The lion latch, seen on Shark Tank Season 13 Episode 1, is a protective case for delicate jewelry like rings and necklaces. Because of the hole in the lid, you can easily connect this storage to a backpack, suitcase, etc. The Lion Latch is an uncomplicated container with a plastic front and a rubber interior, resembling a tiffin box. It safely secures medicines, jewelry, hearing aids, and ankle bands.
Lerin Lockwood, the company’s founder, is a sports coach, and she was understandably concerned about the safety of her wedding band while coaching her athletes. Lockwood has been searching for a safe, convenient, and reliable location to store the rings.
She was left without a choice after going to the marketplace. This inspired her to create her own ring and another jewelry box. And then the Lion Latch began.
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Lion Latch Net Worth
Lion Latch’s worth is between $100,000 and $350,000 given the company’s low level of sales activity so far. More new goods are being introduced. We are now researching the previous year’s sales of the product as we do not have accurate information about the revenue of this company at this time.
Who Is The Founder Of Lion Latch?
Lion Latch was started by Lerin Lockwood, who also serves as its CEO. In 2015, Lockwood founded his company. Her education began with a BA in sports management from Texas State University and continued with an MA in the same field from the University of the Incarnate Word.
She is now an assistant coach with the Texas Eclipse Club Volleyball team. She spent ten years instructing art at Marble Falls ISD. When the Rising Stars Youth Volleyball League was looking for a youth volleyball coordinator in August of 2014, she was the first person they hired.
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Lion Latch Before Shark Tank
Founder Lerin Lockwood launched Lion Latch in 2015. Lockwood is a coach, therefore she has to remove her jewelry before games. When she was fielding a softball during a game, he had the concept for this product. When she removed her gloves, she saw that her engagement ring’s stone had fallen out of her finger. It wasn’t simply Lockwood who ran into this issue.
Rings and other valuables are removed and stored safely before any kind of treatment is done. What we consider to be safe may actually be dangerous. Several rings or other tiny pieces of jewelry can be stored safely in this lion latch box. The carabiner closure on this container is quite reliable, and the hook can be used to attach to many items.
Lockwood created several prototypes of the product in various shapes before he gave the green light to the final, compact, circular version. She began her company in 2015 and, to get it off the ground, she ran a successful Kickstarter campaign, raising $14,592 from 225 backers (far above her initial $14,000 goal).
All of the backers have been sent their rewards, and the project was a huge success. Lockwood joined Shark Tank in need of additional capital and advice in order to expand her company.
How Was The Shark Tank Pitch Of Lion Latch?
Lerin Lockwood, the founder of the Lion Latch Company, appeared on “Shark Tank” to pitch the business to the investors in exchange for $150,000 in exchange for a 15% stake. When she lost her jewelry, she told Shark her story. Lerin probed the shark for insight into the significance of this item.
Over the course of the company’s first five years, it generated $530,000 in revenue. They expect $230,000 in sales in 2021, she said. The cost to produce one unit is $1.50, with the wholesale price being $5 and the retail price being $10.
What Happened To Lion Latch After Shark Tank?
The business pitch for Lion Latch did not succeed on “Shark Tank” because the investors deemed the company’s offerings to be too niche. The jewelry box is compact and straightforward. At the present moment, this product is protected by a patent.
So far, sales of this product have been low. The company just came out with a new product, a jewelry case that can be used for traveling. The company intends to expand its product offerings in the near future. During the 2021 holiday season, orders came in from all throughout the United States for this particular product.
Lerin sent the thousands-of-dollars-worth of merchandise to the Texas post office from his home. In January 2022, Lion Latch was featured on Fox 44 News. The company has been highlighted in numerous media outlets.
Lion Latch Shark Tank Update
Although Lion Latch did not walk away with a contract from Shark Tank, the company nonetheless saw healthy revenue growth. Within just a few hours of this show airing, she received a thousand orders. This firm’s annual revenue was between $800,000 and $1.5 million in 2021.
The firm, which has its headquarters in Texas, has introduced a new product called the Studded Tumbler; it will set you back $17.95. We are keeping tabs on Lerin Lockwood and her firm for more information.
Is Lion Latch Still In Business?
Lerin Lockwood is self-employed and works a part-time job in addition to running her own business. Lerin is currently developing a few brand-new items. This company’s sales rate will not be able to increase significantly until September 2022. To increase sales, this product needs advertising.
As of now, Lion Latch can be found on Amazon, where it has seen brisk sales. On Amazon, this item has received 4.8 stars out of 5 for its generally excellent reviews. As of the end of 2022, yes, Lion Latch is still operational.
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