Haven Lock aims to change the way we think about home security. Instead of a latch, the company offers a smart wedge that sits at the bottom of the door. Founders Clay Banks and Alex Bertelli made a memorable pitch on Shark Tank, but ultimately no deal was struck. As of 2024, Haven Lock has a market cap of $8 million.
About the Founder
Clay Banks and Alex Bertelli are both from Nashville, Tennessee. Alex is a decorated Special Operations helicopter pilot. After retiring from the U.S. Army, he continued his education and received his Master of Business Administration from the University of North Carolina-Kenan.
Bertelli also met Clay after completing his military service. The Nashville friend earned a degree in communications and advertising at the University of Tennessee, Knoxville.
Banks’ first job was as an account executive at Citadel Broadcasting. Later, he helped found companies such as FANtastic Memories, Pure Life Industries, and PodCatalyst. He also became a regional director for the government regulator TNECD.
Founding of Haven Lock
While serving in the military, Bertelli often observed that many families used simple steel bars and bolts to lock their doors to protect their homes. He found this method to be ineffective, so he made his own locks.
With Clay’s help, he developed a smart wedge lock that sat at the bottom of the door instead of near the door handle. It was a new way to prevent burglary, and it worked. They made both a mechanical and an electronic version of the product.
They launched the company in 2014 despite an unsuccessful Kickstarter campaign. Still, they raised more than $1.5 million from other sources and partnered with a school in Arkansas. But five years later, the company has only $250,000 in revenue.
Shark Tank Appearance
It was clear that the company needed help. In 2019, Clay and Alex appeared on Season 10 of Shark Tank, asking for $500,000 for a 6% stake.
However, the presentation did not go as planned. When Alex was about to demonstrate how to easily kick open a deadbolt door, he failed several times, causing the Sharks to laugh. The demonstration frame was not set up correctly, and Alex was unable to kick the door open because the frame was unstable. If the foundation was solid, the door would be easier to open.
The demo didn’t really raise concerns about the company. The founders were about $500,000 in debt, and the product had low profit margins. Because of this, the sharks dropped out one by one.
After Shark Tank
Despite the poor publicity, the video went viral on YouTube, bringing them even more publicity. According to Konaequity.com, Haven Lock is still in business, with an estimated annual revenue of $4.5 million.
It’s available now at Home Depot, Lowe’s, Amazon and HavenLock.com. On Amazon, this mechanical floor-mounted lock has an average rating of 3.8 stars out of 66 reviews. Negative reviews mainly mention that the lock doesn’t fit because some doors are too low to the ground.
With recent tragedies at schools, more and more schools are reaching out to Haven Lock. There are over 130,000 schools across the country, so they could be a huge customer. Additionally, the smart lock market is expected to reach $7.13 billion by 2030. Currently, Haven Lock is valued at an estimated $8 million.
Categories: Shark Tank
Source: dut.edu.vn
