We often find it difficult to unlock our belongings. But after the introduction of Benjilock everything has become easier and more secure.
You may unlock your padlock or bike lock without any keys by using this unique device as it helps people to unlock their belongings with the help of fingerprints.
Benjilock impressed the sharks with its unique technology and impressive design. And the founder of the company was able to secure a deal with Kevin O’Leary.
So, if you have lost the key to your door, bike or safe there is nothing to worry about. You may use this smart lock. It is called a smart lock as it contains a fingerprint scan that will help you open the lock without any requirement for the key. The outstanding invention of Robbie Cabral brought a significant change to the lives of millions of people. So, you may try it to change your life too.
What is Benjilock?
People are continuously changing themselves in this world of technology with innovations. Technology has given us smartphones, Smart TVs, Smart Homes and so on. Smart locks are also an example of innovation in this world of technology. This is a kind of lock that requires no key as it can be opened by using the fingerprint of the user.
Just as there is a fingerprint lock in smartphones which does not allow the other person to unlock the smartphone without a fingerprint scan, this idea is used in the making of smart locks. Benji lock is created by using smart technology. It comes up with a battery that can function within a limit.
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Who is the inventor of Benjilock?
Robbie Cabral is the founder of Benjilock. He came up with the idea of making this lock when he was doing some doodling in his living room. He was trying to get the ways or designs on how the lock would look and how the technology would unlock the lock in various ways. The founder of the company lives in the Dominic Republic.
When he set foot into the business he had no idea about technology and he did not even know how to run the business. That is why he started to set up his project and make the lock with the help of his local engineer. It took three years to complete the project and at last, they were able to introduce a completely functional sample of the lock.
After that, he pitched his product at the Los Vegas Consumer Electronics Show. From there he was awarded the best innovation award for the year. After that, the founder began the outstanding and profitable journey of his Benjilock company.
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A short history of the founder
The founder of Benjilock, Robbie Cabral was born and brought up in the Dominican Republic. His single mother nurtured him. They had to struggle a lot to survive.
Robbie had to face a lot of difficulties to begin his life but he was willing to start his career as a businessman. He, therefore worked hard and strives a lot to become successful in life.
He served in an advertising company. So, he did not have any idea about the technology. He came up with the idea of creating a smart lock and to complete his project he took help from a local engineer.
They had to put in three years of effort to make this product. Finally, they were able to introduce a digital lock. There was a fingerprint sensor installed in the lock.
The friends of Cabral suggested Cabral display his product at the Las Vegas Consumer Electronics Show. The product became very popular after that and he was able to bag the “2017 CES Innovation Awards Honoree Winner in the Smart Home”. To date, this smart lock has bagged more than 21 awards.
The founder then came up on the popular reality show Shark Tank and impressed the sharks. Kevin O’Leary fell in love with the product and decided to invest in the startup company. With the help of this funding, the founder was able to market his product.
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How was the Benilock company started?
Robbie Cabral set up Benjilock. He was experiencing a very difficult time in his life. That is why he was very depressed and overweight. He did not get any job either. That is why he hit rock bottom for his fate.
One day he thought of changing his life to become better. That is why he started to exercise regularly after joining a gym nearby.
Robbie looked around the locker room of his gym and found that a lot of gym-goers are facing issues with their lockers.
They are facing problems for various reasons like they are sometimes forgetting their combinations, losing their keys, and leaving their keys in their locker. He found that a completely good lock had to be cut off with bolt cutters every day so that the owners could get back their belongings.
Robbie wanted to introduce a solution to this problem. That is why he started to work on a new lock design and gave birth to Benjilock.
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Was Benjilock able to get a deal from Shark Tank?
The smart and witty businessman got an additional bonus when he was chosen to pitch his product on Shark Tank. He gave a fast-paced pitch and grabbed the attention of the sharks within a short time. Robbie Cabral came up on Shark Tank intending to get an investment of $200,000 in exchange for a 10% stake in his startup business. After appearing on the Shark Tank stage he described his product and how to use it very beautifully in front of the sharks. He also shared with the sharks that he has won an award recently.
Kevin O’Leary asked some intriguing questions. He first asked Robbie whether he was able to replace the cylindrical locks that we generally use to lock our doors with the help of this technology. Robbie gave a positive answer. He also shared with the sharks that the manufacturing price of each lock is $20 and the selling price of each lock is $60.
In the last part of the pitch, the founder became quite sentimental. He told the sharks that being an immigrant from the Dominic Republic he was unable to meet the ultimate dreams of the Americans. The picture of the entire pitch was changed as soon as he said this. Moreover, the life of the entrepreneur also changed after this as he secured a deal of $200,000 from Kevin O’Leary in exchange for a 15% share in his company.
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What occurred to Benjilock on Shark Tank?
Robbie Cabral after investing in his product wanted to come up on the popular television show Shark Tank to get funding so that he can market his product.
He appealed to the sharks for an investment of $200,000 from the sharks. For this, he was ready to give up a 10% stake in his company, Benjilock.
At the time of representing his product, Cabral shared with the sharks why he made this product. He said to the sharks that he decided to design Benjilock after finding issues in the gym locker room when the gym-goers forget their locker combinations.
He then disclosed the progress of his company and described its battery life and manufacturing cost and market study.
Several sharks showed their interest to invest in the company. But Cabral finally signed the deal with Kevin O’Leary who invested $200,000 in Benjilock in exchange for a 15% share of the company.
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What Occurred to Benjilock after Shark Tank?
The founder of the company as soon as pitched his product on Shark Tank the entire world of smart lock technology experienced a new dawn because the young businessman secured funding from Hampton Designs which is supposed to be the largest security lock company in the industry. The CEO of Hampton Designs gave a cheque for $450,000. The founder made a licensing deal with Hampton which allows him to distribute his product all across North America.
After that, he introduced his product on QVC. The company started to sell its product very well on various websites like Amazon, and Walmart along with the official website of the company. The revenue of the company changed drastically from $1.68 to $5 million from 2017 to 2021.
The founder started his journey by making a padlock and over the years the founder has introduced various forms. The founder has added a pool of products into the product line of his business like door locks, bike locks, travel locks of backpacks, travel suitcases, briefcases, and sports locks.
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Benjilock Shark Tank Net Worth
As of 2022, the net worth of Benjilock is $5 million. In 2017 the company was valued at more than $4 million. The valuation of the company changed from $0.2 million to $1.33 million from 2017 to 2021. The net worth of the founder of the company, Robbie Cabral is $4.3 million as of 2022. But we have not received Robbie Cabral’s net worth as of 2023.
But we have seen that the company has been very successful and has experienced outstanding growth in recent years. So, we can say that the net worth of the company as well as the founder will keep increasing.
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How did Benjilock earn money?
The founder of the company started his company Benjilock with no sales and now they have proved their potential. Benjilock revenue per month is $14,000. From there it started its journey.
Also, we have come to know that the product of the company is sold on Amazon, Walmart. You may also get the product of the company in every retail store all across the nation. The company introduced door locks and bike locks soon after starting its journey.
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Is Benjilock still in business?
Within three years of starting the business the founder of Benjilock was able to increase the success rate of his company. Moreover, the founder was praised due to his innovative idea. The founder got a huge amount of funding from various places and the product of the company got incredible exposure.
There was a lack of products. So the founder decided to expand the product line of his business. After getting funding from Hampton, the founder targets to hit the stores in Canada, Mexico and after that the Middle East. This implies that Robbie Cabral aspires to bring the entire world to his fingertips.
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Why is Benjilock so unique?
It is the design of Benjilock that makes it completely different from others. Robbie Cabral introduced this rechargeable smart lock which is an innovative hybrid product. You may not only use it with the help of your fingerprint only, you can use it with a plain key just like we use the normal locks if there is any technical problem and the fingerprint sensor does not work.
The most important and unique feature of Benjilock is that it is capable of storing up to 10 distinct fingerprints so that the other members of your family can use it safely.
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Where can you buy Benjilock?
Benjilock is a popular smart lock-making company based in California. Currently, the company has become a household name.
You will be able to purchase the products of Benjilock from popular chains in the industry like Home Depot, Walmart, Lowe’s and many more.
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Benjilock shark tank update
The founder of Benjikock, Robbie Cabral came up on Shark Tank season 9 episode 4 to secure a deal of $200,000 for a 10% stake in his business. Kevin O’Leary finally made the deal with Robbie Cabral and invested a sum of $200,000 in return for a 15% stake in the company.
Benjilock after Shark Tank was able to make a licensing deal with Hampton Products International with the help of his newly made partner Kevin O’Leary.
Benjilock’s net worth in 2022 is $1.5 million. Hampton kept selling the locks. The founder launched the Benjilock Fingerprint Bike Lock in 2021 which bagged the 2021 Twice Picks Award for Innovation in CES. Benjilock net worth as of 2023 is $4 million.
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You may use this smart lock to secure your homes, cars, bikes and many important things. The founder was able to get a deal for his business from Kevin O’Leary after coming up on Shark Tank. We hope that this smart lock company will become a billionaire very soon.
What is Benjilock?
Benji lock is nothing but a Hybrid Technology Padlock that is capable of opening a lock by key or fingerprint.
Who set up Benjilock?
Robbie Cabral came up with the idea of making this smart lock at the time of doing some doodling in his living room. He was thinking about how to design the lock and how to use the technology to open the lock in various ways.
Who are the investors of Benjilock?
As soon as Robbie Cabral introduced this smart lock in front of the sharks appearing in Shark Tank he was able to secure a deal from one of the sharks Kevin O’Leary. Cabral wanted to get an investment of $200,000 in exchange for a 10% stake in his business. But finally, he had to give up a 15% share of his business to make the deal of $200,000 with Kevin O’Leary.