Trunkster is a stylish and innovative piece of luggage, considered revolutionary by many, that has a chargeable battery, a GPS device, an in-built scale, and a USB charging port. One of its primary features is that it is zipper-less as it opens like a garage door.
Constructed of polycarbonate and brushed airplane-grade aluminum, the Trunkster has all-terrain wheels, a TSA-approved combination lock, and a secret compartment. Customers can buy any of the two current models that the brand offers: a carry-on sized one, and a larger, checked bag sized one.
The carry-on-sized Trunkster is priced at $495 while the larger, checked bag-sized Trunkster costs $535. Both are rigid and tough enough to withstand hard blows while traveling.
Trunkster Net Worth
The net worth of Trunkster is estimated to be around $10 million.
The founders of Trunkster are Jesse Potash and Gaston Blanchett. Both are designers for Breitling, which is a Swiss manufacturer of luxury watches and other aviation equipment. In founding Trunkster, the objective of the founders was to bring change and innovation to the baggage market by incorporating several amazing features.
The duo founded Trunkster in 2014 and immediately launched a Kickstarter campaign to raise funds for Trunkster. The campaign successfully raised about $1.7 million from about 7000 people. As the campaign for the funds progressed, the duo even received thousands of pre-orders from people on the Kickstarter website.
After that, the entrepreneurs launched another campaign in 2015 to raise funds for Trunkster. After this campaign ended, the founders of Trunkster had amassed a total of $2.7 million from both campaigns.
Trunkster During Shark Tank
Jesse Potash and Gaston Blanchett also then went to Shark Tank to acquire more money for Trunkster. They entered Shark Tank seeking $1.4 million in exchange for a 5% stake in Trunkster. This showed that the duo valued their business at $28 million.
In the pitch, the founders presented Trunkster and described its special features. Kevin O’Leary, to test the luggage, smashed it around, while the other Sharks examined it.
Kevin O’Leary asked how the founders derived the valuation. To this, Jesse and Gaston replied that they had already sold about $2 million worth of Trunkster and wanted to ship about 500 units next month. Trunkster was expected to make $9 million in sales that year.
Lori Greiner, Kevin O’Leary, and Robert Herjavec thought that the business was not worth $28 million at all. Robert stated that he thought Trunkster was worth $8 million. When the Sharks refused to give $1.4 million in exchange for even a 30% stake, Jesse remarked that they were willing to bargain.
Barbara Corcoran was out, while Robert Herjavec offered $1.4 million in exchange for a 30% stake in Trunkster. He also stated with the deal that this was not an investment but just a trip with them.
Kevin O’Leary offered $1.4 million in exchange for a 37% stake in Trunkster. Lori Greiner offered to spend $1.4 million to pay 50% of purchase orders. Mark also joined in this offer.
Jesse and Gaston countered this offer with $1.4 million in exchange for a 5% stake for each in the company. They also promised that the invested money will be reimbursed in 24 months, or they will quadruple the stake percentage if they do not pay it back. They also offered $1 per unit in perpetuity.
Mark Cuban and Lori Greiner accepted the offer, and Jesse and Gaston left Shark Tank joyous with their deal.
What Happened to Trunkster After Shark Tank Deal?
Although Mark Cuban and Lori Greiner accepted the deal at Shark Tank, the contract never really proceeded as neither of the Sharks is engaged in any way with Trunkster. Thus, Trunkster is currently out of business, and Jesse and Gaston have moved on to working on other jobs.