The Last Lid Shark Tank Net Worth 2023
During their appearance on Shark Tank, the Kiernans pitched their company and were seeking a $40,000 investment for a 20% stake in the business. This would have given their company a valuation of $200,000.
However, Daymond saw potential in the Last Lid product and offered the Kiernans $40,000 for a 60% stake in the company. If the Kiernans accepted Daymond’s offer, it would value Last Lid at $666,666.66.
Despite giving up a larger stake in their company, the Kiernans accepted Daymond’s offer, as they believed his expertise and connections in the industry would help them take their business to the next level.
This deal would also give Daymond a majority share in the company, allowing him to take a more hands-on approach to help grow the business.
What is The Last Lid? Who Founded The Last Lid?
The Last Lid is a durable cloth lid for garbage cans that can be reused and adapted to fit any container. It is designed to be waterproof and prevent wild animals such as raccoons from accessing the garbage, as well as keep the contents contained in case of the trash being knocked over.
Kevin and Melissa Kiernan, a married couple, created the Last Lid. Melissa has a Bachelor’s degree in Arts and Sciences from the University of Hartford and previously worked as an event organizer.
She now works as a real estate agent for a company in New Jersey. Kevin has a Bachelor’s degree in Business from Villanova University and has a background in sales and information technology, with a specialization in automotive demands.
His LinkedIn profile indicates that he is currently involved in creating patented products to cover holes in certain areas.
The idea for the Last Lid came about when the couple noticed their garbage bin lid frequently knocked over by wild animals, leaving a mess.
After the cover disappeared one day, Kevin decided to create his own, using video surveillance of the offenders to improve the product.
With a prototype design and a solid business strategy in place, the couple sought investors to support their pre-revenue product.
The Last Lid Shark Tank Pitch
Kevin and Melissa expressed their confidence in their product before entering the Shark Tank, indicating their belief that it would be stocked in every store.
The Kiernans were seeking a $40,000 investment for a 20% stake in the company, which would value the company at $200,000.
At the time of their pitch to the Sharks, Kevin and Melissa were still in the prototype stage and had not made any sales. However, their product was unique in the market, as there were no other universal garbage can lids available.
The Sharks had mixed reactions to the product. Robert Herjavec was not interested due to the cloth cover and its perceived lack of value, while Lori Greiner appreciated the Kiernans’ enthusiasm but did not believe in the product.
Mark Cuban raised concerns about the cost and potential profitability of the product but saw potential for development in the future. Kevin O’Leary was dissatisfied with the profit margin and declined to invest.
Daymond John loved the product and requested that the Kiernans come up with a better offer. Kevin eventually offered $40,000 for a 60% stake in the company, which Daymond accepted.
The Last Lid has faced challenges with online sales and getting the product onto store shelves. The Kiernans had discussions with at least one corporation about licensing the product, but nothing came of it.
In 2015, the company was sold to a big retail firm in the garbage can manufacturing vertical, according to Kevin’s LinkedIn page.
The product is no longer in stock, and the Kiernans have gone their separate ways, with Kevin owning a product development firm in New York City and Melissa working as a realtor in New Jersey.
The Last Lid Net Worth
The Kiernans were looking for $40k for a 20% stake in the company. This equates to a $200,000 value. The couple accepted an offer from Daymond of $40,000 for 60% stake. This shows a valuation of $666,666.66
The Last Lid Competitors
There is no competitor.
The Last Lid FAQS
What happened to the Last Lid after shark tank?
As of 2015, the company had gone out of business after being purchased by a huge garbage can manufacturing company.
They have a dead website that is for sale, as well as stagnant social media sites.
Is Last Lid still in business?
In 2015, the company was sold. “The Last Lid was eventually sold to a big retail firm in the garbage can manufacturing vertical,” according to Kevin’s LinkedIn page. It is no longer in stock.
Who founded The Last Lid?
Kevin and Melissa Kiernan are the founders of The Last Lid.
What is The Last Lid worth now?
The Last Lid’s current net worth is unknown at this time. It has stopped production and has been sold to another company. The sale figure is unknown at this time.
What were weaknesses of The Last Lid?
The weak point of the Last Lid is that it did not make much sales. Although Daymond John was a fan of the product, he thought that it would not be able to sell well.
What materials is The Last Lid made of?
The Last Lid is made from 100% heavy-duty fabric recycled materials.
How much money did The Last Lid make?
The Last Lid did not make any sales, so they could not make any money.
How much does The Last Lid cost?
Each cover costs about $3.50 to make and they plan to sell two for $19.95.
Was The Last Lid a franchise?
No, the Last Lid was not a franchise.
What was The Last Lid?
It is a washable fabric that covers most brands and shapes of garbage cans.
What is the biggest failure Kevin has made on the show?
Kevin’s regret was getting rid of half of his stake in The Last Lid too quickly. He should have held onto it more resolutely and continued to develop the product.
What is Kevin’s Kiernan net worth?
Where is Kevin’s Kiernan now?
Kevin is running a product development company in New York City.
When was The Last Lid featured on Shark Tank Pitch?
The Last Lid was featured in February 17, 2021.
Is The Last Lid Waterproof?
It was designed to be water-resistant and adjustable to fit any trash can.