In today’s digital world, cybercrimes and identity theft have become increasingly common, raising concerns among individuals about the safety of their personal information. Signal Vault, founded by Chris Gilpin, addresses these concerns by providing a simple yet effective RFID-blocking card that protects your personal data from being stolen by unauthorized RFID scanners. This blog post will discuss the Signal Vault Shark Tank update, the company’s journey since its appearance on the show, and its current status.
The Signal Vault Pitch and Deal at Shark Tank
When Chris Gilpin appeared on Shark Tank, he presented his RFID-blocking card, which protects users’ personal information, card numbers, and security codes from RFID scanners used by thieves. The card retails at $14.99, with a production cost of $0.75 per unit. At the time of the show, Chris had already achieved $300,000 in sales and sold 45,000 units.
Chris sought an investment of $200,000 for 12.5% equity in his company. The sharks were impressed by the product, and Chris ultimately secured a deal with Robert Herjavec and Lori Greiner, who jointly invested $200,000 for 25% equity in Signal Vault.
Is Signal Vault Still in Business?
Signal Vault has experienced continued success following its appearance on Shark Tank. After the episode aired, the company experienced a massive surge in sales, selling out in just 8 minutes on QVC. This success allowed Signal Vault to hire more staff and expand its operations, with sales reaching $2 million within a few months.
Today, Signal Vault is still operational and has an annual sales figure of over $5 million. The company’s RFID-blocking cards remain popular among consumers who value the protection of their personal information from cybercriminals and identity thieves.
What Was Signal Vault’s Net Worth?
Before appearing on Shark Tank, Signal Vault had a net worth of around $300,000, based on its sales figures. The company’s net worth has significantly increased since then, thanks to the investment from Robert Herjavec and Lori Greiner, as well as the surge in sales following the show.
While exact figures are not publicly available, it can be estimated that Signal Vault’s current net worth is well over $5 million, based on its annual sales.
Impact of Shark Tank on Signal Vault
The exposure on Shark Tank has been instrumental in propelling Signal Vault to new heights of success. The deal with Robert Herjavec and Lori Greiner not only provided the company with much-needed capital but also gave Chris access to valuable mentorship and guidance from two seasoned entrepreneurs.
Moreover, the show’s massive viewership generated widespread awareness about Signal Vault and its RFID-blocking cards, leading to a significant increase in demand. As a result, the company was able to expand its operations, hire more staff, and achieve remarkable growth in sales.
Does SignalVault Work?
SignalVault’s RFID-blocking card has been proven to be effective in protecting users’ personal information from unauthorized RFID scanners. The card utilizes a specially designed material that blocks the signals emitted by these scanners, preventing them from accessing sensitive data stored on your credit cards and ID cards.
By simply placing the SignalVault card in your wallet, you can safeguard your personal information from potential identity theft and cybercrimes.
Business Overview
Signal Vault has come a long way since its humble beginnings. With an innovative product that addresses a genuine concern in today’s digital age, the company has carved a niche for itself in the market. Its continued success can be attributed to the quality and effectiveness of its RFID-blocking cards, as well as the support and mentorship provided by its Shark Tank investors.
Conclusion
The Signal Vault Shark Tank update highlights the importance of protecting personal information in an increasingly digital world. Signal Vault’s RFID-blocking card offers an effective solution to combat identity theft and cybercrimes, ensuring that your sensitive data remains safe from unauthorized access.
With continued growth and a bright future ahead, Signal Vault serves as an inspiring example of entrepreneurship and innovation in the face of modern-day challenges.
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