Wife and husband team Melissa Kiernan and Kevin Kiernan pitched their business, The Last Lid Company, to the Sharks. They offer a fabric garbage can cover made from water-resistant polyester material. This cover easily fits any garbage can.
Did any of the Sharks agree to invest in their business? And how is the business doing now? Let’s find out.
| Company Name | The Last Lid | |
| Founder/Co-Founder | Melissa Kiernan and Kevin Kiernan | |
| Founded | 2010 | |
| Product | garbage can cover | |
| Asked For | $40k for 20% equity | |
| Final Deal | $40k for 60% equity | |
| Shark | Daymond John | |
| Episode | S3 E5 | |
| Air Date | Feb 17th, 2012 | |
| Business Status | Out of Business | |
| Website | Visit Website | |
| Headquarters | New York City Metropolitan Area, United States | |
| Annual (Revenue) | $0M *estimated | |
| Worth / Valuation | $200,000 | |
| Buy and Watch | Buy Now | Amazon Prime |
Business Pitch Episode Recap
Every night, raccoons search through garbage cans for food, causing a mess and requiring owners to clean up frequently. To solve this problem, Kevin Kiernan invented a fabric garbage can cover. He and his wife Melissa pitched their product on Shark Tank, seeking $40,000 for 20% equity in their company.
Daymond John asked about sales, and Kevin Kiernan explained that they had not made any sales yet because they are still finalizing the prototype and the patent is pending.
Daymond was clearly frustrated upon hearing this and questioned how the company’s valuation could be $200,000 when sales were zero. Kiernan responded by saying he felt the valuation was undervalued.
Robert Herjavec told Kiernan that creating a fabric cover for a garbage can was an “awful” idea and decided to opt-out.
Melissa and Kevin Kiernan encouraged Lori Greiner to invest in their product, but Lori said it was a “zero” product, so she is out.
Each fabric cover costs $3.50 to make and can be sold for $9.95. Kevin O’Leary said there isn’t enough margin, so he is out.
Mark Cuban said it’s a good product, but it’s not ready for market launch yet, and the margin is low, so he is out.
Daymond did not find the number Kevin Kiernan asked for worth it. He asked the Kierans to come up with a better offer. Kevin then offered $40,000 for 60% equity, and Daymond accepted this offer.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Mark Cuban | No Offer |
| Kevin O’Leary | No Offer |
| Robert Herjavec | No Offer |
| Lori Greiner | No Offer |
| Daymond John | No Offer |
| Founder’s (Countered) | $40k for 60% equity |
| Final Deals | $40k for 60% equity |
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The Last Lid Shark Tank Update
With Daymond’s help, the Kierans launched an online website and started selling their product. Although the sales growth was lower than expected, they continued to work on growing the business.
During research on The Last Lid, we found on Kevin (Kenndoo) Kiernan’s official LinkedIn profile that the business was sold out in 2015 to an unknown garbage can manufacturing company.
Unfortunately, due to personal issues, Melissa and Kevin Kiernan divorced in July 2022. As of August 2024, Melissa is working as a Sales and Delivery Specialist at Invisalign Treatment Location Finder company, Evenly.
Check out Shark Tank Season 3 Business Update.
Recent updates on businesses featured in Shark Tank Season 3 are available for your visit.
