BoxLock Net Worth 2022 – What Happened After Shark Tank?
Boxlock is a company that sells Internet-Connected Padlocks to keep you extra secured.
The company was founded by Brad Ruffkess in 2018. Brad started a Kickstarter campaign and raised $54,000.
With high hopes and dreams, Brad entered the Shark Tank show in the hopes of securing a deal of at least $1,000,000 for 5% equity in the company. He pitched his idea to the sharks on the first episode of the 10th season but left without a deal.
What happened to BoxLock after the Shark Tank episode? Read on to find out!
Quick Facts About The BoxLock Shark Tank Company
BoxLock Shark Tank Episode |
Season 10 Episode 1 |
Business Type |
Internet-Connected Padlock For Access Control And Secure Storage Containment |
Owners |
Brad Ruffkess |
Asked For On Shark Tank |
$1,000,000 For 5% |
Offer Accepted On Shark Tank |
No/None |
Shark |
No Shark |
Status |
In Business |
Net Worth |
$17 million |
What Does The Box Lock Company Do?
BoxLock is a company that sells smart devices that are designed to protect packages delivered at home. The goal is to protect those boxes that are sitting on your porch when you’re not home that might be easy targets for thieves.
The BoxLock is a padlock that you put on a storage container and by using the scanner on the bottom of the BoxLock, a delivery person scans the tracking number on the package, which then unlocks the padlock.
You can watch this Youtube Video and learn more about the company and the brand or you can follow them on Instagram to stay up to date.
Check Out More Reviews
Overall Score: 92/100
How Was The BoxLock Idea Born?
Brad Ruffkess was simply just sick of thieves stealing packages from porches or left in front of people’s homes. So, he decided to find a solution to the problem.
Brad decided to put his knack for innovation to work in order to come up with a practical solution. He initially intended the product to be for individual use but found there is more value in business-to-business selling. Brad did his homework and The BoxLock was born.
What Offer Did They Walk Away With After Their Shark Tank Episode?
Brad entered the Shark Tank show seeking an investment of at least $1 million for 5% equity in his business. After his pitch, none of the Sharks were crazy about the valuation.
The shark, Lori Greiner, offered Brad a $1 million loan at 8% interest plus a royalty. Lori tried to get another Shark to go into the deal with her after Brad was trying to get a counteroffer, but could not do it. After Lori failed to counter offer Brad, she pulled back and left. Brad ended up with no deal made.
Where Is Box Lock Today?
After the Shark Tank episode, Brad went on to raise $4.5 million in March 2020 from former executives from DHL, Pitney Bowes, Amazon, and Microsoft.
The group said that they see enormous possibilities in addressing the $83 billion problems of parcel theft in the world. As of
November 2021, BoxLock has earned $13 million in yearly sales.
The Boxlock is available for purchase from online stores such as Amazon. You can also purchase it from various retail stores.
Check Out More Reviews
Overall Score: 92/100
