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PurseCase Shark Tank Update

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Ever worried about where the mobile phone will go in the purse or whether the phone will fit in the purse? Well, all your worries are solved with this easy-to-carry purse specifically for your mobile. PurseCase is the first company to come up with the innovation and is selling it as a full-fledged product for its customers.

The purse comes in specific sizes and is a must-have accessory for your phone. Let’s find out more about the product and its appearance in the Shark tank. 

Purse Case at a glance:

Business ideaPurse to carry valuables like phones, credit cards, and cash.
FounderJenn Deese and Kelley Coughlan.
Asked for$55,000 for 12%
Accepted deal$55,000 for 15%
SharksLori Greiner
Business statusOut of business
EpisodeSeason 5, Episode 10
WebsitePurseCase
Buy on AmazonBuy Now!
Purse Case at a glance:

Index:

Founder Story:

Jenn Deese and Kelly Coughlan are the founders of PurseCase. The portable case for your mobile phone. The two of them started a boutique in LA that specialized in Public relations and touched many industries in terms of PR like health, hospitality, fashion, etc.

They had their own website and also sell their products on Amazon. This product took two years to develop and has many interesting features which we will see later. The interesting size and presentation of the product make the product a winner.  They are planning to look for an investor who understands and is interested in their product to give funding.  

Did PurseCase get a deal on shark tank?

The two proud and smart inventors of the PurseCase entered the shark tank seeking an investment of $55,000 for 12% which valued their business at $458, 333. They entered the shark tank for some assistance from a shark to continue the production of the product they had created.

https://www.youtube.com/watch?v=twVGtofCxO0

They first demonstrated the product to the sharks and the sharks are interested but not that much due to the following reasons. Robert thinks that such products are seen in many shops and hawker stores in Europe. The only difference is the place to keep the Credit card, cash, and possibly a mirror. Then Kevin comes in to state what the proprietary status of the purse case is exactly. The founders have applied utility patents for the handle and the design of the pocket and they manufacture iPhone 4s and 5s.

The two of them have successfully sold about $30,000 worth of goods by pre-orders in the last three months and they aim to sell $240,000 worth of goods by the end of the year.  This leaves the sharks in awe. They have a direct sales margin of 88% while selling from a store will give them a 71% margin.

The duo is ready to give 15% of their company to a logistics firm in exchange for a $100 million line of credit from the company. Lori Greiner is ready with a bombshell, as she discloses that she sells a similar product already on QVC. Robert believes he has seen such a product on the streets of Europe already, he’s out. Barbara doesn’t have a fad for the technology accessory industry and wants some changes in the product. She’s out.

See also  Goverre Shark Tank Update

Kevin loves the product and offers $55,000 in exchange for $1 per unit until the amount is paid then $ .75 per unit after that. Lori too is interested in the product and is not finished yet. She offers them $55,000 for 15% of the company and the girls accept the deal.

What happened to PurseCase after shark tank?

The company has pleased its investors as per their sales and how it is just increasing. The investor Lori Greiner was also happy with the product and the sales. This product surely leaves a smile on her face every time. The girls have expanded with her mentorship, it is right to say that the girls have found the right mentor and someone they always wanted.

With Greiner’s help, PurseCase has reached out to a major technology accessories retailer which has helped the business grow. Jenn as of now has stepped away from business due to its growth and how the business grew which increased pressures. 

Product details:

  • The purse case has introduced products for iPhone and Samsung galaxy
  • They wanted to build a product that allowed them to carry cash, credit cards, and phone around with them without a hassle. 
  • The product allows the phone to be used while in the purse, meaning you can make calls and take pictures while the phone is in the purse.
  • There is also a place to keep your essentials like cash, a mirror, a credit card, etc.
  • The prototype took a long time to come but once it was out on the market it got an overwhelming response. 

Competitors of PurseCase

  • Omio
  • Kudex
  • Yakvook
  • Lameeku
  • Felt ipad cases
  • Silicon ipad cases
  • Sena filo case And many more.

What is the net worth of PurseCase?

The valuation of the business was $458,333 when they showcased the product on the shark tank. As of the year 2022, they are currently out of business.

Is Purse Case still in business?

The company is not in business as of 2022. They have shut down their website many times throughout the year. There is no information as to the increase in valuation, only it is known that the business had a valuation of $5 million before it closed down.

The two founders now plan to introduce the same product internationally and nationwide. They want to introduce the same product for different phone types as they believe two types are not enough. They want to grow and believe funding is still the right way to go forward!!

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FAQs:

What is PurseCase?

PurseCase is a purse to carry valuables like phones, credit cards, and cash. Jenn Deese and Kelly Coughlan are the founders of PurseCase. The portable case for your mobile phone.

What's the net worth of PurseCase?

The valuation of the business was $458,333 when they showcased the product on the shark tank. As of the year 2022, they are currently out of business.

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