Le-Glue is a water-soluble glue created by Tripp Phillips to strengthen Lego creations. The product was pitched on Shark Tank and got a deal with Kevin O’Leary. As of 2023, the net worth of Le-Glue is estimated to be $1.6 million. The company has experienced financial growth before and after appearing on the show, with significant annual revenue and profits. Tripp and his father, Lee Phillips, founded Le-Glue in 2015, and the business has garnered success through sales on their website, as well as through distribution in the UK, South Africa, and China. The product is available on platforms like Amazon, Walmart, Learning Express, and independent toy stores. Le-Glue has also diversified its product offerings by manufacturing hand sanitizers in 2020 to support communities during the pandemic. The company has plans for further expansion into new regions, such as Australia and Canada, and currently holds a valuation of $1.6 million.
Key Takeaways:
- Le-Glue appeared on Shark Tank and secured a deal with Kevin O’Leary.
- The company’s net worth is estimated to be $1.6 million.
- Le-Glue has experienced financial growth before and after the show.
- The product is distributed internationally and available on various platforms.
- Le-Glue diversified its product offerings during the pandemic.
About the Founder and Founding Le-Glue
Tripp Phillips, the founder of Le-Glue, is the creative mind behind this innovative water-soluble adhesive designed specifically for Legos. At the young age of 10, Tripp became one of the youngest patent holders in America, demonstrating his entrepreneurial spirit and determination. Supported by his father, Lee Phillips, Tripp brought his idea to life and founded Le-Glue in 2015.
The journey started with a $1,000 investment from Lee, which kickstarted the business. The father-son duo also launched a successful Kickstarter campaign, raising over $3,300 to further fuel the company’s growth. With their passion and dedication, Tripp and Lee have achieved remarkable milestones, including achieving a revenue of $125,000 within three years.
From the beginning, the majority of Le-Glue’s sales have come from their website, demonstrating the effectiveness and popularity of the product among Lego enthusiasts. With such a strong foundation, Tripp and Lee set their sights on pitching their invention on Shark Tank, hoping to secure an investment that would take their business to new heights.
Table: Key Details about Tripp Phillips and Le-Glue’s Founding
| Founder | Tripp Phillips |
|---|---|
| Co-Founder | Lee Phillips |
| Invention | Water-soluble adhesive for Legos |
| Patent | One of the youngest patent holders in America at the age of 10 |
| Company | Le-Glue |
| Year Founded | 2015 |
| Initial Investment | $1,000 from Lee Phillips |
| Kickstarter Campaign | Raised over $3,300 |
Le-Glue’s Shark Tank Appearance and Post-Show Success
In 2018, I had the incredible opportunity to pitch Le-Glue on Shark Tank during season 10. It was a nerve-wracking experience, but I was confident in the potential of our water-soluble glue for Legos. Seeking an $80,000 investment, I was prepared to give up a 15% equity stake in the company.
The Sharks were intrigued by our innovative product and the impressive profit margins we had achieved. Eventually, we struck a deal with Kevin O’Leary, a seasoned investor on the show. He offered $80,000 for 50% of the licensing revenue, with the equity dropping to 20% once he recouped his investment.
After the Shark Tank appearance, we wasted no time in leveraging our partnership with Kevin to drive further growth. With his guidance and connections, our revenue soared. Within a year, we had generated over $500,000 in sales, marking a significant milestone for our business.
Today, Le-Glue continues to thrive, bringing in an average monthly revenue of $18,000. Our products, available on major platforms including Amazon, Walmart, and Learning Express, have received rave reviews from customers. This success has resulted in an estimated valuation of $1.6 million, opening up exciting opportunities for expansion and new market exploration.
FAQ
What is Le-Glue?
Le-Glue is a water-soluble glue specifically designed to strengthen Lego creations.
How did Tripp Phillips come up with the idea for Le-Glue?
Tripp Phillips invented Le-Glue when he encountered issues with his Lego creations falling apart. He was supported by his father, Lee Phillips.
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When was Le-Glue founded?
Le-Glue was founded in 2015 by Tripp Phillips and his father, Lee Phillips.
How old was Tripp Phillips when he became one of the youngest patent holders in America?
Tripp Phillips was just 10 years old when he became one of the youngest patent holders in America.
What was the investment deal made on Shark Tank?
On Shark Tank, Kevin O’Leary offered $80,000 for 50% of the licensing revenue of Le-Glue.
What is the current valuation of Le-Glue?
As of 2023, Le-Glue is valued at an estimated $1.6 million.
Where can I purchase Le-Glue?
Le-Glue is available on platforms such as Amazon, Walmart, Learning Express, and independent toy stores.
Did Le-Glue diversify its product offerings during the pandemic?
Yes, Le-Glue manufactured hand sanitizers in 2020 to support communities during the pandemic.
Does Le-Glue have plans for further expansion?
Yes, Le-Glue has plans for expansion into new regions, such as Australia and Canada.
How much revenue does Le-Glue generate on average per month?
Le-Glue generates an average monthly revenue of $18,000.