What Happened to Pursecase After Shark Tank?
What is a Pursecase?
A Pursecase is a compact handbag meant to hold only your phone and a few other items, such as a small amount of cash, identification, and one or two credit cards.
Pursecase was founded by Jenn Deese and Kelley Couhlan. Pursecase comes in a variety of colors to match any outfit and always has a beautiful handle that doubles as a bracelet. It also has a little mirror.
Pursecase does not skimp on style, featuring an exquisite chain handle that rounds off the purse-like appearance and feel.
Pursecase allows you to access cell phones and store essentials like credit cards, cash, and other small items while on the go.
Who is the founder of Pursecase?
Jenn Deese and Kelley Couhlan are the co-founders of Melrose PR, a boutique public relations firm located in Los Angeles that focuses in the health, beauty, travel, hospitality, fashion, and consumer goods industries.
Pursecase was designed to allow mobile phone access as well as storage for essentials such as credit cards, cash, and other small items when on the go.
The Pursecase women conducted a Kickstarter campaign in February and March 2013, achieving $35,114 of their $35,000 goal. They used the campaign to seek pre-orders, and the money raised was used to support their initial manufacturing run.
They are available for purchase on their website in a variety of colorful colors. Pursecase now supports the iPhone and Samsung Galaxy, with hopes to extend in the future.
What Happened to Pursecase’s Shark Tank Pitch?
Jenn Deese and Kelley Coughlan take Pursecase, their successful Kickstarter campaign, to the Shark Tank in episode 10 of season 5, requesting financial assistance from the Sharks to finish a second manufacturing run.
Jen and Kelley entered the Shark Tank in seeking $55,000 investment in return for a 12% ownership in their company, which valued at $458,333.
They act out a night on the town, requiring a basic, tiny smartphone case with room for credit cards, cash, and other items.
The European market, according to Robert Herjavec, was saturated with the same concept, but without the pocket for cash and credit cards.
He raises the problem of the product’s uniqueness. Kevin O’Leary wants to know about the Pursecase’s proprietary status.
The entrepreneurs were actively developing iPhone 4s and 5s cases and have applied for utility patents on the design’s chain handle and pocket.
The Sharks were impressed since they had sold $30,000 in pre-orders in the first three months. They expected to make $240,000 each year.
The margins on direct sales are 88 percent, while the margins on retail outlets are 71 percent. They have agreed to sell 15% of the company to a logistics group in exchange for a $100 million line of credit.
Lori Greiner drops a shocker when she says she already sells a nearly similar product on QVC.
Robert Herjavec claims to have spent the previous two weeks “investigating this on every street corner in Europe.” He exits.
Barbara Corcoran wants a change pocket and is unhappy with the flap. She went out.
Mark Cuban has commented, “I’m not a fan of the technical accessories sector.” He goes out.
Kevin O’Leary admires the pair and believes that what they bring to the table, particularly the credit line structure, is unique. He makes them an offer. He will offer them the $55,000, but he will charge them $1 per unit until the investment was recovered, and then $.75 per unit after that.
Despite the product’s similarity to the other, Lori Greiner was not completed yet. She makes a second offer of $55,000 for a 15% stake. The women quickly accept, and they leave the pitch with a deal.
What Happened to Pursecase After Shark Tank?
Lori Greiner’s deal was consummated after the show aired, and the relationship with Lori Greiner was exactly what the girls desired, and it paid off quickly.
Greiner’s QVC channel generated sales, but the gadget was also picked up by Staples, a major reseller of technological items, exposing it to the international market.
The Pursecase is on its way to becoming a household item. Greiner will be smiling all the way to the bank as a result of this investment. Jenn was forced to leave the business as it expanded; Lori and Kelley acquired her shares.
A report on the business was included in Beyond the Tank episode 4. The company’s Facebook page issued the following statement in June 2021: ‘We’ll be back in 2022 after restructuring!’
They’ll keep an eye on this company, which had annual revenue of $5 million before shutting. The message is still viewable on the organization’s Facebook page as of November 2021; however the website has been decommissioned.
Pursecase’s Competitors
Pursecase’s primary competitors are Felt iPads Case, Silicon iPads Case, and Sena Folio Case.
Pursecase’s Net Worth
During the pitch, the firm was valued at $458,333; following Lori Greiner’s investment, the company was valued at $366,667.
Since then, the firm has done well in sales, with annual revenue of $5 million in 2021.
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Pursecase FAQs
What is Pursecase made of?
The Pursecase has a chain handle, and when folded, is the size of a credit card.
Is Pursecase only for iPhone or Samsung?
Pursecase is compatible with most Android and iOS smartphones.
Do I have to use Pursecase if I am using a phone case that protects the phone?
If customers are using a phone case that covers half or more of their smartphone, they should use Pursecase to protect your phone as well. The chain handle can be used as an additional place for them to hold their cards, cash, etc. when it won’t make the case look bulky.
How many Pursecase can I put into one bag?
Customers can put up to four Pursecase into the same bag. That means they can put up to six different items such as their credit cards, cash, keys, etc.
Can I use Pursecase as a suitcase?
Yes, customers can carry Pursecase on their kind of luggage as well. They just have to remove the handle and place it in a backpack before going out of the hotel.
Is Pursecase waterproof?
Yes, Pursecase is waterproof. The only thing that will prevent them from using it is water. However, if they are just in the rain, they don’t have to worry about anything.
How do I get my Pursecase repaired?
First of all, customers should make sure that their Pursecase is protected with a clear plastic cover on it to prevent scratches and other damage.
How is the noise level of Pursecase?
The noise level of Pursecase is between 65 to 70 decibels. That means it is quite quiet.
Is Pursecase waterproof?
Pursecase is waterproof. It will be protected from the water if it’s just in the rain.
Are Pursecase used as anti-waterproof bags?
No, Pursecase are not known to be used as anti-waterproof bags. It can support the phone although it isn’t waterproofed.
What is the best design of Pursecase?
The best design on Pursecase is the rugged design, matte designs, and slick black.
Is there a Pursecase for iPhone 7?
Yes, there is a Pursecase for iPhone 7 available. However, it’s only available in matte black and metallic gold at the moment.
Are Pursecase sold at Walmart?
Yes, customers can find the product at Walmart in certain stores across the United States.
What is the retail price of Pursecase?
The retail price of Pursecase varies depending on whether you buy it from QVC or from their own website, but it should be a range between $30 to $40 as an average.
