BenjiLock is a company in the United States of America that produces and sells smart locks. It is known for its smart padlocks that use fingerprint technology to protect valuables from being stolen. The fingerprint technology allows you to open the lock with a single scan of one of your fingerprints.
BenjiLock produces smart padlocks for cabinets and closets. Apart from that, the official website sells various other types of locks, including travel locks, door locks, sports locks, and bike locks. All of these smart locks can identify up to four fingerprints. Although the locks come with a key, it is hardly used as the battery of the smart lock lasts very long and most of the unlocking is done through fingerprint.
BenjiLock Net Worth
BenjiLock’s net worth is estimated to be around $4 million.
The founder and the current chief executive officer of BenjiLock is Robbie Cabral. He is a former law enforcement officer who retired at the rank of sergeant in September 2013. After his retirement from law enforcement, he started offering his services as a business consultant. He also started developing biometric technology products.
Robbie Cabral was inspired by the idea when he saw several individuals struggle with the lockers in his local gymnasium. Thus, Robbie set out to find a way to open locks with just a scan of fingerprints.
He spent almost three years developing a prototype. When the prototype was complete, he was recommended by a colleague to go to Las Vegas and display his product at the Las Vegas Consumer Electronics Show. There, he received a CES Innovation Award.
After that, he was again urged by his friends and colleagues to go to Shark Tank, where he might find investors that would help run his business.
BenjiLock During Shark Tank
Robbie Cabral entered Shark Tank seeking $200,000 in exchange for a 10% stake in his business. This showed that he valued his business at $2 million. Robbie wanted to introduce his concept to the Sharks and hopefully get investors that would assist him in marketing the products of BenjiLock.
In his pitch, Robbie Cabral narrated how he was inspired to develop the product and how he eventually developed the product. He then showed the product to the Sharks, who were slightly impressed by the product.
Lori Greiner, when she got to know that he had won the CES Innovation Award, expressed admiration for the achievement. Kevin O’Leary, also known as Mr. Wonderful, was the first to offer a deal. He offered $200,000 in exchange for a 15% stake in the firm. Lori Greiner also made the same offer to Robbie Cabral.
Daymond John then offered $200,000 in exchange for a 20% stake in the business, in a collaborative effort with Barbara Corcoran. Robbie Cabral eventually agreed to Kevin O’Leary’s offer and left Shark Tank happily.
What Happened to BenjiLock After Shark Tank Deal?
After the deal at Shark Tank with Kevin O’Leary, Kevin helped Robbie Cabral with the licensing of the company. The license agreement was arranged with a renowned hardware and security firm, Hampton Products International. This gave great exposure to the company, and it has been selling its products all over the United States of America.