there is something there and offers $1.4 million for 30% equity shares, stating that it is not an investment and that he is going on a trip with them.
Kevin wishes to join Robert in the transaction, but Robert declines. Kevin offers $1.4 million in exchange for 37% equity.
Lori believes she can accomplish a lot with this, but she will spend $1.4 million to pay 50% of purchase orders. When Mark performs the arithmetic, he claims it doesn’t come up with huge amounts.
They counter Lori and Mark with $1.4 million for 5% equity shares each, with a promise that the money will be reimbursed in 24 months or they will quadruple the equity if they do not pay it back, plus they offer one dollar per unit in perpetuity.
Mark and Lori accept the offer and leave the pitch with a deal.
What Happened to Trunkster after Shark Tank?
Trunkster debuted on Shark Tank Season 7 Episode 10 in 2015, when they reached a deal with Lori Greiner and Mark Cuban for $1.4 million in exchange for 5% stake, valuing their firm at $28 million.
Unfortunately, the deal did not go through, and neither Lori nor Mark are still engaged with Trunkster. Trunkster encountered a variety of challenges that hampered their ability to launch the firm.
The firm is no longer in operation, and the founders have moved on to new initiatives and jobs.
Jesse Potash, Trunkster co-founder, appears to be missing, while Gaston Blanchet, Trunkster other co-founder, has left the firm to embark on a new project called Humanity.TV — a mobile app and interactive documentary for adventurers, explorers, and travelers.
Due to a lack of communication and openness, hundreds (perhaps thousands) of funders have been left without their bags and without recourse for a refund. Some supporters have even discussed filing a class action lawsuit against the founders.
There have been no refunds as of 2021. Gaston has appeared and has been working at Story pod since June 2020. In an ironic twist, he raised almost $240,000 on Kickstarter to get the business off the ground.
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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.
