Don’t you hate it when you accidentally drop your drink because it is too hot or cold to handle? To solve this problem Destiny Padgett came up with a unique solution called Lit Handlers.
It’s a custom-made koozie that is designed to handle different types of drinks, both cold and hot. The custom design of the product makes your drink look unique and cool. Whether you are at the beach or a party, Lil Handlers can be used wherever you want.
Founder Destiny Padgett pitched her product on season 12 of Shark Tank. Ever since the episode was aired on TV, viewers have wanted to know the net worth of the company. Let’s find that out in the below post.
|Drink koozies with a handle
|Destiny Robinson Padgett
|Buna, Texas, USA
|Investment Asked by Company:
|$200,000 for 10% equity
|Sharks on board (Investors):
|$200,000 for 20% equity
|Shark Tank Episode:
|Season 12 Episode 25
|Feb 8, 2024
Who is the founder?
Lit Handlers is the creation of Destiny Robinson Padgett, who is a self-employed woman from Buna, Texas. She is a school dropout with a degree in information systems from Syracuse University. She also completed the two-year Pathway Worldwide program at Brigham Young University.
After graduation, Padgett worked as a supply chain manager and owned a bar. Her life took a different turn after her husband committed suicide. At that time, she was several months pregnant.
In 2010, she opened a boutique. Three years later, she set up an Etsy store to sell her unique designs.
Founding of Lit Handlers
Padgett came up with the idea of Lit Handlers after finding out about the high demand for monogrammed can coolers. She set up a website with the name Blank Can Coolers to sell insulated sleeves for different sizes of drinks.
Soon she started experimenting with the designs and changed the name of her website to Lit Can Coolers.
In 2016, her patent application got rejected. Later, she added pockets and handles on the sides of her can coolers. She once again changed her company’s name to Lit Handlers. She officially launched her company in 2017, making $630,000 in sales.
Lit Handlers on Shark Tank
Destiny Padgett took her product to Shark Tank season 12. She walked in with a deal of $200,000 for a 10% stake in her company. Needless to say, the sharks were impressed with the sales results and performance of the startup.
In the end, the founder accepted Daymond John’s offer for a 20% stake for $200,000, while other sharks backed out from the deal.
Lit Handlers After Shark Tank
The Shark Tank episode brought a lot of publicity to the company. By the end of 2020, the start-up hit a revenue goal of $780,000.
The deal with Daymond John helped Padgett design new holders for coffee tumblers, pint glasses, jugs, and ice cream containers. Currently, all of these products are available on the official website and Amazon.com.
Lit Handlers is very active on social media and has a five-star rating on Facebook. As per reports, the business is doing well. In 2021, the company generated a revenue of $1.2 million. At present, the estimated net worth of the company is $2 million.
1. Who is the owner of lit handlers?
The founder of Lit Handlers is Destiny Padgett. Not only is she the founder, but she is also the person who ideates the products and was the one that brought her company to Shark Tank.
2. What is the valuation of Lit Handlers?
According to the official reports and estimates, Lit Handlers has a valuation of around $2 million, which makes total sense given how popular the products are.
Lit Handlers have a very active social media presence, which translates into the sales they make. If you have a query about their product or want more details, you can easily go ahead and contact them on their official social media accounts.