Many people frequently deal with package theft, particularly those who receive delivery while they are away from home. It can be expensive and annoying to have things stolen from your porch, and it can make you feel vulnerable and dangerous.
Entrepreneur Brad Ruffkess, who had gone through this himself, devised a solution. He created BoxLock, a smart padlock that could stop package theft by porch pirates. Drivers may safely leave packages in lockable storage boxes thanks to the lock’s compatibility with delivery services like UPS and FedEx.
Brad presented BoxLock to the Sharks in Season 10 of Shark Tank, asking for $1,000,000 in exchange for 5% of his business. He wanted to increase the reach of his smart lock and attract investment. Did the entrepreneur get a deal on Shark Tank? Check out our BoxLock update to find out!
boxLock Net Worth Shark Tank Update 2025
Brad Ruffkess asked for a $1,000,000 investment in exchange for 5% equity in his company. This meant he valued his company at $20 million. He did not make a deal with any of the Sharks, as they could not agree to his valuation. After the show aired, BoxLock saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of BoxLock is about $29.5 million.
Despite Brad’s failure to secure a transaction on Shark Tank, BoxLock’s growth continued after the episode. The business is still operating and has made great progress as of today. By collaborating with well-known companies like UPS, Milwaukee, and DeWalt, BoxLock could increase its market share.
After the show, they also raised about $5 million from other investors, enabling them to launch new devices like a Bluetooth Asset Gateway, a GPS tracker, and a barcode scanner. Customers may easily buy and use their smart lock technology because their products are available on both the company’s website and Amazon. BoxLock has survived and grown its product portfolio despite not landing a shark.
No, BoxLock could not negotiate a contract on Shark Tank. Brad’s $20 million assessment of the business alarmed the Sharks. In exchange for 2.5% equity and a royalty clause, Lori Greiner gave a loan of $1,000,000. But Lori left after the talks, so Brad didn’t receive an offer.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Lori Greiner | $1 million as a loan for a royalty until $1.5 million is recouped + 2.5% equity | $1.5 million as a loan for a royalty of $3 per unit until $1.5 million is recouped + 2.5% equity | No |
| Jamie Siminioff | Out | N/A | N/A |
| Kevin O’Leary | Out | N/A | N/A |
| Daymond John | Out | N/A | N/A |
| Mark Cuban | Out | N/A | N/A |
BoxLock Shark Tank pitch
When Brad Ruffkess had several shipments stolen from his porch, he founded BoxLock. He needed a dependable way to stop theft since, like many others, he found it aggravating. His drive to increase residential security and safeguard deliveries led to the creation of BoxLock. However, there were difficulties in creating this smart lock.
Brad made a significant financial commitment by spending more than $500,000 on research and development. Growing the business was challenging because it required additional resources and collaborations with delivery services, even though Kickstarter provided early support and sold about 800 units.
Brad described BoxLock as a smart padlock that should secure packages on a person’s porch during his initial pitch. He described how it integrates with popular delivery services like FedEx and UPS, enabling the delivery driver to safely leave an item inside the box after unlocking it by scanning the tracking code. Brad valued BoxLock at $20 million and requested $1,000,000 in exchange for 5% of his business.
He emphasized the product’s capabilities, including its Bluetooth and Wi-Fi connectivity, and how it might stop package theft, which is becoming a bigger issue in the nation. Keep reading our BoxLock update to see what happens next!
The Sharks have several inquiries regarding BoxLock.
Jamie asked about the investment and the present situation of the product. The founder revealed he invested half a million dollars and now they are manufacturing and shipping.
Lori questioned about the number of sales. The founder responded he sold 800 units on pre-sale.
Daymond John asked for the selling price of the product. Brad replied that previously he sold it for $89 to $109 on Kickstarter and they retailed it for $129. The cost of making the product is $65.
Jamie Siminoff expressed reservations about forcing users to change their behavior. He asked if delivery drivers would be open to using the lock and becoming familiar with package scanning.
Given that they had only generated 800 sales through Kickstarter, Sharks were interested in learning why the valuation is $20 million. Brad could not state a clear answer, and he failed to convince the sharks.
The first person to opt out was Jamie Siminoff, who voiced his worries about delivery drivers’ behavior changing. He believed the high valuation was unwarranted and that the product was too complex for widespread use.
Mark Cuban and Daymond John, stated that they didn’t see a clear route to profitability and that the valuation was excessive. Robert Herjavec and Kevin O’Leary both left for comparable reasons.
After extensive negotiating and worries about the terms, Lori Greiner finally retracted her first offer of $1,000,000 as a loan with a 2.5% equity stake, leaving Brad without a deal.
What Went Wrong With BoxLock On Shark Tank?
On Shark Tank, BoxLock’s high valuation was the main problem. With barely 800 units sold and significant development costs, the Sharks could not see how the company could be worth $20 million. The challenge of persuading delivery drivers to use the product and the possible learning curve involved made up still another significant worry.
In particular, Jamie Siminoff stressed it was dangerous to introduce a new behavior, especially when other straightforward solutions, like Ring Doorbell, had worked well with no such adjustments. All the Sharks rejected the transaction despite the product’s promise because of the exorbitant asking price and the difficulties in growing the company.
Product Availability
From our BoxLock update research, both their official websites, BoxLock and Amazon, offer BoxLock for sale. Depending on the type, the device costs about $100. It has special capabilities including barcode scanning, Wi-Fi and Bluetooth connectivity, and shareable access tokens that may be emailed to friends or relatives for one-time or recurring use.
For people who receive deliveries regularly and wish to protect their items from theft, BoxLock was created. Following its Shark Tank appearance, BoxLock has added barcode scanners, GPS trackers, and a Bluetooth Asset Gateway to its lineup of products.
Conclusion
Despite Brad Ruffkess’ failure to secure a transaction on Shark Tank, BoxLock’s adventure continued. As the business has expanded, it has partnered with well-known companies like UPS and DeWalt and raised close to $5 million from other investors. Brad has been successful in growing BoxLock’s product line and customer base, even if the Sharks didn’t recognize the potential.
With its innovative capabilities that keep deliveries safe, BoxLock is still a good option for people who are worried about package theft. It will intrigue me to observe what fresh advancements BoxLock will make as the business develops further. Watch this space for additional developments!
Hey, I’m Amna Habib an undergraduate student of Bachelors in Business Administration. Shark Tank is one of my favorite TV shows of all time. The show provides a fascinating insight into the world of entrepreneurship by presenting creative solutions to common problems, which strongly connects to my academic interests. I’m interested in learning more about the strategic thinking and creativity that lead these companies as each pitch provides insightful information. I’ve found that watching Shark Tank has inspired my enthusiasm for business and entrepreneurship and has been a very enlightening and motivating experience. Apart from business and writing, I love food, shopping, and hanging out with friends and family. Read more About me.
