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.
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 FAQs
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.