Unlocking your belongings has never been easier or more secure, thanks to Benjilock! This innovative device uses your fingerprint to unlock your padlock or bike lock, eliminating the need for keys or combinations.
Benjilock made a splash on Shark Tank with their cutting-edge technology and stylish design, earning a deal with Kevin O’Leary.
Have you lost the key of a lock that was attached to your bike, door, or maybe safe? I suggest you try the Idea of a smart lock. Don’t worry this smart lock doesn’t have a mind of its own.
Definitely smart because there is a fingerprint scan that opens the lock even if you might have lost the key. This product of Robbie Cabral has changed millions of lives and might change yours too.
Benjilock at a glance:
| Business Idea | Hybrid technology-enabled lock |
| Founder | Robbie Cabral |
| ASKED FOR | $200,000 For 10% |
| DEAL | $200,000 for 15% |
| SHARK | Kevin O’Leary |
| STATUS | In Business |
Index:
Who is the founder of Benjilock?
The founder got this idea by doing some doodling in his living room. He was looking for ways/designs on how the lock would look and how the technology would open the lock in multiple ways. The smart and witty founder of Benjilock Robbie Cabral has his origin in the Dominic Republic.
He came into the space of the business with no knowledge of tech or how to run the business. He soon took the help of his local engineer to set up the project and create the lock. The project three years and finally they had a prototype that was fully functional.
Next, he showcased the product at the Los Vegas consumer Electronics show where it received the best innovation award for the year. There started the marvelous and profitable journey of the Benjilock enterprise.
Did Benjilock get a deal on Shark Tank?
The smart entrepreneur was in on a bonus when he got selected to be aired on shark tank. The pitch was quite fast-paced and impressed the sharks right away. All it took for Robbie was to Step into the tank for an investment of 200,000 for 10 % of his startup and tell what the product was and how to use it. He told about the award that had been recently won.
The questions asked by Kevin O’Leary were quite intriguing. He started off by asking if he could replace the cylindrical locks that we put on the door with the technology and Robbie answered “Yes”. This gives way to a new product. He also told them that the product was going to be sold at $60 each and the manufacturing cost is $20.
The last part of the pitch was a sentimental one as he connects with the sharks by saying that the immigrant from the Dominic Republic could not fulfill the ultimate American dream. This changes the pattern of the pitch and also the pattern of Robbie’s life as he earns an investment of $200,000 for 15% from Mr. Wonderful.
What happened to Benjilock after Shark Tank?
The pitch that changed the world of smart lock technology saw new dawn, as the young entrepreneur got an investment from Hampton designs, the biggest security lock company in the industry. He received a cheque worth 450,000 from the CEO of Hampton designs. It’s a licensing deal with Hampton which allows distribution across all of North America.
The next was the introduction of the product on QVC. It sold well on the rest of the websites like their own website and Walmart and Amazon. The revenue of Benjilock saw a massive change from $1.68 million to $5 million in the years 2017 to 2021.
The journey of creating these locks started with the padlock and took different forms over the years. New products join the plethora by taking the forms of bike locks, door locks, travel locks of backpacks, Travel suitcases briefcases, and sports locks.
Introducing the product old and new:
43mm fingerprint padlock:
- Can store information of 10 users at a time
- Unlocks with fingerprint or key
- Lasts up to one year on a single charge
TSA fingerprint padlock:
- Can store 5 users at a time
- Uses a lithium-ion battery to fully charge.
- Opens with a fingerprint or pin code.
- TSA approved.
Door Lock:
- Hybrid technology is used
- Stores up to 10 to 25 user fingerprints
- The keypad is lighted up
- Grade 2 certified security
- Available in satin nickel and Tuscan bronze
Bike locks:
- Up to 10 fingerprints are stored
- Opens with a fingerprint and key
- Highly secure, hardened steel shackle.
- Easy to program and use
- USB charging cable included.
What’s the net worth of Benjilock?
The valuation of Benjilock changed from $0.2 million to $1.33 million from 2017 to 2021. Also, 1t the time of the shark tank appearance, Benjilock was valued at around $1.33 million.
How Benjilock make money?
They started their journey with no sales and today have got the key to unlock their potential. Earned a revenue/monthly income of $14,000. This was where it started.
The next thing we knew was it was sold on Amazon, Walmart’s website, and also in every retail store in the country. They also immediately created a door locks and bike locks as the newest product to unlock their potential.
INTERESTING ASPECTS:
- The lock opens in more than one way
- The padlock has won more than 20 awards
- The padlock door lock and travel lock have won the CES award
- Robbie was raised in Santo Domingo
- CES was the second home for Robbie as he says “This is where it all started”.
Is Benjilock still in business?
The success rate of Benjilock has multiplied in the journey of three years, as well as being lauded for its innovation. There has been massive funding and recognition given to the product.
The product has not had enough and wants to expand to the end of the horizon. The next milestone is world domination. With the help of Hampton, they plan to hit stores in Canada, Mexico, and then maybe the middle east. It looks like Robbie wants the whole world at his fingertips!!
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What is Benjilock?
Benjilock is a Hybrid Technology Padlock That Opens By Key Or Fingerprint.
Who founded Benjilock?
Benjilock has got this idea by doing some doodling in his living room. He was looking for ways/designs on how the lock would look and how the technology would open the lock in multiple ways.