Le-Glue Shark Tank Net Worth
During the pitch on Shark Tank, Tripp, Lee, and his sister requested $80,000 for a 15% stake in their company, which was valued at $533,000.
However, after Kevin O’Leary invested $80,000 for 25% equity and a 50% royalty on any licensing deals until he recoups his money, the company was revalued at $320,000.
Despite the initial drop in valuation, the company has been thriving since the investment, with an impressive annual revenue of $1 million in 2021. This remarkable growth in sales and revenue indicates that the company’s net worth has significantly increased since its appearance on Shark Tank.
Tripp, Lee, and his sister’s innovative product has gained popularity, and the company has successfully expanded its distribution channels, leading to its exponential growth in revenue.
The company’s success in generating substantial revenue has significantly increased its net worth, which is a testament to the hard work and dedication of the team behind Le-Glue.
What is Le-Glue and Who is the founder of Le-Glue?
Le-Glue is a non-permanent adhesive that is specifically designed for gluing together buildings constructed from building blocks like LEGOs. The patented product was created by Tripp Phillips, a 12-year-old boy who lives in Dalton, Georgia with his family.
In 2014, Tripp joined the ‘International Torrance Legacy Creativity Awards competition where he won the category of innovations – toys and games with his product Le-Glue.
The concept for the product was developed in 2014 when Tripp’s third-grade teacher challenged his class to invent something. Tripp developed the concept while playing with LEGOs, as he needed a temporary adhesive to hold everything together.
Le-Glue is a water-soluble adhesive that dissolves in warm water, making it a temporary bonding agent. The product is also solvent-free and antimicrobial, which helps prevent mold growth. The product is available for purchase on Amazon and the company’s website, with prices ranging between $6 and $15.
Tripp launched a Kickstarter campaign in 2015 and raised around $4000 to get the business started. Tripp and his father Lee began manufacturing Le-Glue at their kitchen table in 2017 and have since sold over 7000 units. They funded their patent using business revenues, which was issued in April 2018.
Le-Glue Shark Tank pitch
Tripp, Lee, and his sister appeared on Shark Tank to seek help in expanding their retail toy industry distribution. During the pitch, Tripp showcased his adhesive by dropping two sets of Legos on the floor – one with and one without the glue.
The bonded Legos remained together while the unbonded set fell apart. He then dissolved the adhesive using water and distributed samples to the Sharks.
Impressed by Tripp’s patent and business acumen, Kevin offered $80,000 in exchange for a 25% stake in the firm and a 50% royalty on any licensing deals until he recoups his money, after which his stake would drop to 20%.
The deal was conditional on the company gaining access to large box retailers. Daymond also made an identical offer, but they accepted Kevin’s deal.
After the pitch, the company generated over $500,000 in revenue within a year. Le-Glue was featured on Shark Tank’s Greatest of All Time Special in February 2020, in the baby sharks category.
As of November 2021, the company has generated over $1 million in revenue and has an average monthly revenue of between $17,000 and $20,000.
Net Worth of Le-Glue
During the pitch, the company was valued at $533,000, after Kevin O’Leary’s investment the company was valued at $320,000.
Since then the company has been doing well in sales with annual revenue of $1 million in 2021. This shows that the company’s net worth has elevated.
Le-Glue Shark Tank updates
Le-Glue is a temporary adhesive that holds LEGO projects together. It was created by Tripp Phillips and his father, Lee, in 2014 after Tripp’s third-grade teacher challenged his class to come up with an invention.
Le-Glue dissolves in warm water, so once you “glue” your LEGOs together, it’s not permanent. Le-Glue is a non-toxic, water-soluble adhesive that can be used to hold Legos together without making them permanent.
Le-Glue appeared on Shark Tank in 2018, seeking $80,000 for 15% equity. Kevin O’Leary made a deal with the father-son duo, offering $80,000 for 20% equity. Since appearing on Shark Tank, Le-Glue has seen a significant increase in sales.
The company is now available in over 1,000 stores across the United States and generates a lot of monthly revenue. Within one year of making a deal with Kevin, Le-Glue did a little over $500,000 in sales.
In February 2020, the company appeared in The Shark Tank Greatest of All Time Special in the “baby sharks” category.
As of 2023, Le-Glue is still in business and reportedly earns an average of $35,000 on a monthly basis. The company has seen significant growth since its appearance on Shark Tank, and its product is now available in many stores across the United States.
Table: Le-Glue Shark Tank
|Product||Non-permanent adhesive for building blocks, specifically LEGO|
|Founder||Tripp Phillips, a 12-year-old boy|
|Patent||Issued in April 2018, funded using business revenues|
|Shark Tank Pitch||Sought help in expanding retail toy industry distribution|
|Investment||$80,000 from Kevin O’Leary for 25% equity and 50% royalty on licensing deals until he recoups his money|
|Valuation||The company was valued at $533,000 before investment, $320,000 after investment|
|Revenue||Generated over $1 million in 2021, with an average monthly revenue of $17,000 to $20,000|
|Growth||Available in over 1,000 stores across the United States, significant growth since appearing on Shark Tank|
What Is Le-Glue, Founder, And How Does Le-Glue Work?
Le-Glue is a water-soluble adhesive glue for building block toys such as LEGOs. It was invented by Tripp Phillips, who was only 10 years old at the time, and his father, Lee, in 2014.
Tripp came up with the idea while playing with LEGOs and trying to find a way to make his creations more stable. Le-Glue is a temporary glue that holds LEGO projects together, but it dissolves in warm water, so it is not permanent.
Tripp and Lee created Le-Glue LLC in 2015, and they started producing, marketing, and selling the product online. They even started a Kickstarter page to raise funds for the business.
In 2018, Tripp and Lee appeared on Shark Tank to pitch Le-Glue to the Sharks. They were hoping to get a deal of at least $80,000, but they did not get an offer. Despite this setback, Le-Glue has continued to grow and is now a successful business.
Le-Glue is a popular product among young interior designers and architects who love working with building block toys. It is easy to use and helps to strengthen building bricks, ensuring a steady build without any chance of breaking.
Le-Glue is a great solution for those who want to create stable LEGO projects without the permanence of traditional glue.
What Happened To Le-Glue After Shark Tank?
Le-Glue is a water-soluble adhesive glue for Lego pieces, invented by Tripp Phillips when he was 13 years old.
Tripp and his father appeared on the first episode of the 10th season of Shark Tank in 2018, hoping to impress the sharks and get a deal of at least $80,000. Kevin O’Leary made an offer of $80,000 for 20% equity, which Tripp accepted.
Since appearing on Shark Tank, Le-Glue has reportedly generated over $1 million in revenue as of November 2021. Le-Glue had lifetime sales of around $120,000 and had sold over $30,000 in the last five months.
A review on sharktanksuccess.com in 2023 stated that Le-Glue reportedly earned an average of $35,000 on a monthly basis.
It appears that Le-Glue has been successful after appearing on Shark Tank, with steady sales and revenue growth.
How Much Revenue Has Le-Glue Generated Since Appearing On Shark Tank?
Le-Glue has generated over $1 million in revenue as of November 2021. The company reportedly averages between $17,000 and $20,000 in monthly revenue.
Tripp Phillips, the 14-year-old inventor and founder of Le-Glue, appeared on the first episode of the 10th season of Shark Tank in 2018. He and his father were hoping to secure a deal of at least $80,000 for 15% equity. They left the show with a deal, but the terms of the deal were not disclosed.
In February 2020, Le-Glue appeared on the Greatest of All Time Special Episode of Shark Tank in the baby sharks category. However, there is no information available on whether the appearance on the show had any impact on the company’s revenue.
While mentioning sales figures for Le-Glue, it is unclear whether these figures are accurate or up-to-date.
The article states that Tripp claimed Le-Glue had $32,000 in sales up until the end of May in an unspecified year, $52,000 the year before, and lifetime sales of around $100,000. However, this information is not consistent with the revenue figures reported.
Overall, it appears that Le-Glue has generated over $1 million in revenue as of November 2021 and averages between $17,000 and $20,000 in monthly revenue.
However, there is no information available on the terms of the deal made on Shark Tank or whether the appearance on the show had any significant impact on the company’s revenue.
Has Le-Glue Expanded Its Product Line Since Appearing On Shark Tank?
Yes, Le-Glue has expanded its product line since appearing on Shark Tank. According to various sources, the company has grown significantly and is now available in over 1,000 stores across the United States.
They have also been working on marketing and securing a licensing deal for their product. While Le-Glue’s primary product is still a water-soluble adhesive glue for Lego pieces, they have also expanded to other building blocks and have been featured at the New York Toy Fair.
What Is The Current Valuation Of Le-Glue?
Le-Glue is a water-soluble adhesive glue for Lego pieces, founded by Tripp Phillips in 2015. During their appearance on Shark Tank, Tripp, and his sister requested $80,000 for a 15% stake in their company, which was valued at $533,000.
However, after Kevin O’Leary invested $80,000 for 25% equity and a 50% royalty on any licensing deals until he recoups his money, the company was revalued at $320,000. As of November 2021, Le-Glue has generated over $1 million in revenue.
According to a recent update on Le-Glue’s net worth, the company’s founder, Tripp Phillips, has a net worth of $4.8 million USD as of 2022. However, it is unclear from the search results what the current valuation of the company is.
The most recent valuation mentioned is from their appearance on Shark Tank in 2019, where the company was valued at $320,000 after Kevin O’Leary’s investment.
How much was asking on Shark Tank?
They were asking for $80,000 for a 25% stake in their company.
Did they get the deal?
Yes, they got a deal from Kevin O’Leary for $80,000 in exchange for 25% equity in the firm and a 50% royalty on any licensing deals until he recoups his money.
Is Le-Glue still in business?
Yes, it is still in business. They are producing Le-Glue at their production facility in Dalton, Georgia.
When did they start?
The company was established in 2015 by Tripp Phillips, who was 10 years old when he founded the company.
How successful is Le-Glue?
Since this 13-year Shark Old Tank presentation, his business has allegedly generated an average of $35,000 each month. However, Le-genesis Glue’s story is even more amazing than what we see on the reality program.
Is the firm located in Georgia?
The business is headquartered in Dalton, GA.
Do they sell Le-Glue?
Le-Glue adheres to various sorts of construction materials, including Le-Glue and Mega-Blocs. Simply dip a brick into the glue and adhere it to the desired location; it’s that simple to use.
Best of all, Le-Glue simply dissolves in warm water, restoring your bricks to their original state with no residue.
How does it make money?
The firm makes money from sales of its product Le-Glue.
Can you get Le-Glue sets?
Having said that, if anyone wishes to attach the sets together, one will need to disassemble them and glue them.
Simple white school glue is the most delicate adhesive that will not harm the Le-Glue parts but will hold the model together.
What is the Le-Glue opportunity?
The opportunity in this industry is that the brand has been around for a long time and it is still selling.
Is Le-Glue a confidence trick?
If they really want to give their product away at all, they could do that, but it could be quite detrimental to them because of the price, shipping, and everything else.
The point is if they are liable to give their very own product or service away for free with no commercial value to take in return, then they should not do that.
What is the business model of Le-Glue?
The business model of this company is simple; they charge the consumers for the product and make some money that way.
This is a buy-one-gets-one-free product, as long as you are willing to give an additional $7.95 shipping cost, which is on the steep side.
Does Le-Glue work?
Yes, it works.
How do I buy Le-Glue?
If one wants to purchase Le-Glue you can get it on Amazon.
Why should I use Le-Glue?
Using black magic glue will save you from the mess that happens when you need to move the bricks to another place. This product is also useful for attaching together figurines and toy parts.
Is there such a thing as Le-Glue?
Le-Glue solves the age-old problem of Lego disassembly without harming the bricks.
Tripp became one of the youngest patent holders in US history due to the fact that Le-Glue was invented by a child for children.
Le-Glue is manufactured in our hometown of Dalton, Georgia, United States of America!
What is the net worth of Tripp Phillips?
The net worth of Tripp Phillips is unknown.