A typical issue faced by many people in gyms and padlock users is forgetting or misplacing their keys, which locks them out of their lockers. Finding a solution can be time-consuming and stressful, particularly in busy locations like gyms or schools.
Like many others, Robbie Cabral had direct experience with this. In an effort to come up with a better solution, he created the Benjilock, a padlock that has a backup key in case the fingerprint method fails. With the addition of a practical and safe solution, this invention aimed to simplify the lives of those who are constantly on the road.
Robbie Cabral showed the Sharks his creation on Shark Tank. He asked for a $200,000 investment in return for 10% equity in BenjiLock. Did the entrepreneur get a deal on Shark Tank? Check out our BenjiLock update to find out!
BenjiLock Net Worth 2024
Robbie Cabral asked for a $200,000 investment in exchange for 10% equity in BenjiLock. This meant he valued his company at $2 million. He made a deal with Kevin O’Leary for $200,000 in exchange for 15% equity in his company. This new deal valued his company at approximately $1.33 million. After the show aired, BenjiLock partnered with Hampton Products International, significantly expanding its reach and availability in major retailers like Walmart, Home Depot, Lowe’s, and ACE Hardware. With an estimated yearly growth rate and continuous product expansion, BenjiLock’s current net worth in 2024 is approximately $5 million.
BenjiLock Shark Tank Update
Shark Tank gave Benjilock a lot of success. Robbie joined partners with Hampton Products International, a well-known manufacturer of BRINKS locks and a significant force in the security products sector. As for a BenjiLock Update, its products are now available at large shops including Walmart, ACE Hardware, Home Depot, Lowes, and more, this cooperation helped Benjilock reach new heights.
Robbie didn’t stop at a single item. He added the Benjilock Fingerprint Door Lock to his collection in 2020, giving homeowners a keyless access system with pin pad and fingerprint possibilities. With the introduction of the Benjilock Fingerprint Bike Lock in 2021, the success story continued. This innovative product went on to win the 2021 TWICE PICKS Award at CES.
As of today, Benjilock is doing very well, earning more than $5 million a year. Robbie’s dedication and creativity have obviously paid off, as the business keeps expanding and adding new products to its lineup.
Yes, Robbie Cabral left Shark Tank with a deal with Kevin. Robbie’s enthusiasm and the product’s potential fascinated Kevin O’Leary, who made an offer of $200,000 in exchange for 15% equity. Robbie found that this arrangement was ideal for him because Kevin assisted him in obtaining a licensing agreement with Hampton Products International, which has been essential to BenjiLock’s development.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Kevin O’Leary | $200,000 for 15% equity | N/A | Yes |
| Barbara Corcoran and | $200,000 for 20% equity | N/A | No |
| Lori Greiner | $200,000 for 15% equity | N/A | No |
| Alex Rodriguez | Partnership with Barbara | N/A | No |
| Mark Cuban | Out | N/A | N/A |
BenjiLock Shark Tank Pitch
Robbie Cabral, an Immigrant from the Dominican Republic, had always wanted to make a significant contribution. His journey began on a very emotional day; he lost his job the very same day his daughter was born. This failure strengthened his will to achieve. Robbie started working on Benjilock, a product designed to eliminate the daily hassle of misplacing or forgetting keys.
Those were difficult times for him because he had to put $87,000 of his own money into making his dream a reality. But in the end, his hard work and determination paid off when he was able to patent his creation and secure his place in the business world.
Robbie pitched his idea on Shark Tank, Benjilock is a fingerprint-enabled padlock that can also be unlocked with a key for extra security. He showed the Sharks a working prototype for them to look at, and they were impressed with the idea. Robbie wanted to solve a common problem with a high-tech answer.
He shared his plans to make a smaller version of the padlock and demonstrated how it worked before asking $200,000 for 10% stock. The Sharks were impressed, particularly after Robbie disclosed that his technology was already protected by a patent. Keep reading our BenjiLock update to see what happens next!
Kevin O’Leary was interested in profitability and production costs. Robbie clarified that he could reduce the cost per unit to $20 if he produced 50,000 units.
Lori Greiner saw a survey strategy Robbie had employed, one she was familiar with from writing her own book. Although she liked the idea, she was more concerned with how sustainable the product was.
Alex asked about the amount Robbie invested in BenjiLock. Robbie replied that he invested $87,000 and did everything on his own.
While talking about the possible market size and investment, Barbara Corcoran and Alex Rodriguez also expressed concerns about the product’s growth in the absence of strong support.
In an attempt to license the product and secure its success through a partnership with a larger corporation, Kevin O’Leary offered $200,000 in exchange for 15% stock. He was confident in the product’s marketability and wanted to safeguard Robbie from being defeated by rivals.
Kevin’s offer was matched by Lori Greiner, who added $200,000 for 15%. Robbie, though, thought Kevin’s vision for the business was more in line with his own.
Together, Barbara Corcoran and Alex Rodriguez offered $200,000 in exchange for 20% stock, but their offer was turned down.
Mark Cuban decided not to invest because he thought that he was not the right person for BenjiLock.
Ultimately, Robbie followed his gut and teamed up with Kevin O’Leary, who had a well-thought-out strategy to advance Benjilock.
Product Availability
From our BenjiLock update research, Major merchants, including Walmart, Home Depot, Lowes, and ACE Hardware, carry Benjilock products, which include the Fingerprint Padlock, Fingerprint Door Lock, and Fingerprint Bike Lock. They are also available straight from the Hampton Products International website for purchase and on BenjiLock’s own website BenjiLock. Because of the locks’ special ability to combine traditional key access with fingerprint technology, which ensures convenience and security, they have become more and more popular.
Conclusion
The Benjilock journey by Robbie Cabral is an established example of how creativity and determination can succeed in the face of difficulty. Robbie’s journey from job loss to building a multimillion-dollar business is incredibly motivating. His product received attention after his Shark Tank appearance, and his collaboration with Kevin O’Leary enabled him to land a profitable license agreement with Hampton Products.
As of today, Benjilock has generated over $5 million in sales annually and offers a variety of cutting-edge goods. Robbie appears to have a promising future, and in the upcoming years, we can anticipate even more thrilling updates from Benjilock!
Hey, I’m Amna Habib an undergraduate student of Bachelors in Business Administration. Shark Tank is one of my favorite TV shows of all time. The show provides a fascinating insight into the world of entrepreneurship by presenting creative solutions to common problems, which strongly connects to my academic interests. I’m interested in learning more about the strategic thinking and creativity that lead these companies as each pitch provides insightful information. I’ve found that watching Shark Tank has inspired my enthusiasm for business and entrepreneurship and has been a very enlightening and motivating experience. Apart from business and writing, I love food, shopping, and hanging out with friends and family. Read more About me.