Pursecase Shark Tank Founder, Net Worth, and Investment
Have you ever wished you could carry your phone and essentials in a stylish and convenient way? Pursecase, featured on Shark Tank, offers the perfect solution. Created by founders Jenn Deese and Kelley Couhlan, Pursecase is a phone case that doubles as a small handbag, allowing you to keep your phone, cash, identification, and credit cards all in one place.
In their Shark Tank pitch, Jenn and Kelley sought a $55,000 investment in exchange for a 12% stake in their company, which at the time was valued at $458,333. They received offers from both Kevin O’Leary and Lori Greiner, ultimately accepting Lori’s offer of $55,000 for a 15% stake. This partnership with Lori Greiner proved to be a game-changer for Pursecase.
Following their appearance on Shark Tank, Pursecase saw rapid success. Sales skyrocketed after the product was picked up by major technology retailer Staples and introduced to international markets. However, the company faced challenges due to its rapid growth, resulting in one founder buying out the other’s shares. Ultimately, Pursecase went out of business, but its success and impact on the market cannot be denied.
Key Takeaways:
- Pursecase is a phone case that doubles as a stylish handbag, designed to hold your phone, cash, IDs, and credit cards.
- Founders Jenn Deese and Kelley Couhlan appeared on Shark Tank and secured a successful deal with Lori Greiner.
- Pursecase’s partnership with Lori Greiner led to increased sales and international market expansion.
- The company faced challenges due to its rapid growth, resulting in one founder buying out the other’s shares.
- Although Pursecase is no longer in operation, its impact on the market remains significant.
What is Pursecase? Who is the founder of Pursecase?
Pursecase is a phone accessory that combines style and functionality. It is a small, stylish handbag designed to hold your phone and a few essential items such as cash, identification, and credit cards. With Pursecase, you can have all your important items conveniently stored in one place, without the need for a separate wallet or bag.
The founder of Pursecase is Jenn Deese, who co-founded the Los Angeles-based PR agency Melrose PR. Alongside Jenn, Kelley Couhlan also played a key role in creating Pursecase. Together, they saw an opportunity to solve a common problem faced by many people – the hassle of carrying a phone and essential items separately. Jenn and Kelley wanted to provide a stylish and practical solution that would enhance the convenience and accessibility of everyday essentials.
Pursecase Kickstarter Campaign
To bring their innovative idea to life, Jenn and Kelley launched a Kickstarter campaign in 2013. The campaign aimed to raise funds for the initial manufacturing run of Pursecase. Thanks to the support of backers and their belief in the product, the Kickstarter campaign successfully raised $35,114, surpassing its funding goal. This early success allowed Jenn and Kelley to turn their vision into a reality and bring Pursecase to the market.
Today, Pursecase offers a range of stylish and functional phone accessories. The product is available in different colors and is compatible with both iPhone and Samsung Galaxy models. Pursecase continues to innovate and expand its offerings, with plans to support other phone models in the future, catering to a wider audience.
Pursecase Shark Tank Pitch
Jen and Kelley, the innovators behind Pursecase, appeared on the popular TV show Shark Tank to pitch their unique phone case that doubles as a wallet. Their goal was to secure a $55,000 investment in exchange for a 12% stake in their company. At the time, the company was valued at $458,333, and they had already received $30,000 in pre-orders and projected annual earnings of $240,000.
During their pitch, the entrepreneurs faced some skepticism from investors Robert Herjavec and Barbara Corcoran, who had concerns about the originality and design of the product. However, Kevin O’Leary made an offer of $55,000 with a $1 per unit fee until the investment was recouped, and $.75 per unit thereafter. Additionally, Lori Greiner offered $55,000 for a 15% stake in the company.
“We believe in the potential of Pursecase and see it as a valuable addition to the market. We are confident in its ability to generate revenue and provide convenience to smartphone users,” said Lori Greiner during the pitch.
Jen and Kelley ultimately accepted offers from both Kevin O’Leary and Lori Greiner, securing the investment they needed to grow their business.
Investment Offers:
| Investor | Offer | Equity Stake |
|---|---|---|
| Kevin O’Leary | $55,000 | 12% |
| Lori Greiner | $55,000 | 15% |
The successful pitch on Shark Tank marked a major milestone for Pursecase, as it not only secured the investment needed but also gained the support and expertise of renowned entrepreneurs in the industry.
With the financial backing and guidance from Kevin O’Leary and Lori Greiner, Pursecase was poised for growth and success in the competitive phone accessory market.
Pursecase After Shark Tank
After their appearance on Shark Tank, Pursecase experienced significant success and growth, thanks to their partnership with investor Lori Greiner and strategic business decisions. The collaboration with Lori Greiner proved to be instrumental in expanding the reach of Pursecase. With Lori’s expertise and resources, the product gained immense popularity and generated substantial sales.
Lori Greiner utilized her QVC channel to promote Pursecase, which helped to establish a broader customer base and increase brand recognition. Additionally, a partnership with major technology retailer Staples gave Pursecase access to a wider international market, further fueling its success.
As a result of their prosperous partnership, Lori Greiner and co-founder Kelley ultimately bought out the shares of co-founder Jen, solidifying their control over the company. The Pursecase brand flourished under their leadership, gaining traction both nationally and internationally.
Despite the initial growth, the company faced various challenges along the way. In 2022, Pursecase announced plans for a restructuring. However, as of November 2021, the company’s website is no longer operational, leaving questions about its current business status.
Pursecase Sales Overview
Here is an overview of Pursecase’s sales performance:
| Year | Sales | Market Reach |
|---|---|---|
| Pre-Shark Tank | $30,000 in pre-orders | N/A |
| Post-Shark Tank | Significant increase | Expanded to international markets through Staples partnership |
Although the exact details of Pursecase’s current standing remain unclear, its success and achievements following the Shark Tank appearance demonstrate the potential for innovative products to thrive in the market with the right strategic partnerships and a strong value proposition.
Stay tuned for more updates on Pursecase’s journey and the impact of its innovative phone accessories in the market.
Competitors of Pursecase
While Pursecase offers a unique and stylish solution for carrying your phone and essential items, it has its fair share of competitors in the market. Let’s take a look at some notable alternatives:
Felt iPads Case
The Felt iPads Case provides a sleek and minimalistic design, combining a phone case with a storage compartment for credit cards, cash, and other small items. Made from high-quality felt material, this case offers a soft and cozy texture while keeping your belongings secure.
Silicon iPads Case
The Silicon iPads Case offers a durable and shock-resistant option for those seeking a protective phone case with added functionality. Alongside the phone compartment, it features a convenient wallet section that can hold cards and cash, making it a great all-in-one solution.
Sena Folio Case
The Sena Folio Case is a premium option for individuals looking for a sophisticated and functional phone accessory. This case not only protects your phone but also provides ample space for carrying important cards, cash, and even your ID. With its genuine leather construction, the Sena Folio Case exudes elegance and craftsmanship.
While these competitors offer similar functionality to Pursecase, each has its own unique design, materials, and features. Ultimately, the choice comes down to personal preference and individual needs.
| Product | Features | Material | Price Range |
|---|---|---|---|
| Felt iPads Case | Minimalistic design, credit card slots, cash pocket | Felt material | $15 – $25 |
| Silicon iPads Case | Durable, shock-resistant, wallet section | Silicon | $20 – $35 |
| Sena Folio Case | Sophisticated design, card slots, ID pocket | Genuine leather | $50 – $100 |
Net Worth of Pursecase
Pursecase, despite no longer being in operation, has seen significant success in terms of its financial performance. After an investment from Lori Greiner, the company’s valuation dropped from $458,333 to $366,667. However, Pursecase has been generating annual revenue of $5 million in 2021, indicating strong sales and market demand for its products.
Although the company is no longer actively operating, its net worth may have increased due to its strong revenue generation and brand recognition. The combination of its assets, intellectual property, and market reputation could contribute to a higher net worth, demonstrating the lasting impact and value of Pursecase.
Despite the challenges the company has faced, its financial success showcases the viability and market potential of their innovative product.
Note: The image above is for illustrative purposes only and does not represent the actual net worth of Pursecase.
Pursecase Shark Tank Updates
Pursecase made its debut on Shark Tank Season 5 with a pitch that caught the attention of the Sharks. Entrepreneurs Kelly Coughlan and Jenn Deese presented their innovative phone case with a built-in purse, seeking a $55,000 investment in exchange for 12% equity in their company.
Lori Greiner, known as the “Queen of QVC,” saw the potential in Pursecase and made an offer. She proposed a $55,000 investment for 15% equity, which Kelly and Jenn gladly accepted. This partnership with Lori Greiner proved to be a turning point for Pursecase, opening doors to new opportunities and avenues for growth.
The success of the Shark Tank episode led to a major breakthrough for Pursecase. The product gained significant traction and was picked up by Staples, a leading global retailer of technology accessories. This partnership catapulted Pursecase into the international market, expanding its reach and customer base.
However, the rapid growth of the company also came with its fair share of challenges. Kelly Coughlan ended up buying out Jenn Deese’s shares as they navigated the complexities of managing a quickly expanding business.
“We’ve been really successful, Lori, my business partner, has really helped us. We have gone international. We are available in Staples Stores. But I gotta tell you, it’s been tough.”
– Kelly Coughlan, Beyond the Tank
In 2015, Kelly Coughlan appeared on Season 2 Episode 11 of Beyond the Tank, expressing confidence in getting the company back on track. However, despite their best efforts, Pursecase eventually faced insurmountable challenges and had to shut down its operations.
Although Pursecase is no longer in business, its impact on the phone accessory market and its success post-Shark Tank cannot be denied. The company’s journey serves as a testament to the opportunities and obstacles that come with entrepreneurial ventures.
Pursecase Table Summary
| Product | Founders | Investment | Valuation | Revenue |
|---|---|---|---|---|
| Pursecase | Jenn Deese, Kelley Coughlan | Secured investment from Lori Greiner on Shark Tank | $366,667 | $5 million (2021) |
The table above summarizes important details about Pursecase, including its product, founders, Shark Tank investment, company valuation, and revenue. Pursecase is a phone case that doubles as a stylish handbag designed to securely hold smartphones and provide small storage space for essentials such as credit cards, IDs, and cash. It was founded by Jenn Deese and Kelley Coughlan, who successfully secured an investment from Lori Greiner on Shark Tank. The company has a valuation of $366,667 and generated $5 million in revenue in 2021.
Pursecase Functionality and Features
Pursecase is a versatile phone case that combines fashion and function. It is designed to securely hold smartphones while also providing convenient storage space for essential items such as credit cards, IDs, and cash. With its unique purse-like appearance, Pursecase offers a stylish accessory that serves a dual purpose.
Here are some key features of Pursecase:
- Secure Phone Holder: The phone case securely holds your smartphone, keeping it safe from drops and scratches.
- Compact Design: Despite its compact size, Pursecase provides ample storage space for essentials like credit cards, IDs, and cash.
- Chain Handle: It features a chain handle, adding a touch of elegance and making it easy to carry.
- Small Mirror: Pursecase includes a small mirror, allowing for quick touch-ups on the go.
- Pocket for Cards and Cash: The built-in pocket provides a convenient place to store your important cards and cash, eliminating the need for a separate wallet.
With Pursecase, you can have your phone and essential items all in one place, making it ideal for a night out or when you’re traveling light. Its functionality and fashionable design make it a must-have accessory for those who value style and convenience.
Pursecase Founders and Company History
Pursecase was founded by Jenn Deese and Kelley Coughlan, two experienced PR professionals who saw an opportunity in the market for a stylish and functional phone accessory. Drawing on their expertise in the industry, they developed a unique product that combined a phone case with a small handbag, allowing users to conveniently carry their essentials.
The founders launched a successful Kickstarter campaign to raise funds for the production of Pursecase. The campaign exceeded their expectations, garnering support from backers who recognized the innovation and practicality of the product. With the funds from the campaign, Jenn and Kelley were able to bring their vision to life and manufacture Pursecase for mass production.
After the successful Kickstarter campaign, Pursecase gained traction in the market and began generating sales. The founders’ dedication to quality and customer satisfaction propelled the company forward, and their hard work paid off when they secured an investment from Lori Greiner during their appearance on Shark Tank.
Despite their initial success, Pursecase faced challenges with managing rapid growth and ultimately made the difficult decision to close its doors. Although the company is no longer in operation, its founders can be proud of the impact they made in the industry and the innovative product they brought to market.
FAQ
What is Pursecase?
Pursecase is a small yet stylish handbag designed to hold your phone and a few essential items such as cash, identification, and a couple of credit cards.
Who is the founder of Pursecase?
Pursecase was created by Jenn Deese and Kelley Couhlan, who founded the Los Angeles-based PR agency Melrose PR. They successfully raised funds through a Kickstarter campaign to bring their product to market.
What was Pursecase’s pitch on Shark Tank?
On Shark Tank, the founders of Pursecase, Jenn Deese and Kelley Couhlan, sought a ,000 investment in exchange for a 12% stake in their company, which was valued at 8,333. They had already secured ,000 in pre-orders and projected annual earnings of 0,000.
Did Pursecase secure a deal on Shark Tank?
Yes, on Shark Tank, both Kevin O’Leary and Lori Greiner made offers to invest in Pursecase. Ultimately, the founders accepted Lori Greiner’s offer of ,000 for a 15% stake in the company.
How did Pursecase perform after appearing on Shark Tank?
After appearing on Shark Tank, Pursecase enjoyed success with the help of Lori Greiner. Through her QVC channel and partnership with Staples, the product gained significant traction and sales.
Who are the main competitors of Pursecase?
The main competitors of Pursecase are Felt iPads Case, Silicon iPads Case, and Sena Folio Case. These products offer similar functionality in terms of combining a phone case with the storage of essential items like credit cards and cash.
What is the net worth of Pursecase?
The net worth of Pursecase is uncertain as the company is no longer in operation. However, it can be inferred that the company’s financial performance and brand recognition may have contributed to an increased net worth.
Is there any update on Pursecase after Shark Tank?
While Pursecase experienced initial success after appearing on Shark Tank, the company is no longer in operation. The website is no longer operational, and there have been no recent updates about the company’s business status.
What are the key details about Pursecase?
Pursecase is a phone case that doubles as a stylish handbag, designed to securely hold smartphones and provide small storage space for essential items. It was founded by Jenn Deese and Kelley Couhlan, who successfully raised funds through a Kickstarter campaign. The company appeared on Shark Tank, secured an investment from Lori Greiner, and experienced sales growth.
What are the functionality and features of Pursecase?
Pursecase is a phone case that features a chain handle, a small mirror, and a pocket for cards and cash. Its purse-like appearance and compact design make it a fashionable and convenient accessory for individuals on the go.
Who are the founders of Pursecase and what is the company’s history?
Pursecase was founded by Jenn Deese and Kelley Couhlan, who have a background in PR. They successfully raised funds through a Kickstarter campaign and appeared on Shark Tank. However, the company ultimately faced challenges and is no longer in operation.
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