Bike stealing is very common these days. Every minute two bikes are stolen just in the USA. This has frustrated people and made them look out for their bikes all the time while parking them.
Mohamed Mohamed, the owner and CEO of Linka, is here to the rescue. He has introduced a device that can be used as a smart locking system for your bikes. It opens up only when the owner comes nearer to the bike. It doesn’t use any keys to lock or unlock the system. Moreover, it is also linked to our phone which highlights the lock’s battery percentage and also provides the data regarding history of bike theft in the nearby area
The owner came on Shark Tank to request $250K in exchange for 10% of his company. He also demonstrated how the product works on the set. Let’s see if he got the deal or not.
Linka Net Worth Shark Tank Update
Mohamed was looking for an investment of $250k in exchange for 10% equity in the company. At the time of the episode, he valued his company at $2.5 million. Mohamed did not secure a deal on the show. After the show aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of Linka in 2024 is around $4 million.
Shark(s) name
Offer & Demand
Counteroffer
Accepted?
Kevin O’Leary
Out
N\A
N\A
Mark Cuban
Out
N\A
N\A
Robert Herjavec
Out
N\A
N\A
Lori Greiner
Out
N\A
N\A
Barbara Corcoran
Out
N\A
N\A
The Owner’s Backstory
Mohammed went to a city college in New York and got his degree in mechanical engineering. Then he started working in the manufacturing side of Toyota. Then he started working on Linka.
He also related that his family originally came from Egypt to give a better life to him and his brother, which makes him do whatever it takes to make his parents happy.
Initial Pitch
The owner came on the show to seek $250K for a 10% equity stake. His product is a smart lock system to avoid bike theft. It also highlights the safer places to park the bike along with the directions to reach there, making the bike owner’s life easy.
Queries about the Product
Lori asked the first question about whether someone could hold up the bike and take it away without even breaking the lock. Mohamed invited Lori to check the product herself. Herjavec then experimented with the bike instead of Lori and the alarm started beeping immediately. The owner also added that it also gives a signal to the owner on his phone that his bike is being stolen.
She was also curious about the working mechanism of the smart lock. The owner pointed out that the position where the lock is situated makes it difficult to run the bike and to cut the lock with a bolt.
After hearing Herjavec’s confusion about the lock, Mohamed also made it clear that there is an option for the customer to buy the lock with a chain or without it.
Cuban questioned the selling rate of the product and the cost of making it. He answered that it sells for $129 and it costs him $45 to make. With the chain, it sells for $159.
Kevin then asked about the number of units he has sold so far. The owner pointed out that after a Kickstarter campaign in May, they sold around 130K.
Herjavec inquired about his sales. He replied that it is about $40K.
He also asked about the unlocking mechanism of Linka. Through Bluetooth Low Energy, the lock automatically unlocks when the owner comes in the proximity of the bike.
Shark’s Response and Final Decision
Corcoran was the first shark out of the deal as she considers the product to not be of practical consideration.
Herjavec followed Corcoran and backed out too as he considered a chain to be fit for the purpose instead of a smart lock.
Kevin dropped the deal as he considers the market to be full of such products and the $2.5M valuation is also too high for him.
Lori considered the product to be clever but the low-volume alarm was not fit for her in a bustling city environment. Thus, she backed out of the deal.
Finally Cuban dropped the deal too because of the high competition in the market for similar trap products.
Product’s Availability
Although Mohamed walked out of the show without getting any deal from the sharks, his company is still in business. It is estimated that the company’s annual revenues are $4M and the product can be found on Amazon and their own website.
Conclusion
Mohamed Mohamed pitched his smart bike lock, Linka, on Shark Tank, seeking $250K for 10% of his company. Despite demonstrating the lock’s features, including Bluetooth unlocking and theft alerts, all the sharks declined to invest due to concerns over practicality, market competition, and valuation. However, even without a deal, Linka continued to grow, with estimated annual revenues of $4 million, and the product remains available on Amazon and the company’s website.
Hey there, it’s Andaleb Youns. I am a freelance content writer and am currently pursuing a BS in English Language and Literature. I have expertise in writing Blog Posts, social media content, and copywriting. I know how it feels to be a student and still be dependent on parents to fulfill even basic daily needs. This realization became apparent while watching Shark Tank. Although I started watching this show out of boredom, it proved to be an inspirational show. The show made me realize the importance of hard work, being independent, and of having a business of my own. I still look forward to it for entertaining and inspirational content.
