The market for smart luggage is booming and is expected to grow further through 2027. That would be good news for Trunkster if it were still in business. Trunkster’s net worth was estimated to be $30 million when it appeared on Shark Tank in 2015. The company appears to be out of business at the moment. Although its website is still accessible, the page does not load. According to reports, the company’s social media pages have also gone dark.
According to the website Shark Tank Tales, which follows businesses that have previously appeared on the show, co-founder Jesse Potash is missing. Gaston Blanchet, the other co-founder, left Trunkster and is now working for a mobile app company.
Who Created TrunkSter, and When?
Trunkster was founded in 2014 by Jesse Potash and Gaston Blanchett. Potash and Blanchett’s goal was to bring innovation and change to the luggage industry by incorporating modern components into the Trunkster.
Trunkster’s founder launched a successful crowdfunding campaign on Kickstarter and Indiegogo in 2015. They could generate more than $3 million from over 7000 people.
Trunkster Net Worth 2023
Trunkster, a luggage startup, gained recognition on the popular TV show Shark Tank back in 2015. At the time of their appearance, Trunkster was estimated to be worth $30 million. Co-founders Jesse Potash and Gaston Blanchet were seeking $1.4 million in exchange for a 5% stake in their company, which they were able to secure with the participation of sharks Mark Cuban and Lori Greiner. However, Cuban and Greiner stipulated that their investment must be repaid within two years. Unfortunately, the deal reportedly fell apart after the show aired, and both investors are no longer involved with Trunkster.
Trunkster’s current status seems to be that the business is no longer operational. Since its appearance on Shark Tank, there has been a lack of updates on the company, leading to disappointment among its supporters. Consequently, the current net worth of Trunkster remains uncertain. While marketrealist.com stated in 2022 that the business is defunct, biznewske.com reported in 2023 that Trunkster’s net worth is approximately $10 million. However, in a Shark Tank Recap from December 2022, Robert Herjavec estimated the company’s worth to be no more than $8 million.
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What Happened To Trunkster At Shark Tank Pitch?
In an effort to expand their product line, Potash and Blanchet sought investment opportunities for their innovative suitcase concept by presenting it to potential investors on Shark Tank.
During the presentation, Jesse and Gaston pitched a 5% stake in their company for $1.4 million, based on their valuation of $28 million. They demonstrated the impressive features of their suitcase, but some of the Sharks expressed skepticism.
During the Shark Tank pitch, Mr. Wonderful criticized the product, while Robert mocked the company’s “millennial” approach. However, Kevin expressed interest in Trunkster’s valuation, and the founders revealed that they had already sold $2 million worth of merchandise. Their pricing strategy was set at 20% lower than the usual $395, with the goal of shipping 5000 units the following month. Trunkster projected $9 million in sales.
Despite Kevin’s enthusiasm, Barbara declined to invest, citing the product’s bulkiness and masculine design. Robert, on the other hand, recognized the potential and offered $1.4 million for a 30% stake, adding that he wanted to join them on their journey. Kevin also expressed interest in the deal, but Robert countered with an offer of $1.4 million for a 37% ownership instead.
Lori recognized the potential of the product and expressed interest in investing, but she proposed that the $1.4 million investment should cover 50% of purchase orders.
Following some deliberation, Jesse and Gaston made a counteroffer of $1.4 million for a 5% equity stake each, with the promise of repaying the investment within 24 months or quadrupling the equity if they failed to do so. They also offered a perpetual payment of one dollar per unit.
After some negotiation, Mark and Lori agreed to the terms, and the Sharks left the pitch with a promising investment opportunity.
What Happened To Trunkster After Shark Tank?
In 2015, Trunkster appeared on Season 7, Episode 10 of Shark Tank and secured a deal with Lori Greiner and Mark Cuban. The agreement involved giving up 5% of the company for $1.4 million, valuing the company at $28 million.
Unfortunately, the deal ultimately fell through, and Lori and Mark are no longer affiliated with Trunkster. The company faced various challenges that impeded its ability to launch successfully.
Trunkster is no longer operational, and its co-founders have moved on to new ventures and jobs. Jesse Potash, one of the co-founders, is reportedly missing, while Gaston Blanchet, the other co-founder, has started a new project called Humanity.TV. This venture is a mobile app and interactive documentary for adventurers, explorers, and travelers.
Unfortunately, due to inadequate communication and transparency, many of Trunkster’s supporters who had invested in the company have been left without their luggage and no way of obtaining a refund. Some backers have even considered pursuing a class-action lawsuit against the founders.
As of 2021, no refunds have been issued. Gaston Blanchet started working at Story pod in June 2020 and ironically raised nearly $240,000 on Kickstarter to launch the business.
TrunkSter: Did They Close a Deal on Shark Tank?
Yes, Trunkster attracted Lori and Mark Cuban’s $1.4 million investment for a 5% stake after being introduced by its founder, Gaston Blanchet and Jesse Potash.
Is Trunkster still in Activity?
Trunkster appears to have ceased operations, as the product promised in January 2016 has yet to be delivered.
One of Trunkster’s co-founders has vanished from the internet, while another has launched a new venture. Thousands of people lost money due to the founders’ lack of vision and experience.
What Caused TrunkSter’s Failure?
Unfortunately, Trunkster’s creators and backers were engrossed in fantasies about what the marketplace could have been, so the founders attempted to bring it to life on their own and failed miserably.
FAQ:
What is Loris net worth on Shark Tank?
$150 Million
Is Trunkster luggage still in business?
The founders of Trunkster had to overcome a number of obstacles before they were able to successfully launch their business. Today, the company is no longer operational, and its founders have since moved on to other endeavors and responsibilities in the industry.
Did Mark and Lori get their money back from Trunkster?
Lori and Mark both accepted Trunkster founders’ offers. Final Agreement: Lori Greiner and Mark Cuban agreed to invest $1.4 million in Trunkster for a 5% return over two years.’
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