Haven Lock Update | Shark Tank Season 10

Haven Lock, an innovative smart door lock company, was featured on Season 10 Episode 18 of Shark Tank. The company was seeking an investment of $500,000 for 6% equity. The company pitch would have to be fairly impressive to convince the sharks to invest, but let’s see if owners, Alex Bertelli and Clay Banks were able to secure a deal in the tank before we take a look at the Haven Lock update.

Shark Tank Haven Lock Update

Haven Lock Update

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

After an entertaining demonstration of the company’s smart lock products for households, Alex and Clay were ready to negotiate with the sharks for their company, Haven Lock. The mechanical lock costs just under $70 to manufacture and is sold online for about $180. The bluetooth-supported version costs about $340 for a customer to purchase and has a product margin of 55%, according to Alex and Clay.

At the time of the pitch, the company had only recently reached the $250,000 gross revenue milestone, with most of the sales coming from the Haven Lock website. The company had already raised more than $1 million with a debt of about $500,000 in cash.

Kevin O’Leary decided that he wasn’t interested in making an investment and was the first shark to drop out of the negotiations. Barbara Corcoran and Mark Cuban also dropped out for similar reasons.

Lori Greiner believed that the company was in too early of a stage to invest, so she also dropped out, leaving only Daymond John to potentially make an offer to Haven Lock. Daymond admitted that he was interested but wasn’t sure if his offer would be fair enough for Alex and Clay to consider.

Alex and Clay ultimately wouldn’t receive a deal on this episode of Shark Tank, but let’s see how the company is doing now with a quick Haven Lock update.

The Haven Lock update allows us to take a closer look at how Alex and Clay have operated their business since appearing on Shark Tank. The company has continued to grow and still operates today. The company’s website highlights a collection of different purposes for their extensive catalog of smart locks and there’s no doubt that the sharks may have missed out on a significant opportunity to invest in Haven Lock during Season 10.

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

Don’t forget to take a look at our Season 10 products page! We’ve got more company updates from Shark Tank Season 10.

Website | + posts

Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!