A Lion Latch is a unique storage solution designed to safely and securely store small rings, necklaces, earrings, ankle bracelets, hearing aids, and pills. This innovative product was featured on Season 13, Episode 1 of Shark Tank, where its founder, Lerin Lockwood, sought a $150,000 investment in exchange for 15% equity at a $1 million valuation.
The Lion Latch is reminiscent of a compact tiffin box, featuring a protective interior made of rubber and a durable plastic exterior. Its design ensures that precious jewelry items remain undamaged and secure. One notable feature is a hole in the top layer, allowing it to be easily attached to bags or other items using a hook.
Lion Latch Shark Tank Overview:
| Company Name | Lion Latch |
| Founder | Lerin Lockwood |
| Founded | 2025 |
| Product | compact, portable jewelry storage container |
| Asked For | $150k for 15% Equity |
| Final Deal | No Deals |
| Shark | No Shark |
| Episode (Shark Tank USA) | S13 E1 |
| Air Date | Oct 8, 2021 |
| Business Status | In Business |
| Website | Visit Website |
| Headquarters | Horseshoe Bay, Texas, US |
| Net Worth (2023) | $2M |
Lion Latch Shark Tank Update:
During the Shark Tank pitch, Lockwood shared the company’s financial history, revealing $530,000 in total sales over five years and projecting $230,000 in sales for 2021. The production cost per unit was $1.50, with wholesale and retail prices set at $5 and $10, respectively. Unfortunately, none of the Sharks decided to invest in Lion Latch, resulting in no deal being made on the show.
In its appearance on Shark Tank, Lion Latch was pitched as a practical solution to a common problem – keeping your jewelry and other small valuables safe and organized when you’re on the go. The product was designed by Lizeth Santos, who saw a need for a stylish and functional accessory for people who love jewelry but struggled with keeping it organized and tangle-free.
What Happened To Lion Latch After Shark Tank:
After the Shark Tank episode, Lion Latch continued to operate independently. While it didn’t secure a deal on the show, the product gained traction and received significant attention. It was even featured on Fox 44 News in January 2022 and received media coverage from outlets like The View and GMA.
Despite the initial setback, Lion Latch’s sales saw a boost, with thousands of orders coming in during the Christmas season of 2021. The company expanded its product line, introducing the Travel Jewelry Case. Additionally, Lion Latch received positive reviews on Amazon, with a 4.8 rating, and maintained its presence on the platform.
Lion Latch Net Worth 2023:
Lion Latch’s net worth is $2 Million in 2023. Lerin Lockwood, the founder, continues to work on this business part-time while pursuing other endeavors, and marketing efforts are essential to drive further sales and growth.
Lion Latch, a product designed to keep your valuables secure and stylish, experienced this firsthand when it appeared on Shark Tank.
Lion Latch Founder:
Lerin Lockwood, the brain behind Lion Latch, was inspired to create this product due to her own experience as a sports coach. She realized that her valuable rings were prone to damage while playing sports, and she couldn’t find a suitable storage option in the market. Determined to solve this problem, she launched Lion Latch in 2015.
In its early stages, Lion Latch received support through a Kickstarter campaign, surpassing its funding goal with the help of 225 backers. The product’s success led Lockwood to seek additional funding and expertise on Shark Tank.
FAQs
- Is Lion Latch still in business in 2023?
- Yes, Lion Latch is still in business and thriving in 2023.
- Where can I purchase Lion Latch products?
- You can find Lion Latch products in select retail stores and online through their official website.
- Did Lion Latch make any significant product improvements post-Shark Tank?
- Yes, Lion Latch actively sought customer feedback and made several improvements to their products to enhance durability and functionality.
