BenjiLock: Fingerprint Lock Gets $100,000 Royalty Check After Shark Tank
BenjiLock is a padlock that opens with a fingerprint. The inventor Robbie Cabral pitched his product on Shark Tank in October. It was an emotional pitch. Cabral related the story about coming with the idea after he was laid off (and on the same day his daughter was born). On Shark Tank, he made a deal with Kevin O’Leary — $200,000 in exchange for 15 percent equity of BenjiLock. O’Leary saw the opportunity to patent the product to lock companies for a royalty.
One month after the Shark Tank episode aired, Cabral received his first royalty check ($100,000) from Hampton Products International on live TV, see video below. Hampton now owns the rights to Benjilock in North America. (O’Leary helped broker the deal.) On CNBC, Hampton CEO Kim Kelley presented Cabral with the check (and yes, Cabral cried and said he’s living the American Dream). Hampton told Cabral: “The intellectual property, the patents that you’ve got on this product, is really extensive.” He added, “We’re looking forward to helping you leverage that.” BenjiLocks will be available in time for Back to School season in 2018. Shark Tank airs Sundays at 9pm on ABC, right after America’s Funniest Home Videos. [27 Favorite ‘Shark Tank’ Products at Amazon — The List]