The goal of the smart lock company Haven Lock is to prevent household and business break-ins. The goal of the product’s creators, Clay Banks, and Alex Bertelli, was to make it more durable than a standard door lock. They were motivated after witnessing burglaries in their own communities. They developed a wedge-based barrier-based solution named Haven. Because of this, a door is ten times more secure than one with a standard lock.
They set out to address the issue of break-ins which occur in the US every 18 seconds. They requested $500,000 in exchange for 6% of their business when they went on Shark Tank. Will the entrepreneur get a deal on Shark Tank? Check out the HavenLock update!
HavenLock Net Worth Shark Tank Update 2025
Alex Bertelli and Clay Banks asked for a $500k investment in exchange for 6% equity in their company. This meant they valued their company at $8.33 million. They did not make a deal with any of the Sharks. After the show aired, Haven Lock saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of Haven Lock is about $13.33 million.
In our HavenLock update research, Lock continued to expand after making an appearance on Shark Tank. They kept selling their smart locks on the internet. After the product was tested the company received a sizable order from an Arkansas institution. This demonstrated that their product’s market was growing. Both the mechanical and electrical versions of Haven Lock’s locks are available on their website.
Additionally, schools began paying greater attention to them as they searched for strategies to maintain classroom safety. By the time they appeared on the program the company had raised $1.5 million. They continued to expand their company and search for methods to make their product better. Haven Lock is still operating as of 2024. They still provide security solutions for homes and businesses. You can still buy their smart locks from their website.
In terms of a HavenLock update, Shark Tank did not provide Haven Lock a deal. The company’s costs and profits did not impress the Sharks. They believed that the product’s price was excessively expensive. Additionally, the Sharks believed Haven Lock was too young to be a profitable venture. The first person to go was Kevin O’Leary. He said that the business’s financials were not strong enough for him to make an investment.
Mark Cuban and Barbara Corcoran then left for comparable reasons. Lori Greiner made the same decision. She believed that the business was still in its infancy. Daymond John was the only Shark to express interest. Although he thought the concept was good he wasn’t sure if his offer would be reasonable to the founders. No agreement was reached in the end. The founders were adamant about continuing to grow their company in spite of this.
Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Barbara Corcoran | Out | N/A | N/A |
| Lori Greiner | Out | N/A | N/A |
| Kevin O’Leary | Out | N/A | N/A |
| Daymond John | Out | N/A | N/A |
| Mark Cuban | Out | N/A | N/A |
HavenLock Shark Tank pitch
After witnessing break-ins in their own neighborhoods, Alex Bertelli and Clay Banks were motivated to find Haven Lock. Alex had flown helicopters for the Army Special Operations before. He was aware of security and the significance of home protection. Clay was irritated by the dearth of practical security options and had also been the victim of break-ins. It didn’t appear like the typical deadbolt locks were robust enough. A few kicks would be enough to let an intruder in.
Alex and Clay realized they had to think up something better as a result.
Their solution to this issue was Haven Lock. Haven Lock has a straightforward but creative concept. It strengthened the door with a wedge-based barrier. It was considerably more difficult for someone to break in because of this. The goal of the two founders was to make a solution that was both robust and user-friendly. They were aware of how large the home security market was.
The first thing they did was construct a mechanical version of their product. A Bluetooth version with a smartphone app was later introduced. Homeowners were able to transmit keys to others and remotely operate the lock thanks to this software.
The first phases of product development presented difficulties. It was up to Alex and Clay to figure out how to make the locks cheap enough to turn a profit. They also needed to locate partners and suppliers who could assist them grow their company. Another difficulty was raising enough money to finance production. They had to deal with a significant amount of debt even after raising $1.5 million to begin.
They persisted in moving forward in spite of these obstacles. They wanted to offer a more robust solution for both residential and corporate security.
Alex and Clay showed the Sharks their product when they were on Shark Tank. They began by outlining the issue of burglaries. They mentioned that there is a break-in in the US every 18 seconds. They then demonstrated how simple it would be for a burglar to enter a house using a standard deadbolt. Alex kicked a standard door lock to illustrate. The door opened easily after he kicked it multiple times. The simplicity of the demonstration amazed the Sharks.
After that Clay and Alex presented their goods.
They described the operation of Haven Lock. On the floor near the entryway is the Haven Lock. A wedge that strengthens the door rises when it is activated. It is significantly more difficult for someone to break in because of this. The creators then demonstrated the product’s functionality. They demonstrated the operation of both the Bluetooth and mechanical versions.
The Bluetooth version was controlled by a smartphone app and featured a key fob. This was one of the product’s main selling points. The business model was described by the creators. The mechanical lock cost them $67 to construct and sold for $182 on their website.
They had a 55% profit margin as a result. The Bluetooth version cost them $175 to produce and sold for $349. As they increased output their goal was to lower their expenses. At the time of their pitch, the company had created $250,000 in sales and raised $1.5 million. They wanted 6% ownership in the business in return for $500,000.
The Sharks have a number of inquiries concerning the product. The strength of the product was one of their initial questions. They wanted to know if the Haven Lock could actually keep someone out. Once more Alex showed how the lock operated. He demonstrated that the door remained locked even after multiple kicks. This was a crucial step since it demonstrated the product’s efficacy.
Kevin O’Leary enquired about the product’s cost. He was curious about the cost of production and the price at which it was being sold. The price was explained by the creators. The mechanical version sold for $182 and cost $67 to produce. The Bluetooth version sold for $349 and cost $175 to produce. Kevin believed that these figures were insufficient to turn a profit.
He was worried about the margins and the cost of things sold. Additionally, he believed that the company’s sales were still insufficient to warrant an investment.
The company’s profit margins also worried Barbara Corcoran. She enquired about the founders’ plans to lower production costs. They clarified that they were paying more for their initial batch of locks because they had only recently begun production. As they expanded production they wanted to reduce the cost. Barbara was not persuaded and expressed doubt that the business could grow successfully.
The product’s margins also worried Mark Cuban. He claimed that in order to increase their margins, the business would have to hike prices. He stated that he was not interested in investing and that he did not believe the company was prepared to grow. Lori Greiner concurred with Barbara and Mark. She believed that it was still too early in the product’s development to make an investment. Additionally, she believed that the business did not yet have significant traction or revenues.
The deal’s economics failed to impress the Sharks. The first person to go was Kevin O’Leary. He believed that the company’s profit margins were insufficient to sustain the enterprise. He claimed that the cost of goods sold by the business was excessively high. Barbara Corcoran left for the same reasons as Kevin did. She didn’t believe the business could grow and increase its profits.
Mark Cuban left as well. He claimed that in order to improve profits, the business had to increase prices. He believed that the company’s pricing and sales were insufficient for it to succeed. Next to leave was Lori Greiner. She believed that investing in the company would be inappropriate. She stated that she would not think about investing until she saw more evidence of accomplishment.
Daymond John was the only Shark to express interest. Although he was pleased with the product but he wasn’t sure if his offer would be reasonable to the entrepreneurs. Daymond expressed uncertainty about whether it would be in the founders’ best interests to acquire additional stock in the business. In the end, he declined to make an offer.
The pitch did not result in a deal. lay and Alex was not deterred in spite of this. They were resolved to keep going since they believed they had a fantastic product.
What Went Wrong With HavenLock on Shark Tank?
Haven Lock failed to land a Shark Tank deal for a number of reasons. The company’s margins were the main problem. The Sharks believed the product was too costly to produce and market. The business wasn’t turning a sufficient profit and the cost of goods sold was excessive. Though the Sharks weren’t persuaded the founders clarified that they were trying to lower their production expenses.
Additionally, they didn’t believe the business made enough money to warrant an investment. The Sharks believed that the product was still in its infancy. They wouldn’t think about investing until they saw more success. The fact that the business was still raising funds was another problem. Although they had raised the equivalent of $1.5 million the founders were heavily indebted.
The Sharks became concerned about the company’s financial situation as a result. They questioned whether the business could grow successfully under the current setup. Additionally, the Sharks believed that the entrepreneurs needed more expertise to handle the difficulties of expanding a company. They believed the business was not prepared for a significant investment.
Product Availability
You may buy Haven Lock on the company’s website. Both the mechanical and Bluetooth versions of the product are available from the manufacturer. It costs $182 for the mechanical version and $349 for the Bluetooth version. The purpose of both variants is to make doors far more robust and difficult to break into. The business uses its website to sell its goods online. The items are also available to customers in a few retail locations.
Customers can operate the lock from their smartphones using the Bluetooth version. Additionally, users can utilise e-keys to share access with others. Both household and business applications are intended for the product. Schools are also purchasing it to use in their classrooms. Since making an appearance on Shark tank the business has kept growing and expanding.
Conclusion
Despite not landing a deal on Shark Tank, Haven Lock’s business grew. They have entered new markets and are still operating. They still provide cutting-edge products to safeguard residences and commercial buildings.
The business sells its goods both online and in a few physical locations. An excellent illustration of how business owners can thrive without the support of investors is Haven Lock.
Hi, I’m Laiba Khurram, a BBA student specializing in Marketing at FAST NUCES ISB. My background includes experience in finance, marketing, and event coordination. My skills include teamwork, time management, and Microsoft tools. Watching Shark Tank has always inspired me, as I admire the innovative pitches and entrepreneurial spirit showcased on the show. This passion drives my approach to finding creative solutions and understanding market dynamics. Read more About me.
