Benjilock Shark Tank Net Worth 2023
Benjilock’s net worth is $5 million as of 2022. Benjilock was valued at over $4 million in 2017. The valuation of Benjilock changed from $0.2 million to $1.33 million from 2017 to 2021. Benjilock’s founder, Robbie Cabral, has a net worth of $4.3 million as of 2022.
Based on the available information, it is not possible to determine Benjilock’s net worth in 2023.
However, given that the company has been successful and has seen significant growth in recent years, it is reasonable to assume that its net worth will continue to increase.
What is Benjilock? Who is the founder of Benjilock?
Benjilock, an LA-based company founded in 2014 by inventor and entrepreneur Robbie Cabral, has developed a revolutionary lock technology for cabinets or closets. The lock utilizes fingerprints as keys, allowing users to open it with a single scan of their finger.
The lock can recognize up to four fingerprints, and although it comes with a key, users may not need it as the lock’s battery can last up to a year depending on usage.
Cabral, a former law enforcement officer who retired in 2013, noticed people struggling with combination locks at his gym and sought to create a better solution. His idea resulted in Benjilock, a padlock that uses advanced technology to identify fingerprints.
Despite lacking computer skills, Cabral enlisted the help of an engineer and spent three years of his life savings developing a prototype. After showcasing his creation at the Las Vegas Consumer Electronics Show, Benjilock gained popularity and even received a CES Innovation Award.
Following this success, Cabral was encouraged to pitch his product on Shark Tank and ultimately made the cut. Today, Benjilock continues to revolutionize personal security with hybrid technology designed with the user in mind.
Benjilock Shark Tank Pitch
After completing his innovation, Robbie Cabral wanted to pitch his company’s concept to Shark investors for assistance in marketing the product.
He entered the pitch asking for $200,000 for 10% ownership of his firm with a value of $2 million.
During the pitch, Cabral explained that he designed the Benjilock after noticing stress in gym locker rooms when people forgot their locker combination.
He then showed the sharks the progress of the Benjilock and explained its battery life, production costs, and market research.
After receiving offers from multiple sharks, Cabral ultimately closed a deal with Kevin O’ Leary for $200,000 for 15% ownership of the company.
O’Leary pursued licensing prospects for Benjilock and arranged a license agreement with Hampton Products International.
Hampton gained the product’s North American rights and installed the locks in major stores. Cabral continued to innovate, releasing the Fingerprint Door Lock and the Benjilock Fingerprint Bike Lock, which received the Twice Picks Award for innovation in 2021.
Cabral’s net worth is estimated to be $1.5 million as of June 2021, and Hampton continues to sell the locks.
Net Worth of Benjilock
The company is estimated at valued $4 million in 2021.
Benjilock FAQs
What is Benjilock?
Benjilock is a lock that allows user to open their door by using their fingerprint. The device can be charged using any USB cable, which will last one for one year.
Who is the founder?
Benjilock was founded by Robbie Cabral, who is also the CEO and co-founder of the company.
What is his offer on Shark Tank?
Robbie was asking for $200,000 for 20% equity of his company. The worth of the company was $2 million.
Did he get an offer?
Yes, he got the offer.
How much did he receive?
He received $200,000 for 15% equity of his company valued at $1.3 million.
Who is the Shark makes a deal with him?
Shark Kevin O’ Leary makes a deal with Robbie.
Is still in business?
Yes, Benjilock is still in business.
Does the product Benjilock works?
Yes, it works. One can open their door using fingerprint or by entering a code and will put on a pin pad.
How much time the charge lasts before you have to recharge?
The charge can last 1 year after being charged for 30 minutes.
How much was his company estimated at valued in 2021?
The company was worth $4 million in 2021.
Who bought Benjilock?
Hampton Products International, a hardware and security firm acquired the entire North American rights to Benjilock.
Where can you buy Benjilock?
One can buy it online from the website of Benjilock.
How much did it cost to make the product?
The two founders spent $87,000 to make their product, and they were able to get investors for $1 million.
What is the net worth of Robbie Cabral?
Robbie Cabral’s net worth is estimated at $1.5 million.
