Haven Lock Update

Haven Lock Update | Shark Tank Season 10

ByAndrew Smith

Locking doors with steel bars might keep homes safe, but it’s too hard to use every day. To solve this, Alex Bertelli and Clay Banks made Haven Lock, a smart lock that sits at the bottom of the door and works with a phone or key fob. It’s much stronger than a regular lock and easy for anyone to use. Can this simple fix for home safety win over the sharks? Let’s find out in our Haven Lock update and pitch recap.

If you’re short on time, here’s a quick overview of what happened to Haven Lock after Shark Tank.

Alex and Clay entered Shark Tank Season 10, seeking $500,000 for 6% equity in their innovative smart door lock company. Unfortunately, the entrepreneurs left without a deal due to the sharks’ concerns about profit margins.

In terms of a Haven Lock update, the company expanded its product line and pivoted toward commercial security, and launched the Haven Lockdown system. Further, their Lockdown system earned a SAFETY Act Designation from the Department of Homeland Security.

SharkResult
Kevin O’LearyNo offer
Barbara CorcoranNo offer
Lori GreinerNo offer
Daymond JohnNo offer
Mark CubanNo offer

Shark Tank Haven Lock Pitch

Shark Tank Haven Lock Update
  • Entrepreneurs: Alex Bertelli and Clay Banks
  • Business: Smart Locks
  • Ask: $500,000 for 6% equity
  • Result: No deal
  • Sharks: None

Alex and Clay entered Shark Tank to pitch Haven Lock, a smart home security company that prevents break-ins using a floor-anchored locking system.

They kicked things off with a physical demo. Alex repeatedly kicked a door secured with a standard deadbolt to show how easily it could be breached.

Then he switched to a door fitted with a Haven Lock. Despite several hard kicks, the door stayed shut.

The demonstration got a few laughs, but it made the point, most door locks aren’t strong enough to stop intruders.

They explained that Haven Lock comes in two versions. The mechanical version costs under $70 to make and sells for $180.

The Bluetooth-enabled version retails for $340 and delivers a 55% profit margin. Both models are sold online through the company’s website.

Recently, they fulfilled an order for 100 Arkansas schools that wanted to improve lockdown safety.

At the time of their pitch, Haven Lock had earned $250,000 in gross sales. Most of that revenue came from their direct-to-consumer website.

The business had also raised over $1 million in funding but carried $500,000 in debt.

Kevin O’Leary asked about the company’s ability to scale and wasn’t convinced. He felt the business wasn’t set up for growth and quickly backed out.

Mark Cuban followed, saying the margins didn’t work for him.

Barbara Corcoran also passed, saying she didn’t believe she would ever make her money back.

Lori Greiner liked the product but felt the business was too early in its journey to invest in.

That left Daymond John. He admitted he was interested but said any offer he made would require taking more equity than the founders were comfortable with. He eventually passed as well.

Ultimately, Alex and Clay didn’t get a deal, but their pitch made an impression. The sharks appreciated the product and the mission behind it.

Now that we know how the negotiations ended, let’s get a quick Haven Lock update to see what happened to the company after Shark Tank.

Shark Tank Haven Lock Update

Our Haven Lock update found that despite not getting a deal, the exposure from Shark Tank was enough to help the company grow to around $4.5 million in annual revenue.

Their product line now includes Haven Mech, Haven Connect, and Haven Connect Z-Wave+, which work with Alexa and Ring.

In 2020, they partnered with Terminix to distribute their locks in select cities. Products are also sold through Home Depot, Lowe’s, Amazon, and the Haven Locks website.

Interestingly, since airing our Haven Lock update found that the company has shifted its focus to commercial security.

They launched the Haven Lockdown system for schools and businesses. This version is installed at the top of the door for extra protection during emergencies.

In 2023, the Department of Homeland Security gave the Lockdown system SAFETY Act Designation, backing its use in active shooter defense.

While Alex Bertelli still runs the company as CEO. Clay Banks moved on and now leads another startup, Glorilight.

We’re calling this Haven Lock update a success.

You can find the other company updates from Season 10 Episode 18 here:

Before you go, be sure to check out our list of all the Shark Tank Season 10 products.

Website |  + posts

Andrew is a lifelong fan of Shark Tank and an entrepreneur at heart. He started Shark Tank Recap because he wanted a single place to track what happens to the companies, founders, and deals after they air on TV. With a sharp eye for business insights and a passion for all things Shark Tank, Andrew makes sure every recap is accurate, engaging, and fun.