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The Last Lid Shark Tank Update

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The Last Lid is the last lid needed for any kind of heavy trash. The Last Lid is adjustable and water resistant. The Last Lid is made up of heavy-duty fabric and is used as a replacement trash cover. The Last Lid solves a big problem which seems very common, but Sharks didn’t feel the same on the show.

The Last Lid is clothed like a washable lid. Even if the bin gets knocked over, this lid will allow it to fall away. It can hold almost all the brands and sizes of trash. It is a reusable trash bag that can be used again and again. The Last Lid covers the whole trash bin, which also prevents raccoons and street dogs from getting into the trash and making it worse.

The Last Lid at a Glance:-

IdeaWater-resistant and critter-resistant kevlar fabric cover for garbage bins
FoundersKevin Kiernan and Melissa
Asked For$40,000 For 20%
Accepted Deal$40,000 For 60%
SharksDaymond John
Business statusOut of Business
Episode No.Season 3, Episode 5

Index:

Who are the founders of The Last Lid?

Kevin and Melissa Kiernan co-founded the Last Lid. Melissa graduated from Hartford University with a degree in Bachelor of Arts and Sciences and she used to work as an event coordinator. Kevin graduated from Villanova University with a degree of Bachelor of Arts in Business. He specializes in sales and information technology. The couple got separated and Melissa currently works in New Jersey for a real estate company.

Did The Last Lit get a deal on Shark Tank?

Kevin and Melissa came on the Shark Tank looking for an investment of $40,000 for a 20% equity in the business. Kiernans gave a complete explanation of their product and its benefits. They also shared that they are at the pre-revenue stage but the product is very unique as its quality is the main USP of the brand.

After a few talks between the duo and sharks, Robert Herjavec shared he that had no interest and went out. Kevin O’Leary said he doesn’t invest in a pre-revenue company and went out. Lori Greiner liked Melissa and Kevin, but didn’t feel strongly about the product and went out. Mark Cuban shared that he liked the product and the whole concept but said there is no market for this business in the long run and it is also not scalable, so he turned himself out.

Daymond John was the only shark left in the tank. John said he was impressed with the product and was looking for a similar kind of product but didn’t feel confident to invest due to high valuation demand. Daymond asked the founders of The Last Lid to come up with a better number. Kevin and Melissa took a moment and gave another pitch of $40,000 for 60% equity in exchange. Daymond John accepted to go with them and the deal was made between them.

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What happened to The Last Lid after Shark Tank?

After the show, the deal made on the platform was finally closed with Daymond John. Daymond John and Kiernans tried TV commercials but the result took a bit longer. Daymond also produced an online video about their D2C concept of selling from The Last Lid’s official website. After the show, the product didn’t get any boom in sales or even create revenue for it. Opinions pointed out that house improvements and hardware stores are the major markets where The Last Lid can make its roots stronger, but reaching that platform also seemed impossible for the Lid. The Last Lid was in talks for a long time with a company for licensing, but it also did not work for them.

During the pitch, they were asking for a valuation of $200,000 but, Daymond did not agree to that, so he valued the trash business at $66,666.66.

In 2015, for some fortunate reasons, they had to sell their business for an undisclosed amount. The Last Lid was sold to a major retail company in a garbage can. The Last Lid is no longer available on the market. The closing of the business was also the ending for Kevin and Melissa, as they also got separated after.

Competitors of The Last Lid:-

There is no real competition available for The Last Lid in the market as they were the only one in the market with such a unique trash bag, but there are a few alternatives to The Last Lid which perform the same task.

  • Hefty Ultra Strong
  • Solimo Tall
  • Great Value Tall
  • 365 Everyday
  • Glad Force Flex

What is the net worth of The Last Lid?

The valuation they had on the show was $200,000 and by the end, when Kevin asked for the right numbers, they valued it at $66,666.666. The net worth of the last lid is zero or not identical as they are running out of the market as of 2022.

Is The Last Lid still in business?

The Last Lid is not in operation anymore. In 2015, the business was sold to a major retail company. After selling the business, Kevin and Melissa also got separated. Currently, Kevin is running a product development company in New York, whereas Melissa is working at Coldwell Banker in Closet. The Last Lid didn’t last for long in the market.

Last Lid Social Links:

Amazon

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FAQs:

What is Last Lid?

The Last Lid is the last lid needed for any kind of heavy trash. The Last Lid is adjustable and water resistant. The Last Lid is made up of heavy-duty fabric and is used as a replacement trash cover. The Last Lid solves a big problem which seems very common, but Sharks didn’t feel the same on the show.

Who founded Last Lid?

Kevin and Melissa Kiernan co-founded the Last Lid. Melissa graduated from Hartford University with a degree in Bachelor of Arts and Sciences and she used to work as an event coordinator. Kevin graduated from Villanova University with a degree of Bachelor of Arts in Business.

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