Benjilock Padlocks Update | Shark Tank Season 9
Entrepreneur, Robbie Cabral, goes to the gym to destress. What he found was many of his fellow gym sharks were finding added stress while at the gym. Why? They would lock their locker keys inside the locker along with their wallets, car keys, etc. Retrieving their belongings would become quite difficult, thus creating quite a hindrance to their day. This led him to create Benjilock, which is a padlock that is designed to unlock with your fingerprint or with traditional keys. Do the sharks feel this is a technology worth investing in during Season 9? Let’s find out in our
Shark Tank Benjilock Update
- Entrepreneur: Robbie Cabral
- Business: Padlocks that are unlocked with fingerprints or keys
- Ask: $200,000 for 10% equity
- Result: $200,000 for 15% equity
- Shark: Kevin O’Leary
Robbie is an immigrant from the Dominican Republic working towards the American dream. He was solely working on Benjilock after being laid off from his previous job on the day his daughter was born. This lit his fire to make sure his product would take off and be successful.
Kevin O’Leary was interested in licensing this product to a larger company, and offered $200,000 for 15% equity. Kevin said he would make sure this product isn’t buried with other products and makes it to market.
Lori Greiner was also interested and offered $200,000 for 15%, matching his offer. Barbara Corcoran said she’d offer $100,000 for 10% if another shark would come in with her. Guest shark, Alex Rodriguez, spoke in Spanish to Robbie to say he would come in with Barbara for a total of $200,000 for 20%. Mark Cuban didn’t feel it was for him and dropped out.
Robbie had a “good problem” of picking between three offers in the tank. Robbie shocked the other sharks and went with his gut, making a deal with Kevin aka Mr. Wonderful.
Did Robbie make the right choice? In our Benjilock update research, we found that the company has partnered with Hampton Products International, the makers of BRINKS locks.
This has been a successful deal for Robbie, as Benjilock is now available at several retailers including ACE Hardware, Wal-Mart, Home Depot, QVC, Lowes, and others. You can also purchase Benjilock on the Hampton website.
Currently, Benjilock is worth over $4 million. It is safe to say making a deal with Kevin was lucrative for Robbie.
You can find the other company updates from Season 9 Episode 4 here:
Don’t forget to take a look at our Season 9 products page! We’ve got more company updates from