Le Glue Shark Tank Update – Net Worth 2024

A lot of people, children in particular, like constructing with Bricks and other toy bricks. But a typical issue they deal with is that when their inventions are dropped or bumped by accident, they easily come apart. This may be really annoying, especially after working on a build for several hours.

Twelve-year-old Tripp Phillips, an entrepreneur, experienced this problem firsthand and developed LeGlue as a solution. LeGlue, a temporary glue that maintains the integrity of those brick designs without being permanent, steps in at this point. When you wish to disassemble the build, the glue that keeps the parts together is readily removed with warm water. 

Tripp presented the invention on the Shark Tank with the assistance of his father, Lee Phillips. The founders asked for a $80,000 investment of 15% equity for the expansion of their business.

Le Glue Net Worth

Tripp Phillips asked for an $80,000 investment in exchange for 15% equity in his company. This meant he valued his company at approximately $533,333. He made a deal with Kevin O’Leary for $80,000 in exchange for 50% of the licensing earnings until Kevin recoups his investment, at which point his equity will drop to 20%. This new deal did not change the company’s valuation but added a licensing income component to Kevin’s offer. After the show aired, LeGlue saw a big boost in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of LeGlue is about $1.5 million.

Le Glue Shark Tank Update

What Happened To Le Glue After Shark Tank?

After their Shark Tank participation, LeGlue has experienced significant expansion. Tripp Phillips and Kevin O’Leary negotiated an agreement that allowed the business to grow both geographically and financially. LeGlue’s sales in the year after the Shark Tank appearance came to $500,000. The company is still operating and doing well as of today, with yearly sales of roughly $1 million.

Nowadays, LeGlue sells about 16,000 units per month, which makes it a well-liked option for youngsters and parents looking for a short-term way to store their building block masterpieces. Because of its special ability to be stable and non-permanent, the product has continued to be in demand. Now a teenager, Tripp shows a promising future by balancing his time between running the company and attending school.

Did Le Glue Get A Deal On Shark Tank?

Yes, LeGlue closed the deal on Shark Tank. Kevin O’Leary gave Tripp Phillips and his father Lee an agreement, and they left. Kevin offered to provide the company with $80,000 in exchange for 50% of the licensing earnings up until his investment was repaid, at which point he would only own 20% of the business. Tripp agreed to Kevin’s offer, and this agreement gave LeGlue the resources and knowledge it needed to grow.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Kevin O’Leary	$80,000 for 50% of licensing until 80k is recouped, equity will drop to 20% equity	N/A	Yes
Daymond John	$80,000 for 25% equity	$80,000 for 20% equity	No
Jamie Siminoff	Out	N/A	N/A
Lori Greiner	Out	N/A	N/A
Mark Cuban	Out	N/A	N/A

Tripp Phillips and Lee Phillips’s Backstory

Tripp Phillips, a young inventor, came up with the idea for LeGlue when he was in third grade. He had a school project where he needed to invent something. While playing with his Lego bricks, he noticed that they often fell apart if he accidentally dropped them. This inspired him to create a temporary glue that could hold the bricks together but still allow them to be separated later.

With the help of his dad, Lee, who is a scientist, they developed LeGlue. Tripp’s dad taught him to identify a problem and then find a solution, which led to the creation of their unique glue. In the early stages, their biggest challenge was figuring out how to make a glue that was both strong and easily removable without damaging the bricks. In the early stages, their biggest challenge was figuring out how to make a glue that was both strong and easily removable without damaging the bricks.

Initial Pitch

Tripp and Lee described LeGlue, a temporary, non-toxic glue made especially for toy bricks like Lego during their Shark Tank presentation. They highlighted how beneficial it is for children who wish to maintain their projects without forming a lasting relationship. Le glue is temporary glue that children can use to join the toy bricks.

The bricks can be dropped by accident after working on a build for several hours. When you wish to disassemble the build, the glue that keeps the parts together is readily removed with warm water. Tripp revealed that they had sold over $125,000 worth of adhesive and had already secured a utility patent for the product.

They clarified that LeGlue sells for $9.99, allowing for large profit margins, but having a very low production cost of less than $0.50 per unit. They wanted to grow their business and attract additional clients, therefore they were asking for $80,000 in exchange for 15% of the company.

Queries About The Product

Kevin O’Leary inquired about cost and profit margins for the company. Tripp responded that they had produced significant revenue and had good margins. The cost is 43 cents and they sell it for $8.99. Kevin was attracted to the concept of concentrating on licensing and the large profit margins.

Daymond John was curious about the product’s marketing strategy and the company’s worth. Tripp clarified that they intended to increase their marketing efforts because their primary mode of sales was online.

Jamie Siminoff liked the product and its purpose. He asked about the sales. Tripp replied that last year they sold $52,000 and $32,000 this year. The lifetime sales are over $125,000. 

Mark Cuban asked how they sell the product. Tripp responded that they sell the product online through their own website.

Although Lori Greiner felt the product was clever. She chose not to invest because she didn’t have much knowledge about the market.

Shark’s Responses and Final Deal

Kevin O’Leary provided $80,000 for 50% of licensing earnings until he recovered his investment, at which point his ownership stake would drop to 20% equity since he saw the product’s potential in the licensing market. Kevin felt that licensing was the greatest way to maximize returns for the product, thus that was his main focus.

Daymond John Highlighting his experience in branding and marketing, he made an offer of $80,000 for 25% stock. However, after realizing that Kevin’s offer made more sense for the business plan, he withdrew.

Jamie Siminoff While praising Tripp’s inventiveness and acknowledging that he could use it in his own house, he eventually agreed to Kevin’s arrangement and avoided making a counteroffer.

Lori Greiner and Mark Cuban both chose not to participate since they didn’t have an interest in this market.

Product Availability

As of today, Leglue is still going strong. The product is offered for sale on Amazon as well as straight from the LeGlue website LeGlue. It costs $8.99 for each of the tiny tubes that are sold. The glue is a favorite with parents and children who want to keep their brick creations without using a permanent bond because of its price and effectiveness.

Conclusion