What Happened to BoxLock After Shark Tank?
What is BoxLock?
BoxLock is a smart lock that maintains and exhibits the company’s exceptional barcode when a delivery is placed. It connects to a smartphone app to track delivery and alert the receiver by text, email, and push notification.
BoxLock was created by Brad Ruffkess, a lifelong entrepreneur. Brad received his bachelor’s degree in computer science and communications from Tulane University in 2000 and went on to work as the Lead Web Solutions Designer at FIGG Engineering Group in Tallahassee, Florida.
When linked to a person’s smartphone through Wi-Fi, the gadget, in conjunction with its associated software, can provide an extra layer of security in the form of GPS tracking, audit logs, and one-time barcode scanning.
BoxLock is a firm that produces the BoxLock, a well-known product of the same name. BoxLock, as opposed to the market’s standard mechanical locks, functions as a “smart” lock.
Who is the founder of BoxLock?
BoxLock was created by Brad Ruffkess, a seasoned entrepreneur. Brad received his bachelor’s degree in computer science and communications from Tulane University in 2000 and went on to work as the Lead Web Solutions Designer at FIGG Engineering Group in Tallahassee, Florida.
Box Lock works with any lockable container. The lock’s companion app is downloaded and synchronized with it. When a delivery driver arrives with a package, he or she scans the bar code and uses the lock to verify the contents.
The driver opens the lock, removes the merchandise from the box, and then re-locks it. The consumer is then alerted via the app that the delivery was successfully completed.
This gadget is popular among delivery drivers since it greatly lowers the frequency of “missing delivery complaints.” Package theft has been reported by 42 percent of city dwellers, 26 percent of suburbanites, and 18 percent of rural residents.
This problem may be solved by using the BoxLock. To prevent robbers from walking away with the entire receptacle, the company recommends fastening the receptacle to your property.
This gadget is meant to be a replacement for Amazon Key, which allows Amazon delivery drivers to unlock a recipient’s front door during a delivery.
For obvious reasons, many people find that arrangement unsatisfying. BoxLock is also cheaper than Amazon Key.
The lock is $129, but the Amazon Key is over $300. Of course, you’ll still need to buy a Box Lock receptacle, which you can do through Amazon or the company’s website.
Ruffkess started his company in early 2018 with a successful Kickstarter campaign that collected little over $54,000. The majority of pre-orders had been filled by August.
In general, funders were pleased with both the goods and the delivery. Too often, Kickstarter initiatives fail to fulfill items on time.
What Happened to BoxLock’s Shark Tank Pitch?
Despite the success of his Kickstarter campaign, Brad chose to pitch his idea to Shark Tank investors in order to acquire more funds for growth.
Brad entered the Shark Tank seeking $1 million in return for a 5% stake in his company, which worth $10 million.
He tells his story and makes his case, stating that 30% of Americans have become victims of porch pirates. He shows how it works and gives out lock samples.
Kevin cracks a joke about another entrepreneur who came in looking for a ridiculous valuation.
The Sharks aren’t happy with the price. Jaimie was the first to exits, highlighting the importance of valuation and the truth that consumer behavior must be changed.
Mark Cuban, Daymond John, and Kevin O’Leary all agree, citing the valuation and training curve of delivery drivers as arguments.
Lori Grenier offers Brad a $1 million loan at 8% interest plus a royalty, but when she was unable to present Jaimie, she declines Brad’s counter-offer and exits. Brad finally left the pitch without striking a deal.
What happened to BoxLock After it was rejected by Shark Tank?
Despite the fact that the presentation did not result in a transaction, BoxLock is still in business and expanding.
Business plans are currently available for fellow entrepreneurs interested in implementing the product into their own firms, while solo items are still accessible for individual and personal use.
BoxLock may be purchased at the company’s website, getboxlock.com, or from Amazon.
In March 2020, the business secured $4.5 million from former executives from DHL, Pitney Bowes, Amazon, and Microsoft. Several members of the corporation’s board of directors are from the marine industry.
They see significant opportunities in tackling the $83 billion package theft problem. The company’s annual revenues were $13 million as of November 2021.
The company’s annual revenues were $13 million as of November 2021.
BoxLock’s primary competitors are Encore Software Services, Ltr-leuter Talent Revolution, Culmen International, and Envoy.
BoxLock’s Net Worth
During and after the pitch, the firm was valued at $10 million; since then, the company has been performing well in sales, with annual revenue of $13 million in 2021.
What are the benefits of using BoxLock?
BoxLock is a security device that allows users to monitor and track the delivery of their packages. It tracks all the activity when the driver arrives when they scan their package when they leave. If there is any activity that seems out of place, they get an alert immediately.
Will I be able to order BoxLock outside the US?
Yes, customers can order BoxLock at the company’s website. However, it is not available in every country.
Which item can I use to take a picture of the lock?
Although some users choose to use a smartphone camera, there are other options such as smartphone and tablet cameras it depends on the user’s preference. There are also various third-party apps that can be used with a USB drive or SD card.
Is it worth getting a BoxLock receptacle just for the sake of having an extra box?
It is very hard to buy a box lock receptacle these days. There are a lot of sellers that sell knock-off versions that don’t even work half of the time.
It is important to know where customers are going to store their BoxLock since it cannot be stored in any other location besides the receptacle itself.
Is there a guarantee for my product?
Yes, there is. There is a 30-day money back guarantee with every purchase. If the product does not meet their expectations, they can return their packages and get 30% off their next order.
How should I keep the lock clean?
Keep the lock in a dry and cool place. Do not leave it outside when it is hot. It is also important to clean out a lot of dust to check if all parts are working properly.
What should I do in case of theft?
The key to preventing theft is having the right security measures installed, including BoxLock and the right kind of locking devices that are available on Amazon.
People need to remember that theft is a problem and it is important for them to take some precautions.
What about smoke detectors?
Along with the security kit, customer should also install smoke detectors in order to ensure that your home interior and exterior is protected against fire and other threats.
How much does BoxLock cost?
The standard lock costs $129 and the Amazon Key costs $300. The extra key will cost you $19.99 while the camera kit will be an additional $80.
How long is the warranty on my product?
It is not easy to find the exact details of the product’s warranty period. However, if you buy with BoxLock, they will offer a one-year warranty on parts and labor.
What is the best option for me to buy this item?
First, customer must consider whether or not they want a simple lock or if they want an advanced system that allows them to track and verify the delivery of their package.
Buying on Amazon is the best option for most consumers. They have a wide range of products and prices, so their package should be delivered to them within the next few hours.
What is the best swimming pool lock?
The bars and locks that customers choose for their pool must be dependable and have a high-quality finish like its parts and tools. Choosing the right type of lock will not only ensure that there are no intruders but it will also help protect their family’s safety as it keeps unauthorized users away from the pool.