Last into the tank are Adam McBride and Don Halpern of LocTote, seeking $150,000 for five percent equity.
LocTote is a theft-proof, slash-proof bag. The soft yet durable bags, which are also water resistant, are lockable—ensuring that valuables are kept safe. Their original drawstring backpack, the Flak Sack, can be left “without worrying about it being tampered with or stolen.” It costs $119 on their website. They also offer a combination lock and replacement drawstring ropes. The bag, according to their website, not only had to be impenetrable to thieves but also be “stylish, attractive, and functional — something that would seamlessly fit into my everyday life, that I would enjoy using and be proud to be seen using.”
The sharks like the concept but not the price point. However, they were able to get into WalMart by using a different, less-expensive fabric. They have done $1.4 million in sales.
Robert Herjavec doesn’t understand its fundamental application of locking the bag in a casual setting and Daymond John agrees that he doesn’t see the slash-resistant application. John goes out, followed by Mark Cuban, who worries about their long-term sustainability. Herjavec doesn’t like that they haven’t been proven by the reality of the marketplace and goes out as well. He says, however, that he appreciates Halpern’s fighting spirit. Lori Greiner has her concerns as well, especially in regards to the price point. She goes out.
Kevin O’Leary, their last chance at getting a deal, offers $150,000 for 10 percent with $10 royalty per bag until he recoups $450,000. However, he wants them to stay digital. They counter five percent equity with an option to purchase additional equity in the future at a $10 million valuation. Ultimately, they counter O’Leary’s original offer, but at $150,000 recouped. Herjavec then jumps back in, stealing/accepting their counter to O’Leary and securing the deal.
Social Media Reacts to LocTote’s Appearance on “Shark Tank”
LocTote already stole my money with the price of that bag #SharkTank
— annie leonardi (@torispears) April 22, 2017
It doesn't matter if bags are getting slashed or not. You just have to convince public that it COULD happen. #loctote #SharkTank
— Melissa (@Melissachirp) April 22, 2017
LocTote is too expensive. Thank goodness I'm broke and don't own expensive things #SharkTank
— .WIN NEW PS4 NOW!! (@giveawayzipix) April 22, 2017
I def see the need for this bag over seas especially when visiting highly populated tourist attractions. #SharkTank
— Kimmie (@KimmieMisa) April 22, 2017
DAMN!!! The whole purpose of a drawstring bag is their inexpensive price @loctote #SharkTank #LocTote
— Johnathan Cooper (@DigitalBizDude) April 22, 2017
Love it #loctote #sharktank I love the matter !! I would bring this bag to a theme park
— Saraya (@SaySay431) April 22, 2017
That bag was the best product of the entire night. #SharkTank
— Kimmie (@KimmieMisa) April 22, 2017
Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging business to six multi-millionaire and billionaire investors, known as sharks: Mark Cuban, owner of the Dallas Mavericks; Daymond John, fashion mogul and founder of FUBU; Kevin O’Leary, self-proclaimed Mr. Wonderful and founder of O’Leary Financial Group; Barbara Corcoran, real estate maven; Lori Greiner, queen of QVC; and Robert Herjavec, technology guru and founder/CEO of the Herjavec Group. Venture capitalist Chris Sacca is also slated to appear as a guest shark this season.
“Shark Tank,” which is based on “Dragons’ Den,” is produced by Mark Burnett and first debuted in 2009. To date, the sharks have invested more than $87 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Friday at 9 p.m. on ABC.
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