Petite Keep Shark Tank Update | Season 16

Petite Keep got a deal on Shark Tank! Mark Cuban, Barbara Corcoran, and Jamie Kern Lima invested $400K for 15% of the company.
Quick Shark Tank Update on Petite Keep
Petite Keep Shark Tank Update | Season 16

Imagine a mother carefully tucking away her baby’s first onesie, handwritten birthday cards, and a cherished wedding veil, only to place them in a dull plastic storage bin. These priceless memories deserve something more special, something designed to last a lifetime.

That’s exactly why Lindsay Mullenger created Petite Keep, a line of beautifully handcrafted, customizable keepsake trunks that turn sentimental storage into an elegant tradition.

Lindsay came up with the idea when she struggled to find an elegant way to store her daughter’s keepsakes. “I wanted something more than just a simple plastic tub to store them,” she explained.

Not finding anything that matched her vision, she created Petite Keep. The brand blends functionality, beauty, and sentimentality to honor life’s most precious moments.

In Shark Tank Season 16, Lindsay entered the Tank seeking $400,000 for 5% equity. She was confident that her business had the potential to become a nine-figure brand.

With strong sales and a growing customer base, she was ready to take Petite Keep to the next level. The question was, would the Sharks see the value in nostalgia?

The Journey Before Shark Tank

Before launching Petite Keep, Lindsay spent over a decade in sales and marketing at Procter & Gamble and Duracell. Despite her corporate success, becoming a mother changed her perspective. She wanted a keepsake storage solution that was as special as the memories it held.

Starting a business wasn’t easy.

“Producing trunks of high quality was challenging. I needed to locate the appropriate materials and a factory to manufacture them.”

Lindsay Mullenger

Funding was another hurdle. She relied on her own savings and built her brand through Instagram and Shopify.

Despite these challenges, Petite Keep quickly gained popularity. In its first year (2020), the company generated $110,000 in sales. As customers requested more personalized designs, Lindsay expanded the product line.

She introduced custom trunks for weddings, graduations, and baby milestones. Sales grew rapidly, reaching $660,000 in 2021, $1.7 million in 2022, and an impressive $5 million in 2023.

Lindsay knew she had a strong business, but she wanted strategic investors who could help her scale.

“We are 100% D2C right now, but we’re looking for the right strategic advisor who has ‘skin in the game,’” she told the Sharks.

With 50% of annual revenue coming in Q4, Petite Keep projected $10 million in sales for 2024 and $17 million for 2025.

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Shark Tank Pitch Recap

Lindsay stepped onto the Shark Tank stage with a selection of beautifully designed keepsake trunks, each personalized with a nameplate.

She gifted customized trunks to the Sharks, Barbara’s read “Nana”, Lori’s said “Queen of QVC”, and Kevin’s was a bridal trunk. This personal touch immediately caught their attention.

She then explained her pricing:

  • Mini Trunk – $195
  • Petite Trunk – $275
  • Grand Trunk – $350

Each trunk costs about $50 to manufacture, giving her a strong profit margin. She shared that the company had already generated $5 million in sales in 2023.

Petite Keep was on track to hit $10 million in 2024. However, she admitted that profits were lower than expected.

2023 profit margins stood at 10.9%, while 2024 projections were at 7.5%. The high customer acquisition costs (CAC) of $86 were a challenge.

The Sharks’ Reactions

Kevin O’Leary jokingly compared the trunks to “coffins”, but still acknowledged the strong business potential. Mark Cuban stepped out early, saying it wasn’t the right fit for him.

However, Jamie Kern Lima was deeply moved by the emotional appeal. She made the first offer: $400,000 for 10% equity, but only if another Shark joined her.

Kevin O’Leary saw an opportunity to “pour gasoline on the fire” and countered with $400,000 for 20% equity. He believed he could improve customer acquisition costs and profitability.

Barbara Corcoran initially declined. She felt Lindsay could succeed without a Shark. Lori Greiner also passed but encouraged Lindsay to consider Kevin and Jamie’s deal.

At this point, Mark Cuban re-entered the conversation. He teamed up with Barbara to offer $400,000 for 15% equity. Jamie, not wanting to lose the deal, matched their offer on her own. This led to a competitive bidding war.

Final Deal

$400,000 for 15% equityMark Cuban, Barbara Corcoran, and Jamie Kern Lima.

Barbara jokingly called Jamie a “dirty dog” for matching her offer. However, in the end, Lindsay secured a three-Shark deal, a dream outcome.

Petite Keep Shark Tank Update

Since appearing on Shark Tank, Petite Keep has experienced a significant boost in sales and website traffic. The company has expanded its color choices, embroidery styles, and product options.

“Our customers are primarily mothers, grandmothers, and aunts gifting to young children and brides purchasing to tuck away keepsakes from their big day,” Lindsay explained.

Collaborations with well-known brands like The Beaufort Bonnet Company and Susan Gordon Pottery have further strengthened the brand’s presence.

Petite Keep has also been featured in major publications like Forbes, Southern Living, and Real Simple. This has solidified its reputation in the keepsake industry.

The Future of Petite Keep

Looking ahead, Lindsay plans to continue expanding the product line. She also hopes to explore retail partnerships and increase international sales. With strong investor support, she aims to lower customer acquisition costs and improve profit margins.

YouTube video

She also wants to keep the brand’s sentimental value intact.With continued growth, strong branding, and a loyal customer base, Petite Keep is well on its way to becoming a $100 million brand.

Closing Thoughts

From a mother’s simple idea to a three-Shark deal, Lindsay Mullenger’s journey with Petite Keep proves that passion, perseverance, and a meaningful product can create real success. With its growing market and strong Shark backing, Petite Keep is poised to become a household name in the keepsake industry.

We’re closely following the company to bring you valuable insights. Stay tuned for the latest updates on PhoLicious!


Feature Image Credit: @abc/@christopherwillard