BenjiLock Net Worth Shark Tank Update

In the world of growing capitalism, people are drawn to consume as much product as they can afford. However, it is getting difficult to save our belongings too. Although people are using the traditional lock system they are outdated for the 21^st century.

Robbie Cabral, the inventor, founder, and CEO of Benjilock, is here to revolutionize the system. His product is a modern way to keep things safe. It basically combines a conventional locking system with fingerprint technology. However, a consumer can also use a key to unlock it, making it an efficient way to keep our personal things safe.

The owner came on Shark Tank to seek $200K for 10% of his company. He also demonstrated how the Benjilock works with the help of a prototype. Let’s explore his journey on the show.

BenjiLock Net Worth Shark Tank Update

Robbie was looking for an investment of $200K in exchange for 10% equity in the company. At the time of the episode, he valued his company at $2 million. Robbie successfully secured a deal with Kevin O’Leary for an investment of $200K for 15% equity in the company. The investment adjusted the company’s net worth to around $1.33 million. After the show was aired, Benjilock experienced a significant boost in exposure and secured a licensing deal with Hampton Products. As per my rough estimate, the current net worth of Benjilock in 2024 is around $5 million.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Lori Greiner	$200K for 10% equity	$200K for 15% equity	No
Kevin O’Leary	$200K for 10% equity	$200K for 15% equity	Yes
Barbara Corcoran + Alex Rodriguez	$200K for 10% equity	$500K for 20% equity	No
Mark Cuban	Out	N\A	N\A

The Owner’s Backstory

Robbie is basically from the Dominican Republic. His wife is a teacher and he has three kids. He has a background in marketing and advertisement and left his hometown in 2007. In real estate work, he was laid off only after six months in the field.

He also got emotional after relating his struggle to meet his financial problems, which created an air of sadness on the show. His struggle led him to create the company Benjilock, which is now getting positive responses from the people.

Initial Pitch

Robbie came on the show with the prototype of his product and also demonstrated its two-way unlocking system. He requested $200K for a 10% equity stake. He also pointed out that the product can be used for one whole year after charging for only 30 minutes. He was also the winner of the CES Innovation Awards in 2017.

Queries about the Product

Kevin initially asked if the Benjilock could be used as a replacement for the cylindrical locks used to patent the domestic doors. Robbie answered in the affirmative.

Kevin then asked about the cost of making and retailing the product. Robbie highlighted that he had done a survey in LA with 1041 people and they all loved the product, which was only a prototype by then. They were all willing to pay $60 or more just for the lock. He also claimed to make the product for just $20 and had made 50K units already.

Corcoran asked about his medium of investment. He answered that he had made an investment of $87K by himself just to make the prototypes.

Alex inquired about his commitment to the business. The owner replied that he is full-time doing it after leaving his other job.

Shark’s Response and Final Decision

Without further delaying the deal, Kevin offered $200K for 15% equity. He also advised him that usually, a big company tries to steal your invention and make it part of their company by licensing it. Thus, Kevin ensured him to make his product known.

Lori disliked the idea and tried to make Robbie lean towards retail. She offered $200K for 15% equity just like Kevin.

Corcoran highlighted that he doesn’t need a partner but a whole team. She then pitched $100K for a 10% equity stake.

Alex first pointed out his Dominic background and Dobbie’s resonance with him. He offered to work with Corcoran for $200K for 20% equity in Spanish.

Cuban initially praised his product and passion but he has no expertise in licensing such products. So, he dropped out. Finally, the owner accepted Kevin’s offer.

Product’s Availability

Kevin stays true to his words and gets a licensing deal for the company. Benjilock also collaborated with Hampton Products International, the makers of BRINKS locks. Benjilock is now available at several retailers, including ACE Hardware, Wal-Mart, Home Depot, QVC, Lowes, and others. Moreover, in August 2020, the owner also introduced Fingerprint Door Locks for houses and garages.

This multifunctional lock offers storage for up to ten fingerprints and features a pin pad for enhanced security. It’s available for purchase on the Benjilock website as well as in hardware stores across the country. In 2021, the Benjilock Fingerprint Bike Lock was introduced, earning the distinguished TWICE PICKS Award for innovation at CES that year. With Hampton Products as a reliable partner, Benjilock achieved impressive success, reaching $5 million in annual sales revenue by November 2023.

Conclusion

Thus, Robbie confirmed that one can achieve great heights even though with a lower background. He not only made a deal with Mr. Wonderful but also got a licensing deal and success in the retail market. So he proved his deal to be secure just like his innovative product.