Haven Lock Net Worth 2024: What Happened After Shark Tank

The image shows a scene from a television show, likely "Shark Tank," featuring two presenters standing next to a display of two white doors. The presenters are wearing matching black polo shirts and khaki pants, both looking engaged and confident as they present their product. The setup includes a table with branded materials and a large monitor displaying the word "HAVEN" with an orange roof logo above it. The setting appears to be a studio with warm lighting, plants, and a cityscape visible in the background. The text "venture fanatics" is visible on the bottom left of the image.

Overview

Haven Lock is a company that provides a smart wedge that rests at the base of a door instead of using deadbolts. The founders of Haven Lock, Clay Banks and Alex Bertelli, developed the product to offer a new take on preventing break-ins.

In this section, we will take a closer look at the founders, how they founded Haven Lock, their Shark Tank appearance, and what happened after the show.

Shark Tank Appearance

In 2019, Clay and Alex appeared on season 10 of Shark Tank, asking for $500,000 for 6% equity. However, the pitch didn’t go as planned.

When Alex was supposed to demonstrate how easy it is to kick down a door with a deadlock, he failed several times, and the Sharks were falling over laughing.

The demo frame wasn’t set up properly, Alex couldn’t kick the door open because the frame was not stable. With a strong foundation, it would have opened with less effort.

The founders had a debt of around $500,000, and the product had weak profit margins. Because of this, the Sharks backed out one by one.

After Shark Tank

Despite a disastrous pitch, the clip went viral on YouTube and helped them generate a lot more publicity. Haven Lock is still in business and makes an estimated $4.5 million in annual revenue.

They are now available to buy at Home Depot, Lowe’s, Amazon, and their official website, HavenLock.com. On Amazon, the mechanical floor mount lock has an average rating of 3.8 stars from 66 reviews. The negative reviews mainly mention the lock doesn’t fit as some doors are low to the ground.

With the recent tragedies at schools, more of them are contacting Haven Lock.

There are over 130,000 schools in the country so potentially they can be a huge customer. Also, the smart lock market is forecasted to reach 7.13 billion by 2030.

Currently, Haven Lock is worth an estimated $8 million.

About the Founders

Clay Banks and Alex Bertelli, the founders of Haven Lock, are both from Nashville, Tennessee.

Bertelli is a decorated special operations helicopter pilot who pursued higher education after retiring from the U.S. Army and earned an MBA from UNC Kenan.

Banks, on the other hand, got a degree in communications and advertising from the University of Tennessee, Knoxville. He landed his first job at Citadel Broadcasting as an account executive and later helped found companies like FANtastic Memories, Pure Life Industries, and PodCatalyst.

He also became a regional director for TNECD, a government administration.

Founding Haven Lock

Bertelli noticed that many families secured their doors with simple steel bars and deadbolts to safeguard their homes while he was in the military. He found it ineffective, so he made his own lock.

With Clay’s help, he developed a smart wedge lock that lies at the base of a door instead of being near the doorknob. Despite an unsuccessful Kickstarter campaign, they launched the company in 2014.

They raised over $1.5 million from other sources and partnered with a school in Arkansas.

But five years in, the business only made $250,000 in revenue.

Lessons From Haven Lock’s Success

Based on the Shark Tank episode about Haven Lock, here are three practical tips for aspiring young entrepreneurs:

1. Identify and address a real problem

Haven Lock was developed in response to personal experiences with neighborhood break-ins. The founders identified a common security issue and created a product to address it.

Entrepreneurs should focus on solving real problems that people face, as this can create a strong market demand for their solution.

2. Differentiate with unique features

Haven Lock differentiates itself from traditional deadbolts by offering a floor-based locking mechanism that uses simple physics to strengthen the door.

Highlighting unique features and benefits that set your product apart from existing solutions can attract customers and investors.

3. Be prepared for scaling challenges

The founders faced issues with high production costs and the need to scale their inventory.

Entrepreneurs should anticipate scaling challenges and have a clear plan for reducing costs and managing inventory as they grow. This preparation is crucial for maintaining profitability and ensuring long-term success.

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