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Haven Shark Tank Update

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Haven is introduced as a smart home locking solution that provides you with more secure and safer door locks than any traditional locks. it is an additional support device that is attached to the bottom of your doors.

It comes in two varieties, the first one is mechanically operated, and the second one is come’s with Bluetooth along with a remote control that can be easily be operated from anywhere, one can easily pass the access to anyone with the help of their application software. Haven locks don’t require any tools and can be easily installed and give you 10 times more strong support than any traditional Deadbolts.

Haven at a glance

SeasonSeason-10, Episode-18.
Business IdeaSmart Homes Locking Support.
FoundersAlex Bertelli and Clay Banks.
Asked For$500,000 for 6% of equity.
Accepted DealNo Deal.
SharksNo Sharks.
Business StatusIn Business.
WebsiteHaven

Index:

Founder Details

Haven locks is founded and developed by 2 young entrepreneurs called Alex Bertelli and Clay Banks from Nashville, Tennessee, USA. They are the co-owners of Haven locks. Alex Bertelli was an ex-army pilot who is in the United States Air-Force Special Operations Aviation Program and served their country very proudly. They get Graduated from the University of Dayton. Later on, she completed MBA from the University of North Carolina at Chapel Hills. Also, receives her Master’s in Counseling from the Pennsylvania State.

Clay Banks graduated from the University of TennesseeKnoxville with a Bachelor of Science in Communication and Advertising. Initially, they found a company called Pure Life Industries to engage with customers and introduce them to new and immerging technologies. Later he joined Haven as a CEO.

Did Haven get a deal on Shark Tank?

Haven is introduced as a smart door locking device that connects with your doors easily and can be operated by a small push of your feet in ABC’s Famous reality show Shark Tank in Season-10, Episode-18. The owners explain the features and specifications of their products and their models as they have two models Haven Mechanical Locks and Haven Bluetooth Smart Locks to Sharks, as they are easy to install and operate and also, give your doors better support.

They shows their sample as a single door lock that can’t secure your home by trying to break them with their legs and asked for an investment of $500,000 for 6% of their company. The sample was a mess and cant impressed sharks rather than it gives him a reason to laugh. Later, sharks asked for their sale as they sold Mechanical locks at $182, that cost’s them to manufacture is $67 and their overall cost is $82, having a profit margin of 55% in it.

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Bluetooth Smart Locks are sold at $349, which cost them to manufacture at $175 and have the same 55% of profit margin in it. They sold over $250,000 of total sales online by their website and its products are available on their website only.

They initially raised $1.5 Million as capital and had a debt of $500,000 by diluting their 50% of equity. Currently, they have 25% each of the company. Sharks find products innovative but can’t find any relevant factors to invest in it as their valuation is too high that can’t justify their business. Therefore all sharks backed him and they left Show without any deal.

What happened to Haven after Shark Tank?

After the show, it receive a hike in sales as its product impressed so many peoples in the entire nation. They improves their product quality and also reduced their prices to some extent and they signed an agreement with a company called Terminix, a pest control firm that provides their locks to their customers. it agreed to deliver its products in 11 cities later it covers the whole nation.

They are still operating profitably and can successfully generate a revenue of approx.$4 Million.

Competitors of Haven

The Haven Locks is one of its kinds of locking device in the entire market but it has to face many competitors as they are in a common locking that is:-

  • NAPCO Securities Technologies.
  • Codigo Blanko.
  • ProCoat Specialities.
  • Startseite-eQ-3. etc.

Net Worth of Haven:

The company is valued at $8.3 Million by its owners at the time of Shark Tank’s appearance. Currently, in 2021, their annual revenue is $4 Million.

Is Haven is Still in Business?

Haven Lock’s is still in business and is operating in various parts of the country, however, they didn’t get a deal on the Show but they receives a huge market branding in exchange for it. Currently, it operates profitably and becomes a major brand in Door locking solutions.

Haven social Links:

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What is Haven?

Haven is introduced as a smart home locking solution that provides you with more secure and safer door locks than any traditional locks. it is an additional support device that is attached to the bottom of your doors.

Who founded Haven?

Haven locks is founded and developed by 2 young entrepreneurs called Alex Bertelli and Clay Banks from Nashville, Tennessee, USA. They are the co-owners of Haven locks. Alex Bertelli was an ex-army pilot who is in the United States Air-Force Special Operations Aviation Program and served their country very proudly.

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