What Happened to LockStraps after Shark Tank? LockStraps Shark Tank Update
What is LockStraps? Who is the founder of LockStraps?
LockStraps is a company founded by Jeff Cranny that produces steel cable tie-down straps with nylon outer sleeves and locking carabiner clips.
These straps are useful for securing various objects during transportation and are available in lengths from 2.5 to 24 feet.
Cranny, a former sales leader with a background in communications and business, began developing the concept for LockStraps in 2010 and has since released several models of the product. These straps are available at retailers such as Home Depot, Sears, Grainger, and Cabella’s.
What Happened to LockStraps at Shark Tank pitch?
On episode 1007 of Shark Tank, Jeff Cranny presented his product, LockStraps, which are unique locking tie-down straps, to the Sharks.
He was seeking $200,000 in exchange for a 20% stake in his company, which he valued at $1 million. He demonstrated the strength of the straps by having a bolt cutter fail to cut them and distributed samples to the Sharks.
He had previously earned $135,000 in revenue in his first year and $175,000 in his second year, and had a $1.5 million purchase order from Home Depot, but was evasive when the Sharks asked about sales numbers. Ultimately, none of the Sharks were interested in investing and Jeff left the Tank without a deal.
What Happened to LockStraps after Shark Tank?
After appearing on Shark Tank, Lockstraps continued to grow its business by getting into 1900 Home Depot Stores and signing a private label agreement with Schwinn. As of February 2022, the company is still operational and has $4 million in annual sales.
Competitors of LockStraps
While LockStraps has been around since 2010, there are many competitors that are currently in the market. These are; THM Cable Straps, MOLLE Straps, Tie Down Straps and Strap & Tie.
Net Worth of LockStraps
The net worth of Lockstraps at the time of its pitch on Shark Tank was valued at $1 million. However, since then the company has continued to operate and its net worth may have increased beyond that initial valuation.
What is LockStraps?
LockStraps is a multifunctional strap and locking Carabiner combination that can be used in many different ways.
In addition to tightening down a load securely, LockStraps are also useful for attaching objects to vehicles or using as bungee cords.
Who is the founder?
Jeff Cranny of Temecula, California is the founder.
How much was Jeff seeking on Shark Tank?
Jeff entered the Shark Tank in seeking of $200,000 in exchange for a 20% stake in his firm, which worth $1 million.
Did Jeff have the deal?
No, Jeff didn’t have the deal from Shark Tank investors.
Is LockStraps still in business?
Yes. As of February 2022, the company is still in business with $4 million in annual sales.
Where is LockStraps located?
The company is located in the Coastal areas in Southern California, as well as in Montana, Texas, and Kansas.
What does LockStraps do?
LockStraps provides users the ability to secure objects on flat surfaces, like the roof of a car or truck bed. They are also useful in securing power equipment, like pressure washers and generators, as well as preventing loads from moving during travel.
Can you lock tie downs?
Yes. LockStraps are made of a durable eight-bound steel wire that runs through the double nylon webbing, as well as two combined locking carabiners.
What is LockStraps patent?
LockStraps has a patent for a “tensioning system with locking Carabiner clip.” These are found at the end of each LockStraps to allow users to lock items in place.
How do I lock my straps?
The final piece of the LockStraps is a lock that holds the straps together. The user needs to unlock and lock the Carabiner. Use one Carabiner to unlock and second one for locking.
What are the benefits of LockStraps?
LockStraps are designed with durability and strength in mind that allow users to secure loads securely with fast, easy, and simple tie-downs.
Are they theft-proof?
No. The strap itself is not theft-proof but with proper use can help prevent theft.
Can you padlock a ratchet strap?
Yes. Users can use a padlock to secure Ratchet Straps as well, especially if they don’t have an extra LockStraps.
What is the purpose of a ratchet strap?
A ratchet strap is designed to tighten down loads easily. It’s very fast, easy, and simple to use which makes them attractive for those who are in situations where they need to secure loads quickly and efficiently.
Is LockStraps shipping?
Yes. LockStraps are shipped worldwide.
What is LockStraps shipping cost?
All shipping cost will be calculated according to the type of package and destination country.
Can I use LockStraps with a hitch?
Yes, as long as it’s secure, flat and secure. The Hitch is also mounted on Vehicle in a stable place to protect the load from shifting during driving or loading and unloading.
What is the return policy of LockStraps?
LockStraps has a 30-day return policy for all products, as long as it’s in good condition and not used.
How many pieces does LockStraps ship per package?
Four straps per package. Also, there is one pair of locking carabiners and one padlock that can be used to protect the load from theft.
Are LockStraps better than regular tie downs?
No, the main purpose is to secure loads before hitting the road either for recreational or commercial purposes.
How do I pay for LockStraps?
LockStraps accepts payments from major credit cards including Visa, MasterCard, and American Express.
Is LockStraps safe?
Yes. LockStraps are approved by Underwriters Laboratories (UL) as a Class I product to be used safely by consumers.
Where can I learn more information about LockStraps?
LockStraps has a Facebook page @Lockstraps or website www.Lockstraps.com where customers can find more information about the company and their products.
How much does Jeff Cranny worth?
The net worth of Jeff Cranny is not available.