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Trunkster was just one of many innovative pitches that Shark Tank has seen. Founders Gaston Blanchet and Jesse Potash unveiled their ground-breaking smart baggage, which is intended to revolutionize the travel experience, in Season 7. The sharks were immediately drawn to their sleek, zipperless bag since it had a USB charging port, a built-in digital scale, and a sliding roll-top door.
The founders of Trunkster marketed their high-end baggage as a game-changer for regular travelers in an attempt to raise $1.4 million for a 5% investment. They emphasized its successful Kickstarter effort, which demonstrated its market demand by raising over $1.3 million. However, there were issues because of the high valuation. While Kevin O’Leary questioned the long-term sustainability of the product, Lori Greiner saw vast potential, stating,
"I do think that there's a lot of things that can be done with it right I have licensing connections I know this world very well."
Following negotiations, Lori and Mark Cuban came up with a joint offer: $1.4 million for a 5% stock investment, with the potential for additional returns contingent on success. Trunkster was put on a promising road in the travel accessories sector by the deal, which was one of the most valuable investments on Shark Tank.
When Trunkster appeared in Shark Tank Season 7
Trunkster, a high-tech luggage business created to make travel easier, was unveiled by Shark Tank Season 7 entrepreneurs Gaston Blanchet and Jesse Potash. With features like a built-in digital scale, USB charging connections, and a zipperless roll-top, their product was designed to attract sharks and transform the luggage market.
The owners emphasized Trunkster's functionality and distinctive appearance as they sought $1.4 million for a 5% stock interest. They emphasized the more than $1.3 million they earned from backers through their successful Kickstarter campaign. Blanchet and Potash thought their smart luggage was worth the high price because pre-orders were coming in, and the market was ready for innovation.
Although Trunkster's creative design and ability to upend the luggage market were recognized by the sharks, worries regarding its exorbitant price persisted. Kevin O'Leary, who questioned the company's $28 million valuation, was especially outspoken. The sharks' hesitancy was further exacerbated by the market's competition and lack of profitability.
Mark Cuban and Lori Greiner collaborated to present a fresh offer following protracted talks. Each investor received a 5% equity stake in exchange for $1.4 million. But there was a catch: their equity would rise to 10% if the investment wasn't recovered in two years. The founders finally accepted the offer despite the difficult negotiations, gaining the financial support of two well-known sharks.
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