Lit Handlers Koozies Shark Tank Update – Lit Handlers Koozies Net Worth 2024

Drink koozies with handles are produced by Lit Handlers. A koozie is a type of sleeve that stops drinks from sweating and keeps them cold. Lit Handlers include a handle that makes holding the drink simpler.

The koozies also feature a tiny pocket to hold small objects like chapstick or coins. After discovering she needed a means of supporting her child, Destiny Padgett founded the business.

She took Lit Handlers to Shark Tank and requested $200,000 for 10 percent of her business. The program featured her pitching and the Sharks’ reactions. It was also an indication of how well-received her idea and deal were by the Sharks. Will the entrepreneur get a deal on Shark Tank? Check out our Lit handlers update to find out!

Lit Handlers Koozies Net Worth 2024

Destiny Padgett asked for a $200k investment in exchange for 10% equity in her company. This meant she valued her company at $2 million. She made a deal with Daymond John for $200k in exchange for 20% of her company. This new deal valued her company at $1 million. After the show aired, Drink Handlers 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 Drink Handlers in 2024 is about $1.2 million.

Lit handlers koozies shark tank Update  

In terms of Lit Handlers update, Following their appearance on Shark Tank, Lit Handlers expanded even further. The business increased the scope of its product range and changed its name to Drink Handlers. They now sell lunch totes and keychains in addition to koozies. Drink Handlers is still operating and doing well in 2024. The business brings in an estimated $1.2 million a year. Both their website and Amazon provide their products. The business is well-represented on social media, having a sizable Facebook and Instagram following.

It is true that Lit Handlers closed an offer on Shark Tank. Daymond John gave $200,000 to Destiny Padgett. Daymond got 20% of the company’s shares in return for his contribution. The agreement was fulfilled in May 2021. Daymond and Kevin O’Leary, who also offered $200,000 but demanded 25% stock, were the two options Destiny had to consider. Daymond offered Destiny 20% equity, and she chose to accept it.

Shark names	Demands & offer	Out	Accepted?
Mark Cuban	Out	N/A	N/A
Lori Greiner	Out	N/A	N/A
Robert Herjavec	out	N/A	N/A
Kevin O’Leary	#1 $200,000 for 20% equity. # 2 $200,000 for 25% equity	N/A	N/A
Daymond John	$200,000 for 25% equity	200,000 for 20% equity.	yes

Lit Handlers Koozies Shark Tank Pitch

In our Lit Handlers update research, Needing a way to support her child, Destiny Padgett founded Lit Handlers. She had numerous difficulties while growing up in a tiny town. After becoming a mother unintentionally, she began creating koozies and selling them on Etsy.

The desire to develop a drink koozie with more features gave rise to the concept of Lit Handlers. People found it simpler to carry their drinks and store small objects close at hand because of the handle and pocket. Destiny initially had difficulties with manufacturing and distributing the goods to consumers.

Destiny showcased her drink koozies with handles and pockets during her Shark Tank pitch. She requested $200,000 for ten percent of her business. She revealed her sales figures, stating that she has made $630,000 to date and anticipates making $780,000 by the end of the year. Her tale and her goods sparked the curiosity of the Sharks. As she demonstrated how her koozies worked, Destiny gave them samples. She intended to expand her company with the funding.

In regard to the Lit Handlers update, the Sharks had some concerns. They were interested in learning about expenses, sales, and manufacturing processes. They enquired about Destiny’s plans to expand the company as well as its competitors. In response to their inquiries, Destiny outlined how the handle and pocket distinguished her product. She also discussed her direct-to-consumer and wholesale sales platforms.

The Sharks’ responses were conflicted. Robert Herjavec, Lori Greiner, and Mark Cuban made the decision not to invest. They believed Destiny was doing OK on her own and didn’t require assistance from a shark. In exchange for 20% equity, Kevin O’Leary offered $200,000, but Daymond John made a bigger offer. Daymond proposed $200,000 for a 25% stake, but if Destiny accepted right away, he would only provide 20%. Daymond made an offer that Destiny accepted, and the deal was sealed.

What Went Wrong With Lit Handlers Koozies On Shark Tank?

The primary problem was that some Sharks didn’t believe Destiny required their assistance. Robert, Lori, and Mark thought the company was already moving forward. They saw no reason to make an investment. Destiny preferred Daymond’s offer of 20% equity over Kevin’s even if Kevin’s was higher. The primary issues that the Sharks were worried about were whether the company required more funding and how the capital split would be handled.

Product Availability

Drink Handlers, formerly known as Lit Handlers, provides a range of goods. The patterns and sizes of the koozies are varied. Both Amazon and the Drink Handlers website sell these. Keychains and lunch totes are among the additional items. Koozies range in price from $4.99 to $69.99 for larger products. Neoprene, a material utilized in wetsuits, is one of the sturdy materials used to make the items.

Conclusion

Lit Handlers made a great impression on Shark Tank. Daymond John made a contract with Destiny Padgett, who proceeded to expand her company. The business increased its product offering and changed its name to Drink Handlers. Drink Handlers is still doing well in 2024, with robust sales and a solid web presence. New product lines and additional expansion could be included in future versions. Lit Handlers’ story demonstrates how, with the right assistance, a modest concept can blossom into a major enterprise.