Loctote Industrial Bag Co Net Worth Shark Tank Update 2025

Don Halpern lost his wallet while swimming on vacation. This made him realize there was no bag that could lock and protect valuables from theft. Don teamed up with Adam McBride. Together they created Loctote. This is a slash-resistant and lockable bag. It also blocks RFID scanning. The bag secures items without losing style. The duo pitched Loctote on Shark Tank. They asked for $150,000 for 5% equity in their company.

They hoped a shark would see the potential of this theft-proof bag. They aimed to expand their business. Will the entrepreneur get a deal on Shark Tank? Check out the Loctote Industrial Bag Co. update to find out!  

Loctote Industrial Bag Co Net Worth Shark Tank Update 2025

Don Halpern and Adam McBride asked for a $150,000 investment in exchange for 5% equity in their company. This meant they valued their company at $3 million. They made a deal with Robert Herjavec for $150,000 in exchange for 10% of their company, plus a $10 royalty per bag sold until Robert recouped $450,000. This new deal valued their company at $1.5 million. After the show aired, Loctote 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 Loctote is about $2.41 million.

After Shark Tank Loctote grew. The exposure brought many customers. The company was acquired by Nolk in 2020. Nolk is a Canadian brand builder. This helped Loctote expand its strategy and reach more people. By 2022 Loctote made over $6 million in sales. In 2023 the company had an annual revenue of about $1 million.

Don left Loctote to start a new company called Loss-Proof. Loctote still operates today under Nolk’s management.

Yes. Adam and Don got a deal. Robert Herjavec offered $150,000 for 10% equity. He also asked for a $10 royalty per bag until he made back $450,000. The duo accepted this offer. They believed Robert’s help would grow their business. However, the deal did not close after the show. Even so Shark Tank boosted their brand’s visibility.

Shark(s) Name	Offer & Demand	Counter Offer	Accepted?
Lori Greiner	Out	N/A	N/A
Daymond John	Out	N/A	N/A
Kevin O’Leary	$150,000 for 10% equity	N/A	N/A
Mark Cuban	Out	N/A	N/A
Robert Herjavec	$150,000 for 10% equity	N/A	Yes

Loctote Industrial Bag Co. Shark Tank pitch

Don Halpern had a passion for traveling. However following the theft of his wallet while on vacation, he recognized an issue. There were no bags available that were theft-proof. Don disclosed this concept to his friend Adam McBride. Adam excelled in product design. They chose to design a bag that merged fashion and security. This marked the beginning of Loctote. 

The start was difficult. The founders needed to understand manufacturing. They required specific cut-resistant material. They additionally incorporated steel straps and RFID-blocking technology. This rendered the bag distinctive. However, making this product was not inexpensive. Each bag was made for $75 in the U.S. They required funds to lower these expenses.

The creators decided to use Kickstarter. The campaign achieved success. They gathered sufficient funds to shift production abroad. This reduced expenses and enabled them to offer the bag at a lower price. The trip was tough, yet the creators remained dedicated.        

Adam and Don showcased Loctote on Shark Tank. They described how the bag functioned. It might secure itself to immobile items. It was resistant to cuts. It additionally obstructed RFID signals. The pair carried a bag to demonstrate its strength. They sliced the bag with a knife yet it remained whole. The sharks were amazed. 

The founders sought $150,000 in exchange for 5% ownership. They stated that they required financial support to reduce production expenses. They also aimed to increase production. The sharks inquired about their sales figures. The two revealed that they had acquired funds through Kickstarter. They relocated manufacturing abroad to reduce expenses.

The sharks inquired about the selling price. The bag was priced at $179. Eventually, they lowered it to $119. This provided them with a favorable profit margin.     

The sharks posed numerous inquiries. Daymond John was curious if there was a substantial market for this bag. He mentioned that the steep cost could discourage people. He made a joke that those requiring the bag might also require additional protection. Lori Greiner questioned whether a lot of individuals required such a bag. She remarked that many individuals may prefer not to secure their bags to an immovable object.

Mark Cuban was worried about their internet traffic. He believed they required an improved business model. Kevin O’Leary recognized potential but sought a more advantageous arrangement. He proposed $150,000 for a 10% stake along with a $10 royalty for each bag until he recouped $450,000. Robert Herjavec concurred with Kevin’s conditions. The founders faced a decision.       

Daymond was out. He did not see a large market for the bag. Lori also did not believe enough people needed this product. Mark was out due to concerns about the business model. Kevin made an offer. Robert matched Kevin’s offer. Adam and Don had two similar offers. They chose Robert. They felt he could help them grow Loctote. This was a turning point for the company.      

What Went Wrong With Loctote Industrial Bag Co. On Shark Tank?

The deal with Robert did not close. The founders and Robert could not agree on the terms after the show. This is common with Shark Tank deals. However, the exposure helped Loctote. Many people learned about the product. Sales increased after the episode aired. The company’s journey did not stop there.   

Product Availability

Loctote bags are distinctive. They are constructed from slash-resistant fabric. The bags contain concealed straps reinforced with steel. This enables users to secure the bag to stationary items. They also interfere with RFID signals. This safeguards personal data against theft. The bags can be purchased online. Customers can purchase them from the Loctote website or various online retailers.

The bags are available in various styles and colors. Prices differ but begin at approximately $119. They are favored by travelers and commuters. The features of the product justify its cost. Loctote persists in marketing its goods globally. 

Conclusion

Loctote’s journey on Shark Tank was a success. Even though the deal with Robert did not close, the company grew. The exposure helped them reach more customers. Today Loctote is still in business. It continues to make secure and stylish bags. The future looks bright for this innovative company. More updates on their progress will follow.