What Happened To Lion Latch After Shark Tank?
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Fans of Shark Tank know that Kevin "Mr. Wonderful" O'Leary is perhaps the hardest Shark to snag a deal with. Well, what happens when you joke about his listening skills on national television? Entrepreneur Lerin Lockwood was willing to test it out.
The Texas native founded Lion Latch in 2015. When it comes to valuables, there seems to be no concrete solution to avoid losing your jewelry. The gym teacher created Lion Latch after she lost a diamond from her engagement ring while playing softball, and she used this experience in her pitch. Lockwood quickly realized that there weren't similar products on the market for storing jewelry on the go.
The Lion Latch is unique: Instead of a screw-on lid, the container has a carabiner ring that locks the top closed and attaches to keychains. Lockwood originally 3-D printed the product for herself and other teachers, but once the demand grew outside of the classroom, she looked towards manufacturing. The design is also patented, making her product a one-of-its-kind on the market (per Shark Tank Blog).
Appearing on a Season 13 episode in 2021, Lockwood proposed a deal with the Sharks to meet the high demand for Lion Latch. She had already quit her full-time teaching job to devote herself to the company, but it wasn't enough. While she may have walked away from the show without a deal, it's clear that the mompreneur had what investor Barbara Corcoran looks for in candidates, as she gave Lockwood some high praise.
What happened to Lion Latch on Shark Tank?
Lerin Lockwood arrived in the "Shark Tank" hoping to score a deal of $150,000 in exchange for 15% equity in her company. As of filming, her sales had already topped $530,000 — $230,000 of which was from the past year. Additionally, Lockwood owns 100% of her business, launching Lion Latch with help from crowdfunding on Kickstarter, where she raised nearly $15,000.
While the Sharks were impressed by her numbers, Lockwood's can-do attitude may have been a bit too much for some of the investors. After she gave Mr. Wonderful a pair of hearing aids in his Lion Latch, he appeared to be uninterested in the joke and was the first to back out. Mark Cuban, owner of the Dallas Mavericks, applauded Lockwood for being "Texas proud" — but ultimately did not see the worth of Lion Latch. Celebrity guest Emma Greede also backed out.
However, Lori Greiner advised finding a reliable manufacturer and gave Lockwood some words of guidance: "It's not really an investable business for me ... But it's a great one for you and you only have to solve one problem. And you can do it. You will do it." She backed out due to the business being too small. Barbara Corcoran had similar sentiments, telling the business owner her persistence was a rare quality, and that she was indeed meant to be an entrepreneur. With those well wishes, the last Shark was out.
Lion Latch after Shark Tank
Despite this letdown, Lerin Lockwood is still going strong. While the Sharks said that Lion Latch didn't look like it would grow, there is obviously great demand for jewelry protectors based on the company's success since the show. Lockwood posted an update on Instagram shortly after the episode was released, thanking everyone — especially teachers — for their support. She also found a Texas-based manufacturer to fill her orders, per Lori's urging (via Shark Tank Recap). "Thank y'all for your support and keep the orders coming," Lockwood wrote in her post.
On their Update page, Lion Latch shared that in 2023 they moved into their company headquarters. Currently, Lion Latch is only available online via their company website and Amazon. The product is doing well, with thousands of reviews and a 4.7-star rating. It is also promoted as not only a jewelry container but also great for storing pills and vitamins. The Lion Latch comes in ten different colors, including mint, purple, and turquoise, and custom limited-edition designs.
Lion Latch has also found exceptional success on social media. The brand's TikTok page, where they showcase their product's versatility and provide behind-the-scenes looks at production, has over 405,000 followers. From the TikTok shop alone, Lion Latch has grossed nearly 32,000 sales. Lockwood was even invited to speak on a panel about TikTok merchandising at the Cannes Lions Festival in June 2023.