Lion Latch: What Happened To The Brand After Shark Tank?

Entrepreneurs who enter ABC's "Shark Tank" should follow a few unspoken rules to increase their chances of striking a deal with one of the wealthy investors on the panel. First, they need to know their own business. If they can't answer the panel's questions about their company's financials, they're in trouble. Second, they should do their market research. If they don't understand the industry they're attempting to enter, success within it is unlikely. Third, they should have a clear plan for the investment they're asking for.

However, even the most prepared, competent, and passionate founders and their products sometimes fail to move the Sharks enough to snag a deal. Unfortunately, this was the case when Lerin Lockwood presented her Lion Latch portable miniature lockbox for small valuables to the panel in Season 13, Episode 1 of the hit reality show. Were the Sharks right to pass on Lion Latch, or has the company gone on to prove the potential investors wrong?

Lerin Lockwood began her pitch by telling the relatable story of Maggie, who popped out of a trash can during the demonstration, losing her wedding ring and digging through the garbage in search of it. After offering Maggie a Lion Latch miniature lockbox and asking the Sharks for $150,000 in return for 15% equity in the company, Lockwood handed out samples to the panel. Inside Kevin O'Leary's Lion Latch box was a pair of hearing aids. When asked why he would need such an item, Lockwood answered, "For your listening skills." Her faux hostility toward O'Leary continued throughout her pitch, ending in the Shark promptly dropping out of the running.

Although Lockwood shared that she had made $530,000 selling her keyring-attachable jewelry containers so far and was struggling to find a manufacturer that could keep up with demand, none of the Sharks were interested in the Lion Latch. "It's not really an investable business for me," Lori Greiner explained. Barbara Corcoran agreed, calling the business "too small." Lockwood walked out of the tank without a deal, vowing to "go home and get to work."

After appearing on "Shark Tank," Lerin Lockwood has kept her promise to continue working on making Lion Latch a success. The company reportedly received a large influx of orders after the episode aired on a major television network. Lockwood shared behind-the-scenes details of how she secured enough inventory to prepare for the show's airing amidst pandemic-related supply chain issues on Joe Pardo's "Super Entrepreneur" podcast.

Lion Latch's momentum has continued since its appearance on "Shark Tank." The company regularly shares its success on TikTok and Instagram and has expanded its product line to include branded tumblers, air tag cases, and odor-absorbing athletic shoe inserts, in addition to the Lion Pack. The Lion Pack is a large upright backpack with removable straps that can also be used as a tote bag, featuring multiple compartments and connection points for Lion Latches, as well as an attached checklist to keep track of belongings. The bag frequently sells out on the company's website.

Lion Latch remains an active business, selling its products on its website and promoting them on social media. Founder Lerin Lockwood has continuously expanded the available designs of her flagship product, offering Lion Latch containers customized for soccer, basketball, baseball, cheer, and other sports and hobbies, as well as fun animal prints. The semi-customizable nature of the product, along with its practical use, makes it ideal for team gifts and bulk stocking stuffers.

The net worth of Lion Latch is estimated to fall within the $800,000 to $1 million range. Whether or not the company would be even more successful by now if it had managed to snag an investment from a Shark will never be known. Either way, Lockwood has given the members of the panel a good reason to question themselves before they decide to walk away from another potentially lucrative deal in the future.

There is no reason to believe that the future of Lion Latch will be anything less than bright. The company's TikTok account currently boasts over 409,000 followers and over 25 million likes. Lerin Lockwood has been heavily involved in promoting the platform's shoppable content feature and she shared on LinkedIn in 2023 that she had been invited to speak on the topic at the Cannes Lions Festival in France.

Lion Latch appears to be in an ideal position to continue experiencing organic growth and brand evolution as time goes on. The success of a company that started out selling just one inexpensive product is proof that even longtime business investors can't always predict which ideas will catch the attention of consumers and which ones won't. When it comes to Lion Latch, there is no doubt that the Sharks missed out on a lucrative opportunity to fulfill a genuine need in the market.