Kevin Kiernan and Melissa Kiernan, a married couple, presented Last Lid as a solution to end the mess around trash cans spilled by animals like raccoons. This product was a universal garbage can lid that was well-fitted and secured the trash inside. Their business pitch aired on Shark Tank in 2012.
Daymond John became their investor with $40,000 for 60% of the company. The current net worth of Last Lid is unknown as the business is not in operation since 2015.
We surfed through their official accounts and Amazon for the most accurate details. Let’s find out more about Last Lid’s net worth, founders, Shark Tank’s appearance, latest updates, and their story so far.
Last Lid Net Worth in 2022
The valuation of the company they finally stated at the show was $66,666.66.
However, the net worth and sales figures of Last Lid are unknown. The owners sold it to another company for an undisclosed amount.
How is Last Lid doing now? [Latest update]
Last Lid was not a success, and the business is not in operation anymore. It is no longer in stock as well.
They sold the company in 2015 to a large garbage can manufacturing company. In Kevin’s LinkedIn account, he announced it like this:
‘The Last Lid was eventually sold to a major retail company in the garbage can manufacturing vertical. My partners and I secured a private sale of intellectual property and inventory in the first quarter of 2015.’
Hence, we can conclude that Last Lid was lucky enough to win a deal, but shared the same fate as many other failed businesses.
What is the Last Lid?
According to the founders’ demonstration, The Last Lid was made of 100% heavy-duty recycled fabric. It is adjustable to fit into trash cans of different brands and shapes. It’s machine-washable, waterproof, and spillproof.
According to Kevin, the cost of one trash can was $3.50. They planned to sell it for $19.95.
This product was a collective ideation of Kevin and Melissa. Let’s dig into the founders’ backgrounds now.
Who founded the Last Lid?
Kevin Kiernan and Melissa Kiernan, a married couple from New Jersey, were the founders of Last Lid. Kevin graduated from Villanova University with a bachelor’s degree in Business/Commerce. Melissa obtained her bachelor’s degree from the University of Hartford.
Their separation happened along with the closure of the business in 2015. They got divorced in July 2022.
As of 2022, Kevin works in New Jersey as a Partner that manages commercial pools. Melissa works as a Treatment Specialist at Evenly Technologies in Washington DC.
What happened at the Shark Tank
The Last Lid pitch was aired on Feb 17, 2012, in season 3 – episode 5. The business did not have any sales when appeared Shark Tank. They only had a prototype.
Kevin Kiernan and Melissa Kiernan made a lively pitch and a demonstration. They offered a deal to the sharks to invest $40,000.00 for a 20% stake in their business.
Robert Herjavec said it was ‘an awful idea, you got to clean it’. For Lori Greiner, it was ‘zero, not hero’. Kevin O’Leary did not like the numbers of cost and price. Then Mark Cuban stated the business will not blow out rapidly.
Daymond John showed the most interest in it. The couple also preferred him due to his manufacturing and branding expertise.
Daymond asked for the best deal. Kevin offered $40,000.00 for a 60% stake in their business, to the amazement of everyone.
Last Lid Shark tank update – What happened after the Shark Tank
Last Lid presented by the Kiernan’s at Shark Tank was able to lock a deal with Daymond John.
The deal was finalized months after the episode. Their infomercial featured Daymond John that demonstrated the unique selling points of the Last Lid. He even allowed them to use his image in future adverts.
However, sales and revenue were still low even after the show. Their attempt to obtain a product license was also in vain.
Unfortunately, the business failed, and they sold the company to a big retail company. The married couple also got separated after the failure of the business.
Was Last Lid a good product? Let’s explore!
Reviews for the Last Lid on Amazon were mostly negative. Besides the positive comments, the majority of them stated that animals were able to tear the lid.
Hence the product failed while its competitors still do well in the market.
Competitors of the company
Last Lid is no longer in business. Due to low sales and distribution, they sold the company in 2015.
The amount Last Lid was sold for was not disclosed by the authorities.
Last Lid has ceased its operations since 2015. You will not find Last Lid products on the market anymore. Its owners quit both the business and marriage and are now on their separate paths.