If you are a beach lover and tend to visit beaches quite often with your family, chances are that you want to have a beach kit handy.
Keeping that in mind, Kevin Lane and Laurie Lane developed their company “Create a Castle,” which sells beach kits that are perfect for children that can create sand beaches using the tools that are available in the kit.
We will discuss everything one needs to know about Create a Castle, its current business status, and how the company is doing after Shark Tank.
Shark Tank Create a Castle Update
- Entrepreneurs – Kevin Lane and Laurie Lane
- Business – Castle building kits for children
- Ask – $350,000 for 10% equity
- Result – $350,000 for 20% equity
- Sharks – Kendra Scott
When out on the beach, it goes without saying that kids are often excited about building sand beaches and that’s exactly what Kevin Lane and Laurie Lane’s business, Create a Castle does.
Albeit the uniqueness of the product and also the usability, the sharks were not quite impressed with the pitch. However, Kevin Lane and Laurie Lane knew that they would have to push through to get their product through.
Some of the sharks on the show marked this product as “seasonal”, saying that the product won’t sustain throughout the year. This was what pushed the owners and made them a little disappointed. To this, the owners of the company clarified that not only does the product work well during the peak summer months but works equally well during the winter months with snow.
This was a takeaway from the owner that impressed the sharks to an extent because they liked the versatility of the product and thus wanted to explore better options when it came to the investment.
Create a Castle comes with two different kits – simple and pro kit. The simple kit costs $10 while the pro kit costs $50 and comes with a variety of unique products to elevate the castle-building experience for the families on the beach.
When breaking down their sales and revenue, Kevin and Laurie clarified that the business made $600,000 in sales in 2021 and they were expecting to 5x the sales to $3 million by 2022. With a 10% net profit, the couple made $300,000 by the time they appeared on Shark Tank.
With all the negotiations, two sharks made a counteroffer. The first deal was placed by Kendra, who was willing to offer the asking amount of $350,000 for 20%. Daymond asked for 25% for the same amount.
Kevin and Laurie went back and forth and finally decided to accept Kendra’s offer and finalized the deal with her.
Ever since the episode aired on Shark Tank, Create a Castle has received a lot of positive responses and the company is thriving at the moment. We couldn’t find any official reports surrounding their revenue since they haven’t made that public. However, you can be assured that the company is thriving and is doing well in sales and revenue.