The market for smart luggage is booming and is expected to grow further through 2027. If Trunkster were still in operation, it would be fantastic news. When Trunkster made an appearance on Shark Tank in 2015. The company currently seems to be out of business.
Although being still reachable, the website’s homepage does not load. The company’s social media pages have reportedly also disappeared. Co-founder Jesse Potash is reportedly missing, according to the website Shark Tank Stories, which tracks companies that have previously participated in the program. The other co-founder of Trunkster, Gaston Blanchet, is now employed at a business that develops mobile applications.
Who And When Did TrunkSter Get Started?
In 2014, Jesse Potash and Gaston Blanchett launched Trunkster. By combining contemporary components into the Trunkster, Potash, and Blanchett hoped to innovate and transform the baggage sector. In 2015, the founder of Trunkster ran prosperous Kickstarter and Indiegogo campaigns. From more than 7000 persons, they might generate more than $3 million. More information about Trunkster can be found by carefully reading this article.
Trunkster Net Worth 2023
In 2015, the startup bag company Trunkster was featured on the hit television program Shark Tank. Trunkster’s projected market value at the time of its debut was $30 million. Sharks Mark Cuban and Lori Greiner helped co-founders Jesse Potash and Gaston Blanchet raise the $1.4 million they were looking for in exchange for a 5% share in their business.
Cuban and Greiner required, however, that the money they invested to be paid back within two years. Sadly, the agreement apparently collapsed after the program aired, and neither investor is any longer associated with Trunkster. The company Trunkster appears to be out of business as of right now. There haven’t been many corporate updates since it appeared on Shark Tank, which has disappointed many who support it.
As a result, it’s difficult to estimate Trunkster’s current net worth. While biznewske.com reported in 2023 that Trunkster’s net worth is roughly $10 million, marketrealist.com reported in 2022 that the company is no longer in operation. However, Robert Herjavec pegged the company’s value at no more than $8 million in a December 2022 Shark Tank Recap.
What Transpired During The Shark Tank Pitch To Trunkster?
Potash and Blanchet presented their novel suitcase idea to potential investors on Shark Tank in an effort to raise money for the expansion of their product line. Jesse and Gaston offered a 5% ownership in their business for $1.4 million at the presentation, based on a $28 million valuation. Some of the Sharks showed doubt despite their demonstration of the outstanding features of their bag.
Mr. Wonderful and Robert both questioned the company’s “millennial” strategy during the Shark Tank pitch. Kevin was curious about Trunkster’s valuation, though, and the creators revealed that $2 million worth of goods had already been sold. Their price strategy was established at $395, 20% less than the industry standard, with 5000 units expected to be shipped the following month as their target. Trunkster anticipated sales of $9 million.
Barbara refused to invest despite Kevin’s enthusiasm, citing the product’s size and masculine style. Robert, on the other hand, saw the opportunity and made an offer of $1.4 million for a 30% interest, adding that he wanted to go with them. Kevin expressed interest in the sale as well, but Robert reacted with a demand for $1.4 million in exchange for a 37% stake. Although she indicated an interest in contributing, Lori suggested that the $1.4 million investment should cover 50% of purchase orders since she saw the product’s potential. You can check a youtube video at below:
After considerable consideration, Jesse and Gaston offered a counteroffer of $1.4 million for each a 5% equity share, with the stipulation that they would pay back the investment within 24 months or quadruple the equity if they didn’t. Also, they provided a perpetual payment of $1 per unit. The terms were finally settled upon by Mark and Lori, and the Sharks walked away from the pitch with a good investment possibility.
What Transpired With Trunkster After Shark Tank?
Trunkster made an appearance on Shark Tank’s Season 7, Episode 10 in 2015 and struck a deal with Lori Greiner and Mark Cuban. According to the agreement, 5% of the business was given up for $1.4 million, valuing it at $28 million. Sadly, the transaction finally failed, and Lori and Mark have no longer any connection to Trunkster. The company ran across a number of difficulties that prevented a successful launch.
The co-founders of Trunkster have left the company and started new businesses and positions. One of the co-founders, Jesse Potash, is supposedly missing, while the other, Gaston Blanchet, has launched a brand-new venture called Humanity. TV. For adventurers, explorers, and travelers, this project includes a mobile app and an interactive documentary.
Regrettably, many of Trunkster’s investors who had invested in the company have been left without their luggage and without a chance to get a refund as a result of poor communication and transparency. Even bringing a class-action lawsuit against the founders has been explored by some backers. At the end of this article please check Alexey Pajitnov’s Net Worth.
No reimbursements have been given as of 2021. In an ironic twist, Gaston Blanchet funded approximately $240,000 on Kickstarter to launch the company before beginning work at Story Pod in June 2020.
