In Shark Tank Season 13 Episode 1, a lion lock, a container for storing small rings and necklaces safely and without damage, was seen. This storage is foldable, has a hole in the top layer, and may be hooked to a bag or other object. Simple storage in the shape of a tiffin box, the Lion Latch is made of plastic on the exterior and rubber within. Rings, tiny necklaces, earrings, ankle bracelets, hearing aids, and medicines can all be easily and damage-free locked.
Lerin Lockwood, the company’s founder, was very concerned about her wedding bands because she coaches sports and knows firsthand how easily they can be damaged. Lockwood began looking for a location where the rings would be safe from harm and convenient and reliable.
There were no options available to her in the market. She then decided to create her storage for the rings and other items. Following that, Lion Latch began. Shark Tank Season 13 Episode 1 featured the Lion Latch, which requested $150,000 for 15% equity at a $1 million valuation from the sharks. The company generated $530K in revenue from 2015 to 2020.
Lion Latch: What Is It?
The Lion Latch is a small, lightweight jewelry storage box constructed of ABS plastic. This container can be mounted to an aluminum alloy. It is a tiny, spherical locker that can hold many kinds of little jewels. This includes hearing aids, medications, ankle bracelets, earrings, small necklaces, rings, and small necklaces. There is a hole in the top layer of this little, round locker, which may be inserted into any location on a key chain, bag, backpack, etc.
The carabiner cannot be opened by bringing it till it has not been opened. This jar is 1.5″ in diameter and 1″ deep, and it is available in a variety of hues, including neon green, hot pink, turquoise, purple, blue, orange, and maroon. It costs $10.95 to buy this container. Travel Jewelry Case, a brand-new item from this company, is now available for $41.95.
What Is Lion Latch’s Net Worth?
If we talk about Lion Latch’s worth, it is between $100K and $350K even though this business has not yet made many sales. It is introducing more fresh goods. Because we currently lack accurate information regarding this company’s revenue, we are examining the sales of the product from the previous year.
Who Is The Founder Of Lion Latch?
Lerin Lockwood is Lion Latch’s founder and CEO. This company was founded by Lockwood in 2015. She studied sports management for her master’s degree at the University of the Incarnate after earning her undergraduate degree at Texas State University.
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As an assistant volleyball coach, she joined Texas Eclipse Club Volleyball. She spent ten years teaching art at Marble Falls ISD. She started working as a youth volleyball coordinator for the Rising Stars Youth Volleyball League in August 2014.
Lion Latch Before Shark Tank
Lerin Lockwood founded Lion Latch in 2015. Lockwood coaches athletes, thus she is required to remove her jewelry before games. She was catching a softball during a game when he had the concept for this device. The stone from her engagement ring was shown when she removed her gloves and looked at her finger. This issue wasn’t limited to Lockwood. We remove our rings and jewels and store them safely before engaging in any type of job.
Sometimes, a place that seems safe is not safe. Lion clasp container that can hold several little rings and pieces of jewelry. This container features a sturdy carabiner clip, and its hook can be inserted into bags and other items. She created several other shape prototypes for the product while Lockwood was creating the prototypes, and he eventually approved small circular prototypes.
With a successful Kickstarter campaign, she received $14,592 from 225 backers after launching her company in 2015. Her initial financing goal was $14,000. All of the backers who received the merchandise from her raved about it. Lockwood decided to enter Shark Tank because she wanted additional capital and knowledge to expand her company.
How Was The Shark Tank Pitch Of Lion Latch?
With the Lion Latch Company, Lerin Lockwood approached Shark Tank and requested the Sharks for $150k in exchange for a 15% stake. She related her experience of losing her valuables to Shark. Lerin made an effort to explain to the shark the significance of this product.
Over five years, this business generated $530,000 in revenue. She predicted that she will generate $230,000 in sales in 2021. Each unit has a manufacturing cost of $1.50, a wholesale cost of $5, and a retail cost of $10. Emma, Lori, Mark, Kevin, and Barbara are not interested in investing in this company. The sharks are all outside.
What Happened To Lion Latch after Shark Tank?
Lion Latch was not offered a deal in Shark Tank because the investor thought the company’s potential was too small. Simple jewelry storage in a tiny size characterizes this device. This product is currently protected by a patent. There haven’t been many sales of this product so far. This business has just released a new item called a Travel Jewels Case, which makes it simple to keep jewelry.
According to the company’s plans, it will introduce more diverse products shortly. At the time of Christmas in 2021, this product’s sales were brisk and orders came in from many American cities. The merchandise, which Lerin mailed to his local post office in Texas, cost him thousands of dollars. Lion Latch was covered on Fox 44 News in January 2022. The View and GMA are just two of the media outlets that have covered this business.
Lion Latch Shark Tank Update
Despite having very strong sales, Lion Latch did not land a deal on Shark Tank. After this episode aired, she received a thousand orders in a short period. The annual revenue of this business in 2021 was between $800K and $1.5M. This Texas-based firm has introduced the Studded Tumbler, which costs $17.95.
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Is Lion Latch still in Business?
Lerin Lockwood works a job in addition to running this firm part-time and being self-employed. Lerin is currently developing a few new items. This company’s sales rate won’t be able to increase significantly until September 2022. To increase sales, this product needs to be promoted.
Amazon has Lion Latch listed, and sales of this device there are excellent. On Amazon, this product has a rating of 4.8, and the majority of reviewers have given it positive feedback. Yes, as of December 2022, Lion Latch is still in operation.
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