Haven Lock’s Net Worth
HavenLock’s founders, Alex Bertelli and Clay Banks have a net worth of 9 Million USD as of 2022. HavenLock was valued at $8.3 million by its owners at the time of Shark Tank’s appearance in 2021. As of 2022, Haven Lock is worth $8 million.
The company generates annual revenue of approximately $4 million. Haven Lock is still in business and operating profitably in various parts of the country.
What is Haven Lock and Who is the Founder of Haven Lock?
Haven Lock is a more secure type of lock that serves as an alternative to the traditional deadbolt lock. It is ten times stronger than a standard lock and is placed at the bottom of a door for easy fitting.
The lock comes in two versions: the Haven Mech, which is a manual lock that can be triggered by foot pressure, and the Haven Lock Connect, which can be locked or unlocked via Bluetooth through the Haven Lock Mobile App.
The founders of Haven Lock are Alex Bertelli and Clay Banks. Bertelli is a decorated Special Operations helicopter pilot who has received various awards, including the Distinguished Flying Cross, Bronze Star with Valor, Air Medal with Valor, and the Boeing Rescue Award.
After serving the United States as a Special Operations Aviation officer, Bertelli received an MBA from UNC-Chapel Hill and a graduate degree in consulting from Penn State. He is also the CEO of The Arrowhead Group, an economic development business, and Haven Lock.
Banks, on the other hand, has a Bachelor of Science in Communications and Advertising from the University of Tennessee-Knoxville.
He previously founded Pure Life Industries, which used emerging technology trends to create new ways for consumers to engage with them. Banks also served as the regional director of the Tennessee Department of Economic and Community Development before becoming the COO of Haven Lock.
Bertelli and Banks created the concept of Haven Lock after observing people in Afghanistan installing steel bars at the top, middle, and bottom of their doors to secure their homes.
They saw that this method was more secure than a single lock at the center of the door, leading them to create the Haven Lock, a wedge that secures the door from the inside.
The lock is made of military-grade steel, nylon, and polycarbonate and can be controlled via a key fob or the Haven app. Guests can even be given remote access to unlock the door. Bertelli manufactures Haven Locks in Tennessee and employs a significant number of veterans.
Although they attempted to crowdfund the project in 2014, they were unsuccessful. Nevertheless, with the help of Banks, a business and economic development expert, Bertelli has since grown the company.
Haven Lock Shark Tank Pitch
Clay and Alex presented their company, Haven Lock, on Shark Tank’s seventh season, episode 9. They asked for a 6% stake in their company in exchange for $500,000, which valued their company at $8.3 million.
Alex wanted to demonstrate how easy it was to break down a door with a standard lock, but the lock was too strong, and he had to drop-kick the door multiple times to finally break it open, which made the Sharks laugh.
The company had recently received an order from 100 schools in Melbourne, Arkansas, as a lockdown security measure.
Mark saw the potential in the product and was interested, but the Sharks were not impressed with the margins. The mechanical model cost $67 to make and $182 to sell, and Bluetooth models ranged from $82 to $349.
The Sharks believed the profit margins were too low to support the company’s needs. Lori Greiner did not know enough about the product to make an investment. Kevin O’Leary and Barbara Corcoran agreed with Mark, but Daymond John was interested in the potential of the lock.
Despite John’s interest, he declined to invest, advising the entrepreneurs to be more selfish for themselves. The Sharks did not make an offer, but Haven Lock partnered with Terminix, a pest control company, to offer their locks to Terminix’s customers in eleven cities, with the potential to expand nationwide.
Although Haven Lock did not secure a deal on Shark Tank, the company is still in operation and has an annual revenue of $4 million as of June 2021.
They were featured on the Shark Tank Greatest of All Time Special in February 2020 as one of the “Greatest Pitch Fails,” which Mark found to be the funniest pitch he had ever seen on the show.
Haven Lock Net Worth
Clay and Alex appear on Shark Tank in search of $500,000 for a 6% stake in their firm. This equates to an $8.3 million value.
Haven Lock Competitors
NAPCO Security Technologies, Startseite-eQ-3, Codigo Blanco, and ProCoat Specialities are among HAVEN Lock’s main rivals.
Haven Lock FAQS
What is Haven Lock?
Haven is a lock for their door that can be activated electronically.
The Haven Lock’s primary aim is to deter break-ins, especially in areas where crime rates are high and police resources are limited.
How much was they seeking in the Shark Tank?
Alex and Clay seek $500,000 for a 6% stake in the company.
Did they get the deal from the Sharks?
No, the Sharks declined to make an offer.
Where is Haven Lock?
Haven Locks are designed and manufactured in Tennessee by US Special Operations Veterans.
How does Haven Lock work?
The Haven is made of military-grade steel, nylon and polycarbonate and protects doors from burglary by wedging them shut from the inside.
How do they reset their safe haven lock?
If customers are having trouble setting up their lock, they should erase it from their smart device, press and hold the Haven Lock’s Pair button for 10 seconds, and then resume the setup procedure.
How does the Haven door lock work?
Haven Lock’s goal is to physically fortify their doors against burglars while also allowing for convenient, smart, keyless entry.
When the Haven Lock is fitted at the base of an inside-swinging door, a military-grade wedge rises up to prevent the door from opening.
How do they charge their haven lock?
Their lock, which will be installed at the bottom of their door. Connect the charging cord (USB end) to the provided power adapter.
Plug the charging wire into the Charging Port after opening the Haven Control Panel lid (C) (D). Allow 6-8 hours for Haven to fully charge before using.
Who owns Haven Lock?
Clay Banks and Alex Bertelli
Will Haven work on their door that opens outwards?
No, Haven only works on inward-opening doors (inswing doors).
Will Haven work on their double doors?
Haven will begin work on its double doors by positioning the unit in the centre of the aperture. This will assure the security of both doors.
Will Haven fit their door?
Haven is compatible with the majority of inswing doors. When unlocked, Haven stands.8 inches (21mm) tall.
In order to accommodate Haven, the space between their floor and the bottom of their door should be more than.8 inches (21mm).
What if their door has a gap greater than 1.5 inches?
Haven will rise to 1.5″ height from the floor when secured & secure. Their Haven comes with a single riser that also serves as a template.
If they require extra risers, please visit their website and get them.
What type of door do they need to maximize Haven?
They recommend utilizing Haven with steel, aluminium, or wood doors with sturdy interiors. Any door with a hollow core or a foam inside will perform less well.
What will Haven connect integrate with?
Haven connect bluetooth – If they own/purchase their Haven Hub, they will be able to operate their Haven Connect remotely as well as connect to Amazon’s Alexa.
They may utilize the Hub to control access from anywhere they have an internet connection, using the Haven Lock smartphone app or the myhavenlock.com online site.
Receive notifications when people lock/unlock their Haven Connect, and check the Lock Status from anywhere.
What mobile devices will be compatible with Haven connect?
Haven Connect Bluetooth – The Haven key fob and gateway hub are Bluetooth compatible with the Haven Lock mobile app for Apple and Android phones.
Is Haven resistant to water?
Haven was built to withstand the weather.
Despite the fact that the interior electrical components are securely enclosed in waterproof chambers, the Haven should never be immersed in water.
The unit’s exterior components are resistant to moisture from rain and snow, and they have specific conformal coatings to withstand rust, wear, and tear.
How powerful is Haven mech?
All Haven Lock products are 10 times stronger than a standard deadbolt.
What Is Haven made out of?
Haven is constructed from a mix of components that provide the necessary strength and absorbency to safeguard their house, including a 30″ steel baseplate paired with injection molded DelrinTM and industrial grade nylon covered by rubber and plastic gaskets.
What is the net worth of Alex Bertelli?
Alex Bertelli’s net worth is unavailable.
What is the net worth of Clay Banks?
Clay Banks’s net worth is unavailable.