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When Robbie Cabral, the creator of BenjiLock, appeared on season 9 of Shark Tank, he faced a unique challenge: choosing between multiple investors. Cabral, who introduced a fingerprint-activated hybrid padlock, sought $200,000 for 10% equity in his company. The sharks found his product and story compelling, and several of them made offers. Reflecting on the situation, Cabral stated,
“It’s a good problem to have right now oh Lord Jesus, my God is telling me a lot of things right now cuz it’s very difficult to choose. I mean all of you guys are great, I mean holy smokes.”
Ultimately, Cabral chose Kevin O’Leary as his investor, citing O’Leary’s expertise in licensing as a critical factor.
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Robbie Cabral and BenjiLock’s Shark Tank journey: From concept to success
The development of BenjiLock
Before his appearance on Shark Tank, Cabral developed BenjiLock as a solution to an everyday issue he observed at the gym: the inconvenience and security risks associated with traditional padlocks. A native of the Dominican Republic with a background in music and marketing, Cabral began working on his idea after losing his real estate job on the same day his daughter was born.
He said that the inspiration behind the hybrid padlock came from the fact that he used to go to the gym at night. The product uses fingerprint recognition, but it can also be opened with a key. Cabral developed the product over three years and showcased it at CES in 2017.
The device caught attention for its innovative design and won the CES Innovation Award. Exposure at CES also led Cabral to audition for Shark Tank at the suggestion of family and friends.
The Shark Tank experience
During his Shark Tank pitch, Cabral highlighted the product’s features and its potential market. He noted that the padlock could be charged in 30 minutes and provide functionality for up to a year. He also emphasized its affordability, explaining that the product could be manufactured for $20 and sold for $60.
Cabral sought $200,000 for a 10% stake in the company and shared that he had already invested $87,000 of his funds into the venture. He also mentioned that Sam’s Club had expressed interest in purchasing 30,000 units.
The sharks were intrigued and began making offers. Kevin O’Leary proposed $200,000 for a 15% equity stake, emphasizing his ability to secure licensing deals. Lori Greiner matched O’Leary’s offer but suggested a different strategic direction. Meanwhile, Barbara Corcoran and guest shark Alex Rodriguez proposed a joint investment of 20% equity.
Cabral acknowledged the difficulty of his decision, eventually selecting O’Leary due to his experience in licensing. Cabral highlighted that O’Leary’s licensing expertise aligned with his goal of expanding BenjiLock’s reach.
Post-Shark Tank growth and milestones
After the Shark Tank episode aired, BenjiLock secured a licensing deal with Hampton Products International, a leading home security company. In November 2017, Cabral and O’Leary appeared on CNBC’s Halftime Report alongside Hampton Products CEO Kim Kelley.
Kelley highlighted the company’s confidence in BenjiLock by presenting Cabral with an advanced royalty check for $100,000. Kelley stated,
“You know that we believe in the fact that teamwork makes the dream work. And the Shark Tank episode and Kevin's investment in your dream was the missing link for us, and we're really excited.”
In 2018, BenjiLock introduced a compact version of the product, the BenjiLock Mini, at CES, earning another CES Innovation Award. During the same event, a representative from Ace Hardware placed an order worth $1.5 million to stock BenjiLock products in their stores. Cabral underscored that these milestones validated the company’s potential and reinforced its growth trajectory.
BenjiLock’s current position and plans
As of 2024, BenjiLock offers a range of biometric locks for various applications, including bike locks, luggage locks, and door locks. The company’s flagship products are available through major retailers, including Amazon and Hampton Products. Additionally, BenjiLock’s fingerprint-enabled locks are the only biometric locks approved by the Transportation Security Administration (TSA).
In a recent interview with the Consumer Technology Association, Cabral outlined the company’s future goals. He emphasized plans to expand BenjiLock’s technology beyond fingerprint recognition to include facial recognition, voice recognition, and artificial intelligence.
He also highlighted a partnership with guitar case manufacturer TKL Cases, which will incorporate BenjiLock’s technology into their products. Cabral described the collaboration as a significant step forward and announced that the new products would debut at the 2024 Consumer Electronics Show. Cabral explained,
“We see that the technology beyond the biometric, we’re going to be able to apply it to facial recognition, voice recognition, the whole future of AI as well. We’re always looking into that. So I think it’s going to be exciting.”
New episodes of Shark Tank every Friday at 8 pm ET on ABC and are available to stream on Hulu.
