Have you ever watched the TV show Shark Tank? It’s where people come to pitch their business ideas to a group of successful business owners (called “sharks”) to try to get money to grow their companies.
One company that went on Shark Tank way back in Season 1 was Treasure Chest Pets.
Shark Tank Treasure Chest Pets Update 2024 | Season 1
Let’s dive into what happened with this unique toy company when they entered the tank, and find out where they are now in 2024.
Shark Tank Treasure Chest Pets Update
- Treasure Chest Pets got a deal on Shark Tank in Season 1, Episode 8 which aired on October 6, 2009.
- Founder Lisa Lloyd pitched her hidden-compartment stuffed animal toy company to the sharks.
- She asked for $150,000 in exchange for 20% of her company, valuing the business at $750,000.
- After hearing her pitch, two sharks teamed up to make her an offer: Daymond John and Barbara Corcoran offered $150K for 60% of the company.
- Lisa accepted the deal, getting the $150K in funding but giving up more than half of her company in return.
- After Shark Tank, Daymond helped Lisa get Treasure Chest Pets into major retailers like Bed Bath & Beyond. Sales quickly reached over $1 million per year.
- However, in 2012, just a few years after the Shark Tank appearance, Treasure Chest Pets went out of business and shut down. More on what happened later.
What Is Treasure Chest Pets?
Treasure Chest Pets was a stuffed animal toy with a twist – each soft plush animal had a hidden compartment where kids could store their small treasures and trinkets.
The stuffed animals used magnets to hold the different parts together and conceal the secret storage compartments inside.
Key Details:
- Stuffed animals with hidden storage compartments inside
- Used magnets to hold the animal together and hide the compartments
- Compartments allowed kids to store their little treasures inside their stuffed pets
- Average retail price: $19.99
- Cost to make each one: $4.75
- Sold in over 200 stores at the time of the Shark Tank pitch
Who Is The Founder Of Treasure Chest Pets?
Lisa Lloyd is the creator and founder of Treasure Chest Pets. She came up with the unique idea of stuffed animals with hidden compartments inside. Some key facts about Lisa:
- Invested $100,000 of her own money to start the company.
- Had her whole family helping with the business.
- In 2015, after Treasure Chest Pets closed, Lisa started a new company called Masqué Rage selling temporary face tattoos that look like masks.
- In 2020, Lisa began an Invention Accelerator to help others with product development.
- She’s part of the Multiple Entrepreneur Community.
How Was The Shark Tank Pitch of Treasure Chest Pets?
When Lisa Lloyd entered the shark tank, she was seeking $150,000 in funding in exchange for 20% ownership in Treasure Chest Pets. This put the company’s valuation at $750,000.
Lisa gave her pitch and explained the concept of her hidden compartment stuffed animals to the sharks. She shared that in the previous year, Treasure Chest Pets had done $100,000 in sales.
Shark Responses:
- Kevin O’Leary was skeptical, saying that toy industry distribution is brutal. He declined to make an offer.
- Kevin Harrington said he avoids investing in seasonal businesses aimed at specific age ranges, so he was out.
- Robert Herjavec offered $150K as a line of credit but for 0% equity. He wouldn’t get ownership but it would be a loan.
- Daymond John teamed up with Barbara Corcoran and together they offered $150K for 60% of the company, plus Daymond would provide additional business support beyond just money.
In the end, Lisa accepted Daymond and Barbara’s offer. She got the $150K in funding she sought but had to give up 60% of her company, which was a lot more equity than the 20% she had initially offered.
Shark Offers:
| Shark | Offer |
|---|---|
| Barbara Corcoran | $50K for 60% equity (teamed with Daymond) |
| Kevin O’Leary | No offer |
| Robert Herjavec | $150K line of credit for 0% equity |
| Daymond John | $100K for 60% equity (teamed with Barbara) |
| Kevin Harrington | No offer |
What Happened To Treasure Chest Pets After Shark Tank?
After making a deal with Daymond and Barbara on Shark Tank, things were looking up for Lisa Lloyd and Treasure Chest Pets.
Post-Shark Tank Developments:
- With Daymond’s help, Lisa got Treasure Chest Pets into major retailers including Buy Buy Baby.
- Sales quickly reached over $1 million dollars per year.
- However, in 2012, just a few years after Shark Tank, Treasure Chest Pets went out of business.
Despite the initial success, the increased sales, and the retail partnerships Daymond helped secure, Treasure Chest Pets ultimately didn’t make it as a business.
When the economic crisis hit, Lisa had to shut the company down in 2012.
After closing Treasure Chest Pets, Lisa went on to start some new business ventures:
- In 2015, she launched Masqué Rage in New Orleans, selling temporary tattoo face masks.
- In 2020, she started an Invention Accelerator to mentor others on product development based on her experiences.
Even though Treasure Chest Pets didn’t survive, as an entrepreneur Lisa learned from it and went on to bring other ideas to life.
Her experience shows the risks and challenges of starting and growing a business, and how even a Shark Tank success story doesn’t always have a fairytale ending.
Treasure Chest Pets Shark Tank Update So what’s the latest on Treasure Chest Pets as of 2024?
Unfortunately, there isn’t much to update – the company shut down in 2012 and remains closed in 2024.
While on Shark Tank, Lisa impressed the sharks and got a $150K investment from Daymond and Barbara in exchange for 60% of her company.
After the show, things seemed promising at first:
- Got Treasure Chest Pets into big retail stores.
- Sold over $1 million worth of products per year.
- Paid back Daymond and Barbara’s $150K investment.
However, the increased sales and distribution weren’t enough to keep the business going when the economy took a downturn.
In 2012, just 3 years after appearing on Shark Tank, Lisa had to shut Treasure Chest Pets down amid financial struggles.
As of 2024, Treasure Chest Pets remains closed, but Lisa has gone on to pursue other business ideas in the years since. Even without her Shark Tank company, she continues her entrepreneurial efforts.
What is Treasure Chest Pets’s Net Worth?
Since Treasure Chest Pets went out of business back in 2012, estimating the company’s current net worth is difficult.
Most likely, the net worth is close to zero now that it is no longer operating and generating revenue.
When Lisa appeared on Shark Tank in 2009, her $150K for 20% equity offer valued the company at $750,000.
After getting the Shark investment and increasing sales to over $1 million per year, the company’s valuation likely rose to a few million dollars at its height. However, with the 2012 closure, the net worth fell back down.
Founder Lisa Lloyd’s net worth is unknown as of 2024.
Her Treasure Chest Pets days are behind her and she has focused on new ventures since then.
Annual Revenue by Years Specific annual revenue figures for Treasure Chest Pets are not available, but we know a few things:
- The year before going on Shark Tank (2008), revenue was $100,000.
- After partnering with Daymond and Barbara and getting into major retail stores, sales quickly rose to over $1 million per year.
- In 2012, the company went out of business, so revenue dropped to zero.
Here’s a very rough estimate of Treasure Chest Pets possible annual sales over its short lifespan:
| Year | Estimated Revenue |
|---|---|
| 2008 | $100,000 |
| 2009 | $500,000 |
| 2010 | $1,000,000 |
| 2011 | $1,000,000 |
| 2012 | $0 |
Again, these sales numbers are just estimates, but they give a sense of how the Shark Tank bump and Daymond’s retail connections likely gave the company a revenue boost before it ultimately fell to zero when it closed down.
Without specific reported financials from the private company, we can’t know the actual figures.
Funding Reports to Date! Based on what was shared on Shark Tank and in interviews, here are the funding details for Treasure Chest Pets:
- Founder Lisa Lloyd initially invested $100,000 of her own money to start the company.
- On Shark Tank, Daymond John and Barbara Corcoran invested $150,000 for 60% equity in the company.
- No other major funding rounds for Treasure Chest Pets have been reported.
- The company went out of business in 2012, so no further funding was raised.
So in total, Lisa put in $100K herself and then got $150K more from Daymond and Barbara, for a total funding amount of $250,000 across the company’s lifespan. This is a relatively small funding total compared to many startups.
Is Treasure Chest Pets Still In Business?
Let’s get right to the point: No, Treasure Chest Pets is no longer in business as of 2024. Despite a promising start and a big boost from Shark Tank, the company shut down in 2012 when it ran into financial troubles.
A few key facts about the rise and fall of Treasure Chest Pets:
- Founded by Lisa Lloyd in 2008 in Phoenix, Arizona.
- Got a $150K investment from Barbara Corcoran and Daymond John on Shark Tank in 2009.
- Quickly reached over $1 million in yearly sales after partnering with the Sharks.
- Hit hard times during the economic downturn and was forced to close down in 2012.
- Lisa went on to start some new companies like a temporary face tattoo business and an invention accelerator.
So while Treasure Chest Pets is no longer around, founder Lisa Lloyd remains an active entrepreneur pursuing new business ideas. Even though her Shark Tank company didn’t ultimately make it, she gained valuable experience to apply to her next ventures.
FAQs:
- Who founded Treasure Chest Pets?
Treasure Chest Pets was founded by Lisa Lloyd in 2008 in Phoenix, Arizona. Lisa came up with the idea for stuffed animals with hidden storage compartments inside and invested $100,000 of her own money to start the company.
- Did Treasure Chest Pets get a deal on Shark Tank?
Yes, Treasure Chest Pets did get a deal on Shark Tank in 2009. Barbara Corcoran and Daymond John teamed up and invested $150,000 in exchange for 60% ownership of the company. They beat out offers from the other Sharks and Lisa accepted their deal.
More Shark Tank Business Updates:
Conclusion:
In the end, the story of Treasure Chest Pets is one of both success and failure. Founder Lisa Lloyd started the company with an innovative idea and her own seed money.
Appearing on Shark Tank in Season 1 got her business a lot of attention and a $150K investment from Barbara and Daymond.
Sales quickly shot up to over $1 million per year as Treasure Chest Pets expanded into major retailers with the Sharks’ help. However, just a few years later in 2012, the business ran into money troubles amid a tough economy and had to shut down.
Despite closing her Shark Tank company, Lisa used the experience as a lesson in entrepreneurship.
She went on to start new ventures like a temporary tattoo business and an accelerator to help other inventors and creators.
So while Treasure Chest Pets didn’t stand the test of time, it showed the power of a creative idea, determination, and a little Shark Tank fame to quickly grow a business.
It also demonstrated the risks and challenges that sink even promising startups with passionate founders.
As we move further into 2024, it’s interesting to look back at these early Shark Tank companies and see their different trajectories.
The Tank can propel businesses to huge growth, but their long-term survival is never guaranteed. For Lisa Lloyd and Treasure Chest Pets, it was the end of one chapter and the start of a new phase in her entrepreneurial journey.