Do you deal with your home décor yourself? Have you been facing problems hanging that curtain at the spot you want?
Chill out! Your problem has been hung till death by GripIt Fixings. GripIt provides an instant solution to this enduring problem by presenting a simple method of fixing heavy stuff to plasterboard with ease and high performance as compared to similar products in the market.
The hanging problem seems to be solved but can the 18-year-old founder hang cash out of the Dragon’s pockets?
GripIt at a Glance:
| Idea | Plasterboard Fixing Tool |
| Founders | Jordan Daykin |
| Asked For | £80,000 For 20% |
| Accepted Deal | £80,000 For 25% |
| Dragons | Deborah Meaden |
| Business status | In Business |
| Episode No. | Season 12, Episode 5 |
Index:
What is GripIt?
GripIt is a tool owned by the company GripIt Fixings LTD that fixes heavy objects on plasterboard having its applications in D2C as well as the B2B segment. The first GripIt Plasterboard Fixing Tool was invented in 2008.
In 2012, the company received its first order from a national retailer for its tested, refined, and patent-secured product. It’s successful appearance on the Dragon’s Den catalyzed its way to an outstanding round of crowdfunding that gave wings to the company and made it a multimillion-pound enterprise.
Who Is The Founder Of GripIt?
Jordan Daykin, who describes himself as a serial entrepreneur, is currently the managing director at Samar’t Number Plates (UK) and previously the chief executive officer at JD Brands, was the founder of GripIt as we know it today.
He came up with the idea of a simple plasterboard fixing tool back in 2008. In 2014; he became the youngest person at the tender age of 18 to secure an investment at the Dragon’s Den. He made his company a goliath in the hardware industry until the story took a controversial turn.
Jordan left the company abruptly in 2019 for unknown reasons leaving the business on the verge of bankruptcy. This resulted in an uproar among crowdfunding investors who had no say whatsoever in decision-making. GripIt was revived consequently but it could never become the company it was ever again.
Did GripIt Get A Deal On Dragon’s Den?
Jordan was extremely professional and confident throughout his pitch at the Den. He perfectly demonstrated his product to the Dragons and was successful in convincing them that his innovation solved a real and enduring problem for businesses as well as DIYers.
Deborah quickly figured that this could be the right investment for her and made an offer amounting to £80,000 in exchange for 30% equity in the company. After further negotiations, Jordan and Deborah closed the deal at £80,000 for 25% equity making Jordan the youngest entrepreneur to secure an investment at the Dragon’s Den.
What Happened to GripIt After Dragon’s Den?
The financial data of the company as per their tax filings suggest that the revenue of GripIt was nothing up till the year 2012 post when it secured orders from national vendors.
The company remained Private Limited with negligible cash flow. But all this was to change significantly after GripIt was featured in the Dragon’s Den. The revenue of GripIt rocketed by 600% post-2014 and the company was set for life!
The net worth of GripIt sore to a massive £22.5 Million in the January of 2019 but in the following months, Jordan abruptly left the company or was forced to leave. This left the multimillion enterprise on the verge of bankruptcy but the bad time passed and everything came through. However, the old glory of the company could never be restored and it is estimated to be worth £14 Million as of 2023.
The company however claims itself to be worth more than £20 Million on LinkedIn but that is most probably a clerical error.
Product Details:
- It is a simple plasterboard fixing tool.
- It is of immense use in industrial workshops as well as in the home for DIYers
- It is simple to install and doesn’t require any special skills to be used.
- It can fix a load of up to 113 Kg on plasterboard
- The product is available in supermarkets, and hardware stores all across the UK.
- The tool can also be ordered online in 36 countries directly from the GripIt website.
Competitors of GripIt:
The patented technology that GripIt offered meant that it commanded a virtual monopoly in its segment for the initial years. Eventually, competition emerged and started challenging the undisputed monopoly of GripIt in the fixing segment especially post-2019 when the firm started facing turbulence.
Companies like Bullfix, Rawlplug, GeeFix, T-BOLT, etc. present competition to GripIt in retail and online marketplaces. Anyway, GripIt enjoys an upper hand over all these because of its well-established brand.
What Is The Net Worth of GripIt?
Young Jordan walked into the Den with an offer that valued GripIt Fixings at £400,000. He further came to an agreement with Deborah which valued the firm at £320,000.
Post the featuring of GripIt on the Dragon’s Den, the firm grew at a mammoth rate and by early 2019, the net worth of the firm rose to £22.5 Million. The firm faced a top-level managerial controversy in July 2019 that affected the firm quite harshly. The firm could never recover properly from this blow.
As of today, GripIt is estimated to be worth somewhere around £14 Million according to credible media reports.
Is GripIt Still In Business?
GripIt is available in all supermarkets and hardware stores across the UK. The product is also available online in the UK and other regions.
GripIt’s focus markets as of today remain the UK, USA, and Australia. The company is rapidly expanding its presence in other countries in North America and the European Union
The Dragon Deborah Meaden is still a shareholder in the company and her website lists GripIt as a successful investment and Jordan Daykin as a man who knows his job.
The worst period for GripIt is past it and the brand has immense growth potential if launched in developing free-market economies like India.
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FAQs:
Is the flagship product of GripIt patent secured?
It is a tool owned by the company GripIt Fixings LTD that fixes heavy objects on plasterboard having its applications in D2C as well as the B2B segment. The Plasterboard Fixing tool was invented in 2008.
What's the net worth of GripIt in 2023?
Young Jordan walked into the Den with an offer that valued GripIt Fixings at £400,000. He further came to an agreement with Deborah which valued the firm at £320,000.