Equipment theft is a regular concern, particularly when moving goods in open vehicles like trailers or flatbed trucks. Conventional locks and chains are frequently ineffective because they are easily cut, placing property at risk.
Because of this ongoing worry, businessman Jeff Cranny developed Lockstraps, a novel way to keep possessions safe and secure while being transported. With Lockstraps locking tie-down straps with combination carabiners on both ends and a sturdy, stainless steel cable inserted inside, Jeff sought to address this issue.
In Season 10, Jeff made a proposal to the Sharks about his product to get funding and build his brand. The entrepreneur requested $200,000 for 20% equity. Did the entrepreneur get a deal on Shark Tank? Check out our LockStraps update to find out!
LockStraps Net Worth Shark Tank Update 2025
Jeff Cranny asked for a $200,000 investment in exchange for 20% equity in his company. This meant he valued his company at $1 million. He left the show without securing a deal from any of the Sharks. After the show aired, LockStraps 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 LockStraps is about $1.46 million.
As for LockStraps update, Jeff Cranny has kept Lockstraps going even though the Sharks did not invest in it. Even though it has had difficulties growing, the company is still operating today. First, Lockstraps were sold in a few Home Depot stores in North America, however, both Amazon and Home Depot no longer carry them. These days, Jeff mostly concentrates on selling on the Lockstraps website.
Although the company’s expansion was constrained by the absence of a shark, Jeff’s perseverance has kept it afloat.
When Jeff Cranny joined Shark Tank, he was looking for $200,000 to purchase a 20% share in Lockstraps. All the Sharks, however, declined to make him a deal after he was questioned about the financial status of his product and some past business obstacles.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
Alex Rodriguez | Out | N/A | N/A |
| Lori Greiner | Out | N/A | N/A |
| Kevin O’Leary | Out | N/A | N/A |
| Barbara Corcoran | Out | N/A | N/A |
| Mark Cuban | Out | N/A | N/A |
LockStraps Shark Tank pitch
Jeff Cranny created Lockstraps because he needed a simple, safe way to stop equipment theft while it was being transported. His concept was to develop a product that combines the versatility and ease of use of a tie-down strap with the robustness of a steel cable.
Jeff encountered difficulties in developing the product, such as a failed Home Depot purchase order brought on by his manufacturing partner’s flawed product redesign, which resulted in a significant recall. Although these difficulties hindered Lockstraps’ expansion, Jeff remained committed to his company.
Jeff introduced Lockstraps as a creative and useful method of equipment security. By emphasizing the combination of lock carabiners and the stainless steel cable within, he highlighted the strap’s robustness. The Sharks were impressed when guest Shark Alex Rodriguez tried to cut the strap during the demonstration to evaluate its strength. Jeff valued Lockstraps at $1 million and asked for $200,000 for a 20% share in his business. Keep reading our LockStraps update to see what happens next!
Every Shark had a unique set of inquiries about the product:
Kevin O’Leary voiced concerns about Lockstraps’ high client acquisition costs and questioned the company’s profitability.
When Kevin asked about patent protections, Jeff said that they were restricted because there were already patents for comparable parts. So he patented the whole thing. He has a design patent and a trademark.
Kevin further asked about the sales. Jeff revealed he did $135,000 in the first year, $175,000 in the second year, and also got a $1.5 million order from Home Depot, which failed.
Sharks asked some more questions, but Jeff failed to solve their issues. Kevin stated it as a horrible presentation.
These are the responses from each shark:
Mark Cuban and Kevin O’Leary swiftly left the deal because they were worried about Lockstraps’ financial stability.
Alex Rodriguez and Barbara Corcoran both resigned, stating that they were unconfident in the company’s existing setup.
Lori Greiner liked the concept but decided against investing because she had similar reservations about the company’s leadership.
In the end, Jeff left the Tank without a deal.
What Went Wrong With LockStraps On Shark Tank?
Several obstacles were in the way of Lockstraps’ Shark Tank pitch. Jeff could not give definitive answers about the company’s financial situation, particularly in the wake of the botched Home Depot transaction. Second, although the product’s combination was unique, the Sharks were concerned about identical patents that existed for individual parts. Jeff’s responses, which made them hesitant to invest in his company, did not entirely reassure the Sharks.
Product Availability
Currently, customers can buy LockStraps straight from the company’s website LockStraps. These straps are perfect for anyone who needs additional protection for their equipment because they are made with combination lock carabiners and a sturdy steel cable.
They may be acquired online, which is convenient for people who are interested in this safe transportation option, even though they might not be offered in physical stores or on Amazon.
Conclusion
Despite not landing a Shark Tank contract, Jeff Cranny’s experience with Lockstraps shows tenacity. Jeff has continued to offer a solution for those searching for safe tie-down choices by concentrating on direct sales through his website.
Jeff’s dedication has kept Lockstraps afloat, although losing out on a Shark’s support hampered some retail prospects. In the future, it will intrigue to see if he can increase the products reach even more.
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.
