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Appeared on Shark Tank Season 13, Lion Latch is a Texas, USA-based startup that sells a portable, secure jewellery storage container. Lion Latch appeared in Shark Tank USA Season 13 Episode 01. The pitch was presented by founder Lerin Lockwood. She was there to seek $150K in exchange for 15% equity.
What does Lion Latch do?
The Lion Latch is a durable travel case. It is designed to store small valuables like jewellery, pills and other items. It can hold necklaces, earrings and rings which make it ideal for travel or sports. It also works as a keychain pill box or supplement container and can store vitamins, hearing aids, lost teeth, or even money. The case has a carabiner ring that locks securely which prevents it from opening accidentally. It can be attached to a purse, backpack, or badge reel.
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Company |
Lion Latch |
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Founder |
Lerin Lockwood |
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Founded in |
2015 |
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Headquarter |
Texas, USA |
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Industry |
Accessories |
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Sales |
$530K net (at the time of the pitch) |
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Profitability |
Yes |
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Valuation |
$1 million |
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Shark on Board |
No Shark |
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Asked Investment |
$150,000 for 15% Equity |
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Raised Investment |
No Deal |
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Website |
https://lionlatch.com/ |
Lion Latch Shark Tank USA Update
Although Lerin didn’t secure a deal on Shark Tank, her journey with Lion Latch has been successful. She followed Shark Lori’s advice and found a reliable manufacturer in Texas and expanded her business. Lion Latch became one of the first brands to use TikTok Shop, leading to over 20,000 orders in just three months.
Lerin also added new products, like a travel jewellery case and sporty designs with sports logos. She gained a large following on TikTok and was invited to speak at a TikTok Shop panel in France in 2023. In November 2023, she moved her business to a larger headquarters and her lifetime sales are nearing $4 million in 2024.
Conclusion
The founders of Lion Latch presented an amazing pitch and explained the business to Shark on Shark Tank USA, Season 13 Episode 01. All the sharks appreciated the Lion Latch's product, but they believed that the business was not scalable. Shark Mark Cuban felt that the product wouldn’t reach enough sales to interest him. Shark Emma Grede admires Lerin’s perseverance but isn't interested in the product. Shark Lori suggested Lerin find a reliable manufacturer to help the business grow. Shark Barbara Corcoran praised Lerin’s determination but decided not to invest. Lerin walked away from Shark Tank without a deal.
Meet the Sharks: The Panel of Judges on Shark Tank USA
FAQ
