LIT Handlers Shark Tank Net Worth 2023
The founder of Lit Handlers, Destiny Padgett, asked the sharks for $200,000 for 10% equity at a $2 Million Valuation. Daymond John invested $200,000 for 20% equity in this company.
In September 2022, Lit Handlers’ annual revenue was $1.2 million. As of 2022, Destiny Padgett has a net worth of $1 million.
What is LIT Handlers? Who is the Founder of LIT Handlers?
Lit Handler is a company that produces hand holders for various beverage sizes.
Founded in 2016 by Destiny Padgett, the products come in a range of sizes, colors, and styles to fit popular beverages from water to champagne, and containers from a standard can to a half gallon jug and a half gallon of ice cream.
The unique design ensures that cold liquids remain chilled and hot beverages remain hot while hands never feel cold or burned.
Initially starting with a modest selection, Lit Handlers has now extended to include a variety of Handlers such as Pint Size Ice Cream, Wine Tumbler, Bottleneck, Pint Glass, Can, and Small and Medium Coffee, as well as providing neoprene bags, sleeveless sleeves, and accessories.
The company, headquartered in New York City, was founded by Destiny Padgett, a former bar owner with a passion for beverage technology. Utilizing her experience, she has created a successful business model.
Destiny Padgett is a graduate of Syracuse University at The Tuck School of Business with a BBA in Information Systems. Prior to establishing Lit Handlers, she worked as a supply chain management consultant for six years.
Her most innovative addition to her patent-pending Handlers is the handles that make it easier to hold onto the beverage for all users, especially for tiny baby hands. The reinforced handle also features a convenient pocket for tiny things such as lip balm, mints, band-aids, or a pen.
The LIT Handlers website offers a size chart that enables users to determine what they need to meet their requirements.
With over a dozen sizes and hundreds of designs, Handlers’ products range in price from $4.99 for the smallest koozie to $69.99 for a large backpack.
Although the company is based in Buna, Texas, it now conducts business only through its website and Amazon. Nevertheless, it intends to expand production, sellers, and total inventory.
LIT Handlers Shark Tank Pitch
Destiny Padgett presented her company on Shark Tank and sought an investor willing to invest $200,000 in exchange for a 10% stake in her company.
She elaborated on the progress her company had made, stating that in 2020 it had made $630,000 in sales and was targeting $780,000 in sales for 2021. She expressed her need for a Shark to help with licensing so she could expand her business.
The Shark Tank investors showed interest in her company. Kevin O’Leary was the first to make an offer of $200,000 for 20% ownership of the company.
However, Robert Herjavec, Mark Cuban, and Lori Greiner declined to invest in Destiny’s company. Daymond John then offered $200,000 for 25% equity shares of the company, causing Kevin O’Leary to revise his offer to $200,000 for 25% of the company’s shares.
Destiny then countered with an offer of $200,000 for 20% equity share in her company. Kevin O’Leary’s offer was rejected, and Destiny closed the deal with Daymond John for $200,000 for a 20% ownership stake in the company.
LIT Handers is still in business and currently sells its products on its website and Amazon. The company has generated total revenue of $1.2 million in 2021. The deal between Daymond John and Destiny was successfully closed, and the transaction was completed.
Competitors of LIT Handlers
The company competes with similar products from a number of competitors, including Skip Hop and Scanpan.
Net worth of LIT Handlers.
LIT Handlers has a net worth of $1.2 million in 2021.
LIT Handlers Shark Tank Updates
Lit Handlers is a company that produces custom koozies with a handle on the side and a pocket for holding small items such as lighters, cash, or Chapstick.
The founder, Destiny Padgett, appeared on Shark Tank in season 12, episode 25, and made a deal with Daymond John for $200,000 in exchange for 20% equity.
The company was originally called LITcancoolers but was later changed to Lit Handlers when the founder developed the handle design.
Lit Handlers met its sales numbers of $780,000 in 2020, and it is highly likely that the number has only increased since then. Sharktanktalks.com reports that the company signed a deal at a valuation of $1 million on Shark Tank, and as of 2023, its net worth could be $2 million.
The Lit Handlers website offers a variety of Handlers for different types of beverages, including cans, bottles, tumblers, and coffee cups.
The Handlers come in different sizes and designs, such as the 8-10oz Mini Slim Can Handlers, the 12oz Can Handlers, and the 12oz Slim Can Handlers. The website also offers Handlers with carrying straps and Handlers for ice cream pints.
Overall, Lit Handlers is a successful company that offers a unique and practical product for keeping beverages cool and holding small items.
The company’s appearance on Shark Tank helped it gain exposure and secure a deal with Daymond John, and its sales numbers suggest that it continues to thrive.
Table: LIT Handlers Shark Tank Net Worth 2023
| ASPECT | DETAILS |
| Company Name | LIT Handlers |
| Founder | Destiny Padgett |
| Product | Hand holders for various beverage sizes |
| Valuation | $2 million |
| Investment Requested | $200,000 for 10% equity |
| Investment Deal | Daymond John invested $200,000 for 20% equity |
| Annual Revenue (2021) | $1.2 million |
| Net Worth (2022) | $1 million |
| Competitors | Skip Hop and Scanpan |
| Sales Figures (2020) | $780,000 |
| Deal with Shark Tank | Closed deal with Daymond John for $200,000 for a 20% ownership stake in the company |
| Net Worth (2023) | Estimated $2 million |
LIT Handlers FAQs
What Is LIT Handlers And How Does It Work?
Lit Handlers is a line of custom koozies with a handle on the side and a pocket for holding small items like a lighter, Chapstick, or cash.
The company’s website explains that their neoprene Handlers are easy to grip sleeves that have a handle built right into it to help you get a handle on your cans, bottles, tumblers, and coffee.
The sleeves come in different sizes, including 8-10oz Mini Slim Can Handlers, 12oz Can Handlers, 12oz Slim Can Handlers, 12oz S/M coffee handlers, 12oz wine tumbler handlers, S/M Bottomless Handlers, Handlers with Carrying Straps, and 16oz pint ice cream handlers.
Lit Handlers maintain the drink’s temperature, keeping it hot or cold, and provide a comfortable sleeve to hold the drink. The company appeared on Shark Tank in 2020, and Daymond John invested $200,000 for a 20% stake in the business.
The company met its sales numbers of $780,000 in 2020, and it’s highly likely that the number has only increased since.
Who is the Founder?
Destiny Padgett is the Founder of Lit Handlers with offices located in New York City.
What Was The Outcome Of The LIT Handlers Shark Tank Pitch?
Lit Handlers appeared on Shark Tank in Season 12, Episode 25, where the founder, Destiny Padgett, pitched her business to the Sharks. She asked for $200,000 for 10% equity and received an offer from Daymond John for $200,000 for 20% equity, which she accepted.
Lit Handlers had sales of $630,000 year-to-date when she pitched on Shark Tank. As of 2023, Lit Handlers is worth $2 million.
Did LIT Handlers Received Any Investment From The Sharks?
Yes, Lit Handlers received an investment from Daymond John on Shark Tank. The company appeared on Shark Tank Season 12 Episode 25 and asked for $200,000 for 10% equity.
Daymond John offered $200,000 for 20% equity, and the deal was accepted. The company signed a deal at a valuation of $1 million, and as of now, Lit Handler’s net worth can be $2 million.
What Happened To LIT Handlers After Its Appearance At The Shark Tank?
After its appearance on Shark Tank, Lit Handlers gained popularity and increased its sales. The company met its sales numbers of $780,000 in 2020 and it’s highly likely that the number has only increased since.
The company’s appearance on Shark Tank helped it gain exposure and attract more customers. Lit Handlers offers custom koozies with handles that can hold different types of beverages and also have stylish pockets that can store small items like lighters, keys, or lipsticks.
The company’s product is designed to keep the drink at the perfect temperature and provide a comfortable sleeve to hold the drink. Overall, Lit Handlers has been successful after its appearance on Shark Tank and continues to grow its business.
When was established?
LIT Handlers was established in 2016.
What is their offer on Shark Tank?
The offer of $200,000 for 10% stake in her company.
How much did they invest?
Daymond John invested $200,000 for 20% stake in her company.
What is their net worth?
The net worth of LIT Handlers is 1.2 million in 2021.
How many employees does she have?
LIT Handlers has 2 employees currently.
Is still in business?
Yes, LIT Handlers is still in business.
What is the revenue of LIT Handlers in 2021?
LIT Handlers is generating total revenue of $1.2 million in 2021.
How can we contact them?
You can contact to company by visiting their website www.lithandlers.com.
What products does Lit Handlers have?
LIT Handlers has a range of products, including Handlers for a variety of beverage sizes and The LIT Handlers Guidebook that explains how to use the holders.
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Which is your target audience?
LIT Handlers is now available at many specialty and retail outlets and has established numerous accounts in the industry including: Pinchpennystheaters.com, Mint Julep Bar and Balthazar Hotel New York.
Where are they based?
Based in Buna, Texas.
Who Are The Main Products?
Cold liquids remain chilled and hot beverages remain hot, yet hands never feel cold or burned.
How is the business model?
LIT Handlers has a licensing program to help bring a variety of products, styles, and sizes to market.
How do you propose to expand?
Destiny plans on expanding across the board, including production, sellers, and total inventory.
What are the strengths?
LIT Handlers has a patent-pending design that can be marketed and sold internationally.
How is the product positioned?
LIT Handlers has a patent-pending design that can be marketed and sold internationally.
Can you describe the market opportunity?
The market opportunity for LIT Handlers is tremendous across hundreds of millions of retail locations, worldwide.
Is any marketing strategy?
LIT Handlers is marketing through e-commerce and restaurant outlets, as well as through its website.
What type of competition does the firm face?
The company competes with similar products from a number of competitors, including Skip Hop and Scanpan.
How long have they been in business?
LIT Handlers was established in 2016.
How has customer service been?
Customer service is a top priority for LIT Handlers.
Is safe to buy their product online?
Yes, LIT Handlers is safe to buy its product online.
What is the negative side of the business?
The company does not have much revenue information.
How long will Lit Handlers last?
LIT Handlers has a very loyal customer base and should be around for many years to come.
How are the products manufactured?
LIT Handlers has expanded its operations to include tooling and manufacturing facilities.
What are their future plans?
The future plans of the company include expansion via licensing.
Is Lit Handlers a good investment?
Yes, LIT Handlers is a good investment and you can buy this stock by investing $100-$500 in the company.
