Kitchen Safe Shark Tank Net Worth 2023 | Kitchen Safe Shark Tank Updates

Kitchen Safe Shark Tank Net Worth

Kitchen Safe is a product that helps people avoid making poor food choices in the kitchen. It was invented by David Krippendorf and Ryan Tseng from San Francisco, California.

During an episode of Shark Tank that aired on ABC in 2014, the panel of judges awarded the company $100,000 for a 20% stake in Kitchen Safe. The sharks who invested were Lori Greiner and Nick Woodman.

Since appearing on Shark Tank, Kitchen Safe has gone on to build a net worth of over $2.5 million. As of 2022, Kitchen Safe’s founders David Krippendorf and Ryan Tseng have a net worth of $4 million USD.

The valuation of Kitchen Safe was $2 million when it appeared on Shark Tank. As of 2022, the net worth of Kitchen Safe is $5 million.

In conclusion, Kitchen Safe has been successful since appearing on Shark Tank. The product has helped many people avoid making poor food choices in the kitchen. The founders have built a net worth of $4 million USD as of 2022 and the net worth of Kitchen Safe is $5 million as of 2022.

What is Kitchen Safe and Who is the founder of Kitchen Safe?

Kitchen Safe, now known as kSafe, is a time lock container made of BPA-free, food-grade plastic that was initially designed to help individuals control their junk food cravings. However, it has since been expanded to include other addictive items such as phones and alcohol.

The company was founded by David Krippendorf and Ryan Tseng, with David having worked in various positions in the banking industry before collaborating with Ryan, who is an electrical engineer.

The idea behind the Kitchen Safe was to help individuals exercise self-control and avoid binge-eating junk food by locking it away for a set period of time. The product gained popularity after being financed on Kickstarter in July 2013, raising around $300,000 in 11 months.

The kSafe is now available on Amazon and the company’s website and can be used to store toys or even charge phones during dinner.

Kitchen Safe Shark Tank pitch

During a Shark Tank episode in Season 6, David Krippendorf and Ryan Tseng pitched their time-locking container called The Kitchen Safe to the Sharks. They were seeking a $100,000 investment for a 5% stake in the business, which was valued at $2 million.

However, the Sharks were initially skeptical about the product, laughing at their pitch and calling it bizarre. They eventually offered a deal, with Nick Woodman and Lori Greiner each offering $100,000 for 20% equity shares.

After the show aired, the deal with the Sharks was never finalized, but David and Ryan accepted Nick’s advice and changed the name to kSafe. They also released a smaller version of the product, which became their bestseller. The company is still operating as of December 2021, with an annual revenue of $5 million.

Table Summary: Kitchen Safe Shark Tank

TOPIC	INFORMATION
Product	Time lock container made of BPA-free, food-grade plastic
Founders	David Krippendorf and Ryan Tseng
Shark Tank Investment	$100,000 for a 20% stake by Lori Greiner and Nick Woodman
Valuation on Shark Tank	$2 million
Net Worth (2022)	$5 million (company), $4 million (founders)
Revenue (2021)	$5 million
Competitor	Ziploc
Updates	Company rebranded to kSafe and released a smaller version

Additionally:

• Kitchen Safe was invented to help individuals control junk food cravings.
• The company was initially seeking a $100,000 investment for a 5% stake in the business during Shark Tank pitch.
• The Sharks initially laughed at the product but eventually offered a deal of $100,000 for 20% equity shares each.
• The deal with the Sharks was never finalized.
• The company changed its name to kSafe after the show aired and released a smaller version of the product, which became their bestseller.
• The company generates a few million dollars annually as of 2022.
• The Kitchen Safe is also used to store other addictive items such as phones and alcohol.
• Research has shown that precommitment is the ultimate way to beat temptation, and the Kitchen Safe is a tool that enables people to precommit to smart choice.

Competitors of Kitchen Safe

The primary competitor of Kitchen Safe is Ziploc.

Net Worth of Kitchen Safe

The company was valued at $2 million during the pitch. In 2021 the company has a net worth of $5.4 million.

Kitchen Safe Shark Tank Updates

The Kitchen Safe is a time-locking container that helps people form good habits by removing temptations. It was invented by David Krippendorf and Ryan Tseng from San Francisco, California, who pitched it on Shark Tank in episode 612.

The container has a built-in time lock in the lid that allows users to set a timer, preventing access to whatever is inside until the timer reaches zero. The Kitchen Safe can be used to store food, cell phones, and other items that people may be tempted to use or consume.

The Kitchen Safe was successfully funded on Kickstarter in July 2013, raising $42,000 to get its first production run going. The product is available on Amazon and through the company website.

The entrepreneurs received a $100,000 deal from Sharks Lori Greiner and Nick Woodman, but the deal never finalized. The company rebranded to kSafe and generates a few million dollars annually as of 2022.

The Kitchen Safe is a commitment device that helps people conserve willpower and avoid decision fatigue by removing temptations they would normally fight throughout the day or week.

Research has shown that precommitment is the ultimate way to beat temptation, and the Kitchen Safe is a tool that enables people to precommit to smart choice. The product has received positive reviews from customers who have used it to stick to their diets and change their lives for the better.

Kitchen Safe FAQs

What Is Kitchen Safe?

Kitchen Safe is a time-lock container that helps people form good habits by preventing them from accessing certain items until the timer reaches zero. The container has a time lock lid that can only be opened when the timer expires, and there are no overrides.

The Kitchen Safe is made of food-grade, BPA-free plastic, but it can store more than food. Parents can lock away toys, and people use it for cell phones during dinner time. The product was created by David Krippendorf and Ryan Tseng, who pitched it on Shark Tank in season 6.

The idea for Kitchen Safe came from Krippendorf’s desire to curb his cravings for cookies. The product was funded on Kickstarter in July 2013, raising $42,000 to get its first production run going. The product is available on Amazon and through the company’s website.

Sharks Lori Greiner and Nick Woodman invested $100,000 for 20% equity in the company, but the deal was later called off. The company rebranded to kSafe and generates a few million dollars annually as of 2022.

The Kitchen Safe is not just for food. It can be used to store credit cards, cigarettes, and phones. The product has helped people stick to their diets and form good habits.

The change to kSafe has had a big impact on the way customers perceive the product, and the company has grown into new products and verticals beyond the kitchen.

How Does Kitchen Safe Works?

The Kitchen Safe is a time-locking container that helps people control their impulses and stick to their goals. To use the Kitchen Safe, simply place an item inside, close the lid, and set the timer.

Once the timer is set, and the button is pressed, the safe remains locked and cannot be opened until the timer reaches zero. The Kitchen Safe is made of BPA-free food-grade plastics, which is the quality standard of the industry.

It can be used for most items, but no time-sensitive items such as health-critical medicine should be used in the Kitchen Safe.

The Kitchen Safe is easy to use and has no overrides. The locking mechanism is low geared and extremely strong, making it impossible to override. The lid works in any orientation, so users do not have to worry about placing it in a specific way.

The Kitchen Safe can be used to store food, toys, and even cell phones during dinner time. It is a fun and effective way to help people stay committed to their goals and avoid distractions.

In conclusion, the Kitchen Safe is a simple and effective tool for people who struggle with self-control and want to stick to their goals. It is easy to use, made of safe materials, and has no overrides, making it a reliable way to lock away items for a set period of time.

What Happened To Kitchen Safe After Shark Tank?

Kitchen Safe is a time-locked container that keeps snacks, phones, cigarettes, and other items safely stashed away for a set period of time. David Krippendorf and Ryan Tseng created Kitchen Safe after Krippendorf wanted a way to keep himself from eating too many cookies.

Kitchen Safe appeared on Shark Tank in season 6 back in 2014. They were seeking $100,000 in exchange for a 5% stake in Kitchen Safe. Nick and Lori agreed to invest $100,000 for a 20% stake in Kitchen Safe.

Shortly after appearing on Shark Tank, Kitchen Safe sales skyrocketed. By 2018, four years after their Shark Tank appearance, they had sold more than $2 million in kSafes. Today, Kitchen Safe is sold on its own website, as well as Amazon and other retailers.

On Amazon alone, it has a rating of 4.6 out of 5, with more than 6000 reviews. The net worth of Kitchen Safe is $5 million as of 2022. Kitchen Safe has been featured on USA Today, Time Magazine, and other media outlets.

As a Shark Tank success story, Kitchen Safe has benefited greatly from the marketing skills of Lori and Nick to help advertise the product.

What Is The Current Valuation Of Kitchen Safe?

The valuation of Kitchen Safe was $2 million when it appeared on Shark Tank. As of 2022, the net worth of Kitchen Safe is $5 million. The product has been successful since appearing on Shark Tank, and the founders have built a net worth of $4 million USD as of 2022.

Kitchen Safe is a container with a built-in time lock in the lid that allows one to set a timer, thus not having access to whatever is inside. It is designed to help people avoid making poor food choices in the kitchen, address food cravings, bad spending habits, and gaming addiction.

Kitchen Safe was successfully funded on Kickstarter in July 2013, with approximately $300,000 in 11 months. The device is available for purchase on Amazon and the company’s website. The product can be locked for up to ten days, ranging from one minute to one month.

The founders of Kitchen Safe, David Krippendorf and Ryan Tseng, have a net worth of $4 million USD as of 2022.

Is Kitchen Safe Still In Business?

Yes, Kitchen Safe is still in business as of March 2023. The company offers the Ksafe in three different sizes: mini, medium, and XL. The Kitchen Safe is a container with a built-in time lock in the lid that allows one to set a timer and not have access to whatever is inside until the timer runs out.

The product is available on Amazon and through the company website. The company has an annual revenue of $5 million.

Although the deal with the Sharks on Shark Tank never closed, the company took Nick’s advice and changed the name to kSafe. They also introduced a smaller model, which went on to become their best seller, and later added a medium and extra-large size.

The entrepreneurs behind Kitchen Safe, David Krippendorf and Ryan Tseng, pitched their product on Shark Tank in episode 612. They were seeking $100,000 for 5% of KitchenSafe. Sharks Lori Greiner and Nick Woodman offered them $100,000 for 20% equity, but the deal never finalized.

What is Kitchen Safe?

Kitchen Safe is a plastic container timer. When a user’s account is locked, he or she is unable to access its contents until the timer expires. Originally, the plastic container was intended to keep people from eating junk food.

The product’s scope, however, was expanded to include putting phones, whiskey, and other addictive items in the container.

Who invented it?

David Krippendorf and Ryan Tseng have developed the product.

How much were they asking on Shark Tank?

They were seeking for $100,000 for 5% stake in the company.

Did they have the deal?

Yes, they did with Lori and Nick.

How much was the deal?

They offered $100,000 for 20% ownership of the company.

Is Kitchen Safe still in business?

Yes, the product is still being sold on Amazon and the company’s website.

What is the price of Kitchen Safe now?

They cost $14.50 and retail for $49 each.

How to use the Kitchen Safe?

Users have to set the timer using the switch on it, place whatever they want in it and close it with a lock. Then they can put it next to where ever they want: at home, office, car or whatever their wants to store there for a number of days they select before they lock it.

Is Kitchen Safe real?

Yes, it is. It is a small storage container that can be locked and kept hidden in the house so it is not visible every time food is being cooked or when there are snacks nearby.

How long can I keep the Kitchen Safe locked?

The Kitchen Safe may be secured for as little as one minute or for as much as 10 days.

Is my Kitchen Safe lid compatible with a Kitchen Safe XL or Mini base?

Yes! They both utilize the same lid.

What can I keep in my Kitchen Safe?

Almost everything! The Kitchen Safe is intended for the secure storage of food and a variety of other products.

Can I store the Kitchen Safe in the freezer or fridge?

The Kitchen Safe is not meant to be stored in a freezer or refrigerator. Humidity from the refrigerator and freezer can harm devices and void warranties.

There is, however, a remedy. They propose purchasing a key locking box or banker bag and then inserting the key into the Kitchen Safe. A search on Amazon for “key locking box or bag” will provide several results.

Is it possible to break into the Kitchen Safe?

The Kitchen Safe was created as a deterrent, not as an industrial safe. It is constructed of plastic and is easily shattered.

Dropping, attempting to break in, or applying force to the lid might cause the base or lid to crack, voiding the warranty.

If the temptation is too strong, shatter the base (it will fracture), since a replacement base is only a tenth of the price of a whole unit. Hopefully, the prospect of having to purchase a replacement base will deter the temptation.

How can I clean the Kitchen Safe?

Because the lid contains electronics, it is advisable to hand-wash the Kitchen Safe.

Is the Kitchen Safe free of BPA?

Yes. The Kitchen Safe is suitable for food storage since it is made of BPA-free food grade plastics, which meet industry quality standards.

Is there anything I shouldn’t do with the Kitchen Safe?

Most goods can be stored in the Kitchen Safe. However, no time-sensitive goods, such as life-saving medication, should be stored in the Kitchen Safe.

There is a possibility that someone may set the timer for a longer period of time than intended, that the lid will become stuck to the base, or that the electronics will fail, rendering the contents unavailable.

What is the net worth of David Krippendorf?

David Krippendorf net worth is unknown.

What is the net worth of Ryan Tseng?

Ryan Tseng net worth is unknown.