LocTote is exactly like it sounds: a “locked” bag you can tote around. The heavy-duty drawstring bag is meant to protect hackers or other thieves from not only stealing the bag, but more importantly, the information inside, such as credit cards. Keep reading below for 5 facts and an update on this genius product, and the man who pitched it on ABC’s Shark Tank.
1) LocTote was designed to protect hackers from stealing your financial data, aka: credit, debit, and/or ATM cards, along with any other pertinent information that goes along with that. It does so by including RFID (radio frequency identification device) blocking within the bag itself. The material works to protect criminals from infiltrating into your accounts and stealing your important information.
2) Founded by Don Halpern, the Ohio businessman was struck by a desire to find a solution to a problem he had while on vacation. Someone had gotten away with his phone, wallet, and cash! To prevent this from ever happening to him again, Don wanted a product that would protect your information from getting stolen. He also wanted to secure said products that contain the information to a stationary space, so they couldn’t be messed with. Lo and behold, the idea for LocTote was born.
3) LocTote’s social media presence is pretty impressive, since they’ve only been in the market for a few years now. They’ve got over 23,000 followers on Instagram, and they post every couple of days. They’ve got 1,000 followers on Twitter, but they have not posted to that account since March.
4) Their Shark Tank story is actually quite a journey. See, they went on the show and pitched their idea, which was quickly rejected by Robert Herjavec. Kevin O’Leary came in to play, but his offer was a long shot. When Dan made a counteroffer, Kevin was about ready to jump ship. Then, get this: Robert came back around at the last minute! According to CNBC, he was impressed by Don’s counteroffer of $150,000 for 10%, with a $10 royalty on every bag sold until the money’s returned at 1%, which was going to be within the first year. So impressed that he couldn’t see why Kevin wouldn’t take the deal; so, he did instead! In the end, Don walked away with that deal with Robert, and the two have been partnered since.
5) Their Amazon reviews are decent, with 4.2/5 stars, and with quite a few people saying it provides a “great sense of security,” especially for travel. It is recommended you test out the lock a few times to get the hang of it though, as some have found it a little tricky at first.
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