Lifter Hamper’s Net Worth
Lifter Hamper was valued at $708,000 during its Shark Tank pitch. Its current net worth is not available because it is no longer in business.
The founder of Lifter Hamper, Marvin Phillip, has an estimated net worth of $2 million. Customers can still find reviews of the Lifter Hamper product on Amazon.
What is Lifter Hamper and Who is the founder of Lifter Hamper?
Lifter Hamper is a laundry basket with a bungee spring-loaded mechanism that falls as you add laundry to it, but rises again when you remove it to transfer it to your washing machine or dryer.
Marvin Phillip, a former NFL player whose career was ended by an injury, invented it.
The Lifter Hamper has four lockable wheels, making it easy to move while remaining stationary when needed. Additionally, it eliminates the need to bend over, which is particularly beneficial for individuals with back problems.
Marvin, who was selected by the Pittsburgh Steelers in the sixth round of the 2006 NFL Draft, suffered a back ailment two years later that sidelined him for the rest of the season and ultimately ended his professional playing career. During his rehabilitation, he wanted to help with household tasks, particularly laundry.
Marvin put around $75,000 of his own money into developing the patented design of the Lifter Hamper, which features a bungee-like material that raises the clothes from the bottom of the hamper as you remove the clothes from the top, eliminating the need to bend over.
However, he lacked the financial resources to put his product into production and bring it to market.
He was able to negotiate contracts with e-retailers such as Amazon, but feeling overwhelmed and uncertain, he began looking for an investor who could not only assist him in bringing the product to production but also serve as a mentor and provide suggestions for product improvement.
Lifter Hamper Shark Tank pitch
Marvin presented his invention, the Lifter Hamper, to the investors on the fourth episode of season four of Shark Tank in hopes of gaining assistance with product distribution.
Marvin asked for $85,000 investment in exchange for a 12% stake in his company, which was valued at $708,000. Although Lori Greiner expressed interest and requested a closer examination, Kevin O’Leary was not convinced of the valuation, so he declined to invest.
Mark Cuban appreciated the product but acknowledged that he was not the right partner for Marvin, so he also decided to opt-out. Robert Herjavec thought it was too early to invest, and Daymond John also declined to invest.
Although Lori Greiner appreciated the product, she felt that there were some drawbacks, particularly with the small and inefficient wheels. She advised Marvin to contact her once the company progressed further but chose to exit the deal. Ultimately, Marvin left the pitch without a deal.
Despite being unable to secure a deal with the Sharks, Marvin quickly sold out of his product on the first night that the show aired. He subsequently launched two crowdfunding campaigns on IndieGoGo, raising just over $16,000 in total. However, the product’s availability has been sporadic since then.
Lifter Hamper’s website has been updated, and the product is once again available on Amazon. It will be available for purchase in March 2013, giving eager fans the opportunity to purchase one. Marvin licensed the product to Household Essentials in 2015, a household item retailer that sells products online.
There is no information available on Lifter Hamper’s sales, and as of December 2021, the company’s website is no longer operational, indicating that the business may have closed down.
Competitors of Lifter Hamper
The primary competitor of Lifter Hamper is The Standing Laundry Hamper.
Net Worth of Lifter Hamper
The company was valued at $708,000 during the pitch, since the company is out of business and hence the company net worth is unavailable.
Lifter Hamper FAQs
What is Lifter Hamper?
Lifter Hamper is a hamper that allows you to remove soiled clothes without bending over. The Lifter Hamper features a bungee-like spring that allows you to add and remove laundry without bending over.
Who is the founder?
Marvin Phillip, a retired NFL player, is the founder of Lifter Hamper.
How much was asking on Shark Tank?
Lifter Hamper was seeking $85,000 for a 15% stake in the company, which was found to have a valuation of $708,000.
Did he get the deal?
No. He did not.
Is Lifter Hamper still in business?
No. It is not.
What is Lifter Hamper’s revenue?
The revenue is unknown. The company website is no longer active as of December 2021, and the firm appears to be out of business. There are no reliable sources on Lifter Hamper’s sales and revenue figures.
How much was the net worth of Lifter Hamper?
Lifter Hamper’s company was valued at $708,000 during the pitch, since the company is out of business and hence the company net worth is unavailable.
Who currently owns Lifter Hamper?
Lifter Hamper is now owned by Household Essentials, and they are a retailer that sells products online.
Where can I buy Lifter Hamper?
Lifter Hamper is available for purchase on Amazon and the organization’s website.
Who are the competitors?
The Standing Laundry Hamper, (founded in 1875) is a laundry basket that allows you to lift the laundry from the bottom without bending over.
Where can I buy it online?
Lifter Hamper products can be purchase on Amazon.
How does Lifter Hamper works?
The Lifter Hamper features four wheels and four locks to secure it in place. When users place their dirty laundry inside the hamper and close it, the bungee-like spring system in the bottom compresses to create an air cushion that lifts their clothes up when they remove them freeing them up to do other things.
What is the Align-Lift Technology?
Lifter Hamper features an align-lift technology, which means it has four wheels that are aligned in four corners of the hamper.
Is Lifter Hamper a scam?
No. Lifter Hamper is not a scam.
Who can join Lifter Hamper?
The companies offers affiliate membership program to more than 100 affiliates who can earn up to 20% commission on every sale they make from any of the websites associated with the team.
Is Lifter Hamper safe to use?
It is unknown how safe it really is to use.
Was Lifter Hamper profitable?
Lifter Hamper has not filed any financial statements, so it is hard to tell if they were profitable or not.
Is Lifter Hamper a good investment?
No. The company has been out of business for more than three years, so there is no reliable information about the company’s financial health.
The current owner does not appear to have any connection with the original founders of the company, so you might want to think twice before investing in it.
How did Lifter Hamper make money?
Lifter Hamper made money through affiliate marketing.
What is the net worth of Marvin Phillip?
He has an estimated net worth of $2 million.