Trunkster Shark Tank Update: What Happened to the Innovative Luggage Company?

Trunkster Shark Tank Update: What Happened to the Innovative Luggage Company?Source: bing.com

The Pitch

Trunkster is a luggage company that appeared on Shark Tank in 2015. The founders, Jesse Potash and Gaston Blanchet, were seeking a $28,000 investment in exchange for 5% equity in their business. Their pitch was unique in that the luggage they designed had a zipperless entry, allowing for quick and easy access to belongings without having to completely unpack. They also offered features like a built-in scale, USB charging, and GPS tracking.

Trunkster Shark Tank PitchSource: bing.com

The Sharks’ Reactions

The sharks were impressed with the Trunkster founders’ innovative luggage and the features they offered. However, they were concerned about the high price point of the product and the lack of sales at the time of the pitch.

Trunkster Shark Tank SharksSource: bing.com

The Deal

Ultimately, the Trunkster founders received an offer from investor Lori Greiner. She offered them $1.4 million for 10% equity in their business, with the stipulation that they license their technology to larger luggage companies. The founders accepted the offer, and Trunkster received a huge boost from the exposure on Shark Tank.

Trunkster Shark Tank DealSource: bing.com

What Happened Next?

After appearing on Shark Tank, Trunkster received a lot of attention and interest in their innovative luggage. They continued to develop their product and launched a successful Kickstarter campaign in 2016, raising over $1.4 million from backers. They also secured partnerships with major luggage brands like Samsonite and Victorinox, licensing their technology to be used in their products.

Trunkster SamsoniteSource: bing.com

The Downfall

Despite their initial success, Trunkster ultimately struggled to keep up with competition in the luggage market. Their high price point and lack of brand recognition made it difficult to compete with established brands. In 2018, Trunkster filed for Chapter 11 bankruptcy and ceased operations.

Trunkster BankruptcySource: bing.com

The Legacy

While Trunkster may no longer be in business, their innovative luggage design and features have had an impact on the luggage industry. Many established brands have adopted similar features, like GPS tracking and built-in scales, in their products. Trunkster’s brief but impactful time in the spotlight on Shark Tank will be remembered as a prime example of how even the most innovative concepts can struggle to succeed in today’s competitive market.

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