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Discover the Incredible Net Worth of Kitchen Safe Today!
Do you have the sheer will to stop consuming a package of Oreos? Honestly, a lot of us don’t. That’s why the locked containers from Kitchen Safe are here to help!
As of 2023, Kitchen Safe’s net worth is $2.5 million. It has an annual revenue of $5 million.
Quick Facts (Kitchen Safe at a Glance)
- Shark Tank Episode: Season 6, Episode 10
- Aired: November 21, 2014
- Founders: David Krippendorf and Ryan Tseng
- Investors: Lori Greiner and Nick Woodman
- Final Deal: $100,000 for 20% equity
- Status: Operational
About the Product
Kitchen Safe is a plastic box with a time and lock mechanism. Once activated, the container would remain closed for a set time.
There’s no way to deactivate it without breaking the whole thing.
Its inventors, David Krippendorf and Ryan Tseng wanted Kitchen Safe to become storage for junk food. They made it BPA-free and added a timer to help its users control their food intake.
How Does Kitchen Safe Work?
There’s a scientific basis for why Kitchen Safe works! First, changing a habit requires a lot of willpower. Unfortunately, we can’t maintain a constant amount of dedication.
Commitment devices like Kitchen Safe help us to avoid the fatigue of using our willpower by removing the source of temptation.
With Kitchen Safe, you can make a smart decision early-on, and prevent yourself from making a bad decision down the line. Who knew that complex psychology can apply to a simple cookie jar?
Kitchen Safe Before Shark Tank
Kitchen Safe began when David Krippendorf felt like he needed a device to help him through his struggle with midnight munchies. His wife would hide all his snacks but he’d always find them. This led to him becoming overweight.
To solve this, he and his friend invented a container with a timed lock. They named it Kitchen Safe and posted it on Kickstarter back in 2013.
Through the site, the company raised $42,000 to begin production. Eleven months later, it had made over $300,000. They even received a purchase order from HSN.
The Loudest Pitch in Shark Tank History
David and Ryan thought about all the pitches the sharks had to watch throughout the day. Because of this, they came up with a strategy to catch attention and make a strong impact.
Their pitch was unconventional. The duo shouted their lines and pumped their fists as they gave the presentation.
Their strategy worked, as they managed to capture the interest of several sharks. In the end, David and Ryan settled for $100,000 for 20% equity divided between Lori Greiner and Nick Woodman.
The Most Valuable Advice from Nick Woodman
As the founder of GoPro, Nick Woodman thought that the name “Kitchen Safe” limited the product. He recounted that he’d intended for GoPro to be a surf camera.
He didn’t imagine that his customers would use it for other sports. Nick described how thankful he was that he didn’t name it SurfPro!
This revelation opened the market for David and Ryan. They realized that Kitchen Safe is usable not only for junk food, but also for credit cards, phones, remotes, and gaming devices.
They took Nick’s advice and rebranded as kSafe. Today, they make containers in different sizes and colors to fit any object. Users love it. Some even claim to save money as it prevents them from impulse buying.
Final Thoughts
Kitchen Safe isn’t just a piece of plastic. It’s a device that can improve your habits, all backed up by science!
We hope that Kitchen Safe’s net worth will continue to rise, as more people realize its practicality.
