Losing priceless objects can be a frequent and annoying issue, particularly tiny treasures like rings, earrings, and other jewelry. It’s difficult to continuously worry about losing something so precious, especially since jewelry is something people frequently misplace while working out, playing sports, or even at work.
This problem was first hand experienced by former coach and educator Lerin Lockwood. At that point, she invented the Lion Latch, a little plastic container meant to protect jewelry in busy settings. Lion Latch, a device made for busy persons in need of a secure location to keep small valuables.
Lerin debuted her invention on Shark Tank, seeking to get the sharks’ help to expand. Her goal was to raise $150,000 for 15% equity in order to overcome her manufacturing obstacles and grow her company. Did the entrepreneur get a deal on Shark Tank? Check out our Lion Latch update to find out!
Lion Latch net worth 2024
Lerin Lockwood asked for a $150k investment in exchange for 15% equity in her company. This meant she valued her company at $1 million. After exiting Shark Tank without a deal, Lerin utilized the Sharks’ advice to grow her business. With an estimated 10% yearly growth rate (typical business growth), the current net worth of Lion Latch in 2024 is about $1.32 million. After the show aired, Lion Latch saw a big increase in website traffic, sales, and social media exposure.
Lion Latch Shark Tank Update
As for the Lion Latch update, even when Lion Latch exited Shark Tank without landing a transaction, the business grew. Lerin followed the advice of the Sharks, particularly that of Lori Greiner, to locate a reputable manufacturer. Her firm effectively expanded since then, going from a tiny studio to a legitimate corporate headquarters. In order to cater to a wider market, Lion Latch has also increased the variety of products it offers by adding new styles and hues.
In a noteworthy move, Lion Latch was among the first companies to open a store on TikTok’s brand-new e-commerce site. Lion Latch received over 20,000 orders in the first three months of being listed on TikTok Shop, demonstrating that the company is still operating successfully despite the setback on Shark Tank. As of today, Lerin is still developing her business.
No, Lion Latch could not get a deal on the shark tank. Lerin’s tenacity and the concept of the product impressed the Sharks, but they didn’t think there was enough room for widespread expansion. So, none of the sharks offered a deal, and Lerin left without an offer.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Emma Grede | 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 |
Lion Latch Shark Tank pitch
Former teacher and coach Lerin Lockwood, who was motivated to build it after misplacing the diamond from her engagement ring during a softball practice, invented the Lion Latch. She was determined that this would not happen again, so she created a little holder prototype using 3D printing to keep her jewelry secure while exercising.
Lerin’s friends and coworkers showed interest almost immediately, and she knew she had discovered a product that may benefit others from going through similar experiences.
Lerin had to deal with the typical difficulties of handling production, packaging, and shipping by herself at the beginning of her company. Despite her limited resources as a tiny business owner, she was committed to seeing Lion Latch through to success.
Lerin started off her Shark Tank presentation with a captivating presentation. She displayed an actress frantically looking for a misplaced wedding band, emphasizing the very issue her solution was meant to address. A little plastic container called Lion Latch has a locking mechanism that keeps jewelry like earrings and rings safe, even when exercising. Lerin could generate a respectable profit margin with a retail price of $10 and a low production cost of $1.50.
She did, however, clarify that she had trouble growing her company because of production and administrative problems. She requested $150,000 in exchange for 15% equity, hoping to enlist the aid of a shark as a partner to assist her in overcoming these obstacles. Keep reading our Lion Latch update to see what happens next!
Kevin O’Leary questioned if there would be enough revenue from the product to make an investment worthwhile. Lerin clarified that over the previous five years, she had sold $530,000 worth of Lion Latch devices, with $230,000 of those sales occurring in 2020 alone.
Kevin further questioned the price of the product. The founder responded that she would retail it for $10 and wholesale it for $10.
Mark Cuban questioned whether Lion Latch could ever expand into a major corporation because of his concerns about the company’s capacity to grow. He didn’t think there was enough widespread appeal for the product to achieve significant sales numbers.
Although Lerin’s presentation was impressive, Emma Grede couldn’t picture herself spending money on such a specialized item.
Kevin O’Leary declined to make an offer because he did not think Lion Latch could scale.
Mark Cuban acknowledged that the product might have some uses, but he left because he felt there was no room for expansion.
Emma Grede chose not to purchase the goods but appreciated Lerin’s enthusiasm.
Lori Greiner, While not making a formal offer, Lori gave Lerin helpful advice and urged her to locate a reputable manufacturer to deal with her production problems.
Barbara Corcoran decided against investing because she thought the product was too specialized, although she appreciated Lerin’s determination.
Although Lerin’s product and presentation impressed the Sharks, they felt there were too many barriers to investment. The main issue was scalability. Despite its usefulness, Lion Latch didn’t appear to be able to generate the substantial profits that the Sharks were seeking. Particularly, Kevin O’Leary was concerned that the market was too small, and Mark Cuban believed the product wouldn’t sell well enough to justify the expenditure.
Product Availability
From our Lion Latch update research, Lion Latch is available for purchase through the company’s official website Lion Latch, and various online platforms, including Amazon. The product is available in a variety of colors and themes, so buyers may select patterns that go with their own aesthetic.
Prices for minor assets security range from $5 for wholesale to $10 for retail, making it a cost-effective alternative. The Lion Latch is now offered on TikTok Shop, where it has received over 20,000 orders in just three months because of its extreme popularity.
Conclusion
Even though Lion Latch could not close a deal on Shark Tank, Lerin gained valuable experience from the event. Lori Greiner gave her some insightful advice before she left, which helped her grow and enhance her company.
Lion Latch has expanded after the show aired, particularly because of its popularity on TikTok Shop, which shows that Lerin’s invention has found a market. Lion Latch is a business that is not slowing down today. We can expect even more fascinating announcements from Lerin and her expanding brand.
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.
