Treasure Chest Pets Shark Tank Net Worth 2023
Lloyd appeared on Shark Tank season 1 episode 8 in search of $150,000 in exchange for a 20% stake in the firm.
This would put the valuation at $750,000. However, Daymond and Barbara offered $150,000 for 60%, bringing the valuation down to $250,000 instead; which Lloyd accepted.
What was Treasure Chest Pets?
The collection of fluffy animal toys called Treasure Chest Pets were primarily targeted towards youngsters. However, these toys were not just ordinary playthings but also served as organizers, having special compartments to store other children’s toys. The toys were aesthetically pleasing and therefore, an obvious choice for parents to buy for their children.
Sandra Castillo was the true founder of the company and she sought out Lisa due to her prior success to help promote the product. Lisa became the public face of Treasure Chest Pets after they reached an agreement, and she continued to do so until the company went out of business in 2012.
It is not widely known that Sandra Castillo was the actual owner of Treasure Chest Pets. She relied on the business acumen of Lisa Lloyd to push the product to success.
Once the agreement was reached, Castillo granted Lloyd the right to market the product while also seeking further patents to protect Treasure Chest Pets. Both Lisa and Sandra were aspiring entrepreneurs before they became a dynamic team.
Their licensing agreement was beneficial for the company, encouraging them to create innovative and useful products.
In addition to being toys, Treasure Chest Pets also had multiple functions as they could also be used as cushions and organizers.
What Happened to Treasure Chest Pets at the Shark Tank Pitch?
Lloyd appeared on an episode of Shark Tank in the first season, where she sought an investment of $150,000 in exchange for a 20% share of her company, which was valued at $750,000.
During her presentation, Lloyd showcased her unique stuffed animals that featured hidden compartments for children to store their small treasures.
The Sharks delved into the details of her business, asking about pricing and costs, to which Lloyd disclosed that her toys were selling for $19.95 and cost $4.75 to manufacture. She also revealed that her sales, both direct and through boutiques, had exceeded $100,000.
While Lloyd had sales orders on hand, she had not yet approached larger retailers due to her need for additional funding. Kevin O’Leary declined to invest in her toy line, citing distribution as a major hurdle, while Kevin Harrington pointed out that the toys were seasonal and targeted towards a specific age group, making it a challenging market.
Robert Herjavec offered to loan Lloyd $150,000 without asking for any equity in her company, while Barbara Corcoran offered $50,000 for a 50% stake, requiring Lloyd to find another investor to fund the remaining $100,000.
Daymond John stepped up and agreed to invest $100,000, bringing his knowledge and distribution connections to the table. In exchange, he requested a 60% stake in the company.
While Robert Herjavec’s loan offer was attractive, Lloyd decided to accept the joint investment from John and Corcoran because she valued their business and distribution expertise as much as the money.
What Happened to Treasure Chest Pets after the Shark Tank Pitch?
Lloyd managed to secure a deal with Shark for her products, but the transaction with Corcoran fell through. John offered assistance to Lloyd by utilizing a portion of his equity. Nonetheless, Treasure Chest Pets eventually succumbed to intense competition and the influx of imitations in the market.
Despite this setback, Lloyd now shares her knowledge and experiences in invention and business through publications and lectures, allowing others to benefit from her expertise. Additionally, she still collaborates with Daymond John.
Lisa received support from Daymond to introduce Treasure Chest Pets into Buy Buy Baby, resulting in a significant increase in sales. However, the economy’s downfall led to a sharp decline in sales, combined with rising fuel prices and expenses. Lisa sought guidance from Daymond, who suggested against investing more money in a failing business.
As a result, Lisa made the difficult decision to close down Treasure Chest Pets in 2012.
What was the Net Worth of Treasure Chest Pets?
Lloyd appeared on Shark Tank season 1 episode 8 in search of $150,000 in exchange for a 20% stake in the firm. This equates to a $750,000 valuation.
She accepted an offer from Daymond and Barbara of $150,000 for 60% which brings valuation to be $250,000.
Who were the competitors of Treasure Chest Pets?
Treasure Chest Pets was face with stiff competition in its market space from the following companies; Funzoo Toys, Ultra Toys, Aurora and Gund.
Treasure Chest Pets FAQS
What was Treasure Chest Pets?
Treasure Chest Pets were a collection of fluffy animal toys aimed mostly towards youngsters.
The Treasure Chest Pets were pretty clever; aside from being toys, they could also be used as organizers, and they featured special compartments for storing children’s toys.
Who founded Treasure Chest Pets?
Sandra Castillo was the true founder of Treasure Chest Pets.
What did Treasure Chest Pets cost?
Treasure Chest Pets would typically cost $19.99.
How much was she seeking in the Shark Tank?
She was seeking $150,000 for 20% of the company.
Did she get the deal from the Shark Tank?
She accepted Daymond John and Barbara Corcoran’s offer to fund 60% of the company with her receiving 40%.
Did they closed the deal?
While Lloyd was able to secure a Shark agreement for her items, the Corcoran transaction was never consummated. John was able to use part of his equity to aid Lloyd
What was the physical address for Treasure Chest Pets?
The Company was located in Phoenix, Arizona, United States
What year did it appeared on Shark Tank?
It appeared on shark tank Season 1 – Episode 8 on October 6, 2009.
Why did Lisa closed Treasure Chest Pets?
She closed Treasure Chest Pets in 2012 citing business missteps and a flood of competition from knock offs.
Who was the CEO of Treasure Chest Pets?
Sandra Castillo was the CEO of Treasure Chest Pets.
When was Treasure Chest Pets founded?
The company was founded in 2007.
Where can they contact them?
They are no longer in business.
What is the net worth of Lisa Lloyd?
Lisa Lloyd’s net worth is unavailable.
