Lion Latch Shark Tank Net Worth 2023
The company valuation of $1 million during and after the pitch was an accurate reflection of its worth at the time. However, since then the company has continued to operate as a successful business and its net worth may likely have increased since then.
Nevertheless, without any further analysis, it is difficult to determine how much the company’s net worth may have increased over time.
What is Lion Latch?
The Lion Latch is a product designed to provide customers with a safe and secure place to store their jewelry while engaging in physical activities such as sports or exercise. It is constructed of two durable plastic pieces and can be used to store a variety of jewelry items including necklaces, pendants, earrings, and rings.
The Lion Latch is designed to be easy to use and does not require any zippers or screws. Instead, it features a Carabiner that securely locks the two pieces together. Users can attach the Lion Latch to their gym bag, keychain, or backpack to keep their jewelry safe and prevent damage.
In addition to its primary use as a jewelry storage device, the Lion Latch also doubles as a pillbox. Its versatile design allows it to be used in a variety of settings, whether at the gym or on the go.
The Lion Latch was invented by Lerin Lockwood, who is an art teacher and volleyball coach at Texas Eclipse Club Volleyball. Lerin earned a Master’s degree in Sports Management from the University of the Incarnate Word and also serves as the Youth Volleyball Coordinator for the Rising Stars Youth Volleyball League.
Along with these roles, Lerin operates Lion Latch, which has become a popular accessory among jewelry lovers and fitness enthusiasts alike.
Who is the founder of Lion Latch?
Lerin Lockwood, an art teacher and coach at a high school, is the creator of Lion Latch. She is an energetic woman who takes off her earrings and rings when engaging in sports. Her invention came about after she caught a softball during a game and felt a sting on her finger.
When she removed her glove to investigate, she discovered that her engagement ring had been twisted and lost a stone.
Lockwood identified a common problem of where to store jewelry when it is removed, which led her to experiment with various designs until she arrived at the now-patented Lion Latch. The Lion Latch is a two-piece, rigid plastic container that can securely store jewelry. It can be attached to a key chain, gym bag, or any other item using a Carabiner.
Lockwood launched her company in 2015 after raising $14,592 through a successful Kickstarter campaign. The Lion Latch helps preserve jewelry from damage caused by dirt, scratches from workout equipment, and other factors. Lockwood manufactures the product in her home state of Texas.
In March 2020, Lockwood was featured on Good Morning America, which brought attention to her company. The Lion Latch is available in nine different colors and can be purchased for $9.95. They are also popular as promotional gifts that can be customized with a brand logo. Currently, the Lion Latch is only available on Lockwood’s website and on Amazon.
What Happened to Lion Latch at Shark Tank pitch?
In episode 1301 of Shark Tank, Lerin Lockwood presented her innovative product, Lion Latch, which allows users to keep their jewelry safe while exercising or participating in sports. She was seeking a $150,000 investment in exchange for a 15% stake in her business, which was valued at $1 million.
In addition to her desire to secure funding, Lerin was also hoping to gain a Shark’s assistance in accessing shopping establishments. To illustrate the need for her product, she enlisted the help of an actor who pretended to search for a lost ring in a garbage can.
The Sharks examined the product samples as Lerin explained how it works. However, Mr. Wonderful was put off by the fact that a hearing aid was hidden within the product and was irritated by Lerin’s comments about his hearing. As a result, he was the first Shark to back out of a potential deal.
Mark also decided not to invest, as he did not see Lion Latch growing into a $10, $20, or $50 million business. Emma was uninterested and left the pitch as well. Lori believed that Lerin was capable of resolving her manufacturing problems on her own, so she also declined to invest.
Finally, Barbara respected Lerin’s perseverance but felt that the business was too small for her to get involved with, and thus exited without a deal.
Lerin’s sales for the past five years totaled $530,000, with $230,000 in the previous year alone. However, her main issue was with production, as she had worked with three different manufacturers and still packaged each product individually before shipping. Each unit cost $1.50 to manufacture, $5 to wholesale, and $10 to retail.
Despite her passion and hard work, Lerin was unable to secure a deal with any of the Sharks.
What Happened to Lion Latch after Shark Tank?
During its appearance on Shark Tank, Lion Latch did not receive a deal as the Sharks believed the business had limited potential and was not worth investing in. The product is a simple and compact container for jewelry storage that has been patented. Despite this, the product has not generated many sales thus far.
However, the company has recently launched a new product, the Travel Jewelry Case, which provides easy and secure storage for jewelry. The company plans to introduce more products in the future.
Sales of Lion Latch saw a significant increase during the 2021 Christmas season, with orders coming in from various cities across the United States. Lerin shipped thousands of dollars worth of product from her local post office in Texas.
Lion Latch has received media coverage from multiple publications, including Fox 44 News, The View, and Good Morning America.
Competitors of Lion Latch
The primary competitor company that produces similar products is The Carabiner Jewelry Holder.
Net Worth of Lion Latch
The company valuation was $1 million during and after the pitch. Since then the company is still operating and hence the company net worth might be higher than that of pitch.
Lion Latch Shark Tank Episode Summary
|Shark Tank Episode||Shark Tank Season 13 Episode 1|
|Founder & Entrepreneur||Lerin Lockwood|
|Amount Asked For||$150,000 for a 15% stake in the business|
|Deal: Accepted Offer||No deaL|
|The Shark Investor||None|
|Business Net Worth||$1 million valuation|
|Business Status||The business is still in operations|
Lion Latch FAQs
What is Lion Latch?
Lion Latch is a jewelry holder that attaches to your Carabiner, belt loop, key chain, backpack or the metal slider of your gym bag. It’s a 2 piece plastic case for attaching to bracelets, necklaces and earrings.
Who is the founder?
The Lion Latch was invented by Lerin Lockwood, a teacher in San Antonio, Texas who also coaches volleyball at the Texas Eclipse Club Volleyball.
How much was she seeking on Shark Tank?
Lockwood was seeking for $150,000 for a 15% stake in Lion Latch, which had a net worth of $1 million.
Did she have the deal?
No, she didn’t have a deal with the Shark Tank investors.
Is Lion Latch still in business?
Yes, Lion Latch is still in business. In fact, it is available on the website and Amazon.
Where is Lion Latch located?
Lion Latch is located in San Antonio, Texas.
How much did it cost to manufacture the product?
It may vary from retailer to retailer but most distributors charge $1.50 for each unit and there a few wholesale distributors that ask for $5 to sell each unit.
How much does the Lion Latch cost?
Currently, customers can purchase a Lion Latch from $10.95 to $54.75 on their website or Amazon depends on the pack.
What is the market for Lion Latch?
The market is everyone who loves wearing jewelry and wants to keep their jewelry secure.
How does Lion Latch attach to your sport bag?
The Lion Lock attaches with a sturdy Carabiner. Users could also clip it onto their gym bag or back pack.
How does Lion Latch work?
The user opens the latch by inserting their hand under the top part of the latch.
What is the purpose of the Lion latch?
Keychain Jewelry Organizer This portable jewelry bag functions similarly to a compact locker, securely storing rings, necklaces, and other small goods such as medicines or hearing aids.
Is Lion Latch shipping?
Yes, Lion Latch is shipping. Currently, the product is shipped from San Antonio, Texas.
What is the shipping cost of Lion Latch?
The cost of shipping could vary from retailer to retailer and the website offers free delivery for orders over $50.
What is the delivery period of Lion Latch?
The product is shipped within two to four days.
Is Lion Latch having a warrant?
No, Lion Latch does not have a warrant.
What is Lion Latch return policy?
No returns are accepted.
How much does it costs to become an affiliate of Lion Latch?
To become an affiliate of the product, people can sign up as an affiliate on their website.
Is Lion Latch selling internationally?
Yes, the product is available internationally through their website and Amazon.com with free shipping for orders over $50.
Who is the CEO?
The founder and CEO of Lion Latch is Lerin Lockwood.
What is the net worth of Lerin Lockwood?
Lerin Lockwood is the founder of Lion Latch and her net worth is not available.