Ride-On Carry-On Shark Tank Net Worth 2023
In December 2022, Think King stopped selling the strollers and Ride-On’s products. In Season 2 Episode 4 of Shark Tank, Randy and Darryl Lenz appeared seeking $50,000 for 25% equity in their business – a $200,000 valuation for their luggage seat. They eventually accepted an offer from Barbara Corcoran for $50k with an additional 5% equity.
Ride-On Carry-On is a luggage accessory created by Randy and Darryl Lenz that allows parents to attach a seat to their carry-on luggage, making it easier to transport children through airports.
The company was established in 2009 and has sold over 20,000 units of the product. In November 2021, the company had annual revenue of $1 million
Customer reviews on Amazon.com have been generally positive, with many praising the product’s convenience and ease of use.
However, some customers have noted that it only fits on small carry-on suitcases and that there are no shoulder straps or safety latches on the table.
Additionally, some customers have found that it is easier to just hand over their child to airport staff rather than using the Ride-On Carry-On due to liquids in their carry-on luggage.
As of February 2023, Ride-On Carry-On’s net worth is not publicly available.
What is Ride-On Carry-On? Who is the founder of Ride-On Carry-On?
Ride-On Carry-On is an online company that offers a solution to the hassle of air travel with children. The company was founded by Randy and Darryl Lenz, with Darryl’s 27 years of experience as a flight attendant informing their invention.
Observing parents struggling with large strollers and bags, Darryl was inspired to create a child’s chair that can be attached to any rolling luggage, eliminating the need for an additional stroller.
The Ride-on Carry-on makes it easier for parents to navigate airport check-in and security terminals while traveling with their children.
The child’s chair is easy to use and can be folded and stored in the baggage compartment once on the plane. Darryl, who holds a Bachelor’s degree in Business and Communications from Rollins College, currently oversees the company’s sales and distribution.
The Ride-on Carry-on is a simple and innovative solution that transforms any rolling luggage into a travel stroller, making air travel with children less stressful and more manageable.
Ride-On Carry-On at Shark Tank Pitch
Due to high demand and continued orders, the duo has depleted their inventory and requires funding from the Sharks to expand their product into retail outlets.
During their presentation in the Shark Tank, Randy and Darryl requested $50,000 for a 25% stake in their company, which is valued at $200,000.
Randy showcased their products, including baby bags, a rolling suitcase, and a stroller with a doll. Darryl discussed the difficulties families face when traveling and demonstrated how their Ride-on Carry-on product works.
The Sharks were interested in the sales figures, and Darryl revealed that they had sold a total of 20,000 units, with 2,000 units sold in the last year at a price of $39.99 each.
The Ride-on Carry-on is a seven-dollar project. The duo explained that they needed the $50,000 to diversify their marketing efforts by expanding into retail sales and revamping their website. They had ordered 2,000 units but had no inventory at the time.
Jeff Foxworthy was curious about the purpose of the funding, while Robert Herjavec suggested that the duo license their product instead of going into retail. Kevin O’Leary offered them $50,000 for a 20% stake in the company and proposed licensing the product.
Barbara Corcoran matched the offer, but with a 25% stake and the intention of selling the product through various channels. Daymond John withdrew from the deal, and the duo ultimately accepted Barbara Corcoran’s offer.
Following the deal, the duo rebranded their company as Think King and expanded their product line to include luggage, stroller hooks, and tote bags.
As of November 2021, the company generates $1 million in yearly sales and is operational in major retail stores in the US and worldwide, making it one of Barbara Corcoran’s most profitable Shark Tank transactions. Families worldwide rely on the Ride-on Carry-on to simplify travel.
Net Worth of Ride-On Carry-On
The company was valued at $200,000 during the pitch and after the investment made by Barbara Corcoran.
Since then the company have been doing good in sales with revenue of $1 million in 2021 which might change the net worth of the company to elevate.
Ride-On Carry-On FAQs
What is Ride-On Carry-On?
Ride-On Carry-On is an online firm that transforms any rolling luggage into a toddler carriage.
Who is the founder?
Ride-On Carry-On was founded by Randy and Darryl Lenz. Darryl had spent 27 years as a flight attendant observing how flying parents battled to navigate airport check-in and checkout terminals with large strollers and bags.
How much were asking on Shark Tank?
They were seeking for $50,000 for 25% of the business.
How much they got on Shark Tank?
They got $50,000 for 25% of the business from Barbara Corcoran.
Who invested in Ride-On Carry-On?
Barbara Corcoran invested an amount of $50,000 for 25% of the business.
Is Ride-On Carry-On still in business?
Yes, this company is still in business. The company generates $1 million in yearly sales
How many units sold?
20,000 units in total, with 2,000 units sold in the last year at a price of $39.99 each. The Ride-on Carry-on is a seven-dollar project.
What happened to the Ride-On Carry-On after Shark Tank?
The pair finalized the transaction with Barbara Corcoran after securing the deal during the pitch.
What makes the product stand out?
The Ride-On Carry-On handles the strain associated with air travel while toddling by transforming any rolling luggage into a travel stroller.
What is the size for Rid-On Carry-On luggage?
Users should be able to fit their carry-on luggage in the overhead bin. A carry-on bag’s maximum dimensions are 9 inches by 14 inches by 22 inches (22 centimeters x 35 centimeters x 56 centimeters). Included are handles and wheels.
What is the target age Ride on Carry on?
The Ride-On Carry-On safely and comfortably transports any kid from 8 months to 5 years to and from any airport, railway station, or bus station.
When you’re ready to board, just fold the seat flat against the baggage and stow your bag in the overhead bin.
What happens if my carry-on is too big?
Person may be required to check their bag at the boarding gate, for which they may be charged a checked bag fee.
With the exception of Southwest, the majority of airlines currently charge for checked baggage. Customers will be required to pay a checked luggage charge in this case.
Where is Darryl Lenz from?
Darryl Lenz is from Chicago, Illinois, U.S.
What is the net worth of Darryl Lenz?
The net worth of Darryl Lenz is unknown.