Haven Lock, an innovative smart door lock company, was featured on Season 10 Episode 18 of
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
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
The Haven Lock update allows us to take a closer look at how Alex and Clay have operated their business since appearing on
You can find the other company updates from Season 10 Episode 18 here:
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