The Lit Handlers is a custom koozie designed to handle different types of beverages, preventing hands from getting sweaty or cold. This product not only adds a cool and unique touch to your drink but also features stylish pockets for storing small items like lighters, keys, and lipsticks. Lit Handlers appeared on Shark Tank Season 12, Episode 25, seeking funding.
The company behind Lit Handlers offers custom koozies tailored for various beverage sizes, shapes, and designs. Unlike most koozies made from fabric or foam, Lit Handlers are crafted from 3mm water-resistant neoprene, similar to wetsuits.
This material helps maintain the temperature of the beverages: keeping cold drinks cool and hot drinks warm.
In a competitive market with numerous companies offering similar products, Destiny Padgett, the founder of Lit Handlers, has achieved notable success.
During her pitch on Shark Tank, she requested $200,000 for a 10% equity stake at a $2 million valuation. Daymond John invested $200,000 for a 20% equity share in the company.
Following their appearance on Shark Tank, Lit Handlers secured a deal and experienced significant growth. The company now offers a range of products including car coasters, mermaid and shark popsicles, beach totes, backpacks, lunch bags, and concealed pockets.
The price of Lit Handlers products varies based on color, size, and design. They are available on the company’s website as well as on Amazon.
| Company Name | Lit Handlers |
| Founder | Destiny Padgett |
| Founded | 2017 |
| Product | Custom beverage handlers |
| Asked For | $200k for 10% equity |
| Final Deal | $200k for 20% equity |
| Shark | Daymond John |
| Episode (Shark Tank USA) | S12 E25 |
| Air Date | May 21, 2021 |
| Business Status | In Business |
| Net Worth | $2 Million *estimated |
| Website | Visit Website |
| Headquarters | Buna, Texas, US |
| Go To Amazon | Buy Now |
Another Shark Tank Pitch
How Was The Shark Tank Pitch Of Lit Handlers?
Destiny Padgett appeared on Shark Tank with her product, Lit Handlers, seeking $200,000 for a 10% equity stake. During her pitch, she shared details about her business journey and sales performance.
In 2020, Lit Handlers generated $630,000 in sales, following a total of $780,000 in sales the previous year. Padgett expressed that the sharks’ support could significantly aid in licensing and business growth.
The product is available for purchase on her website, Amazon, and Etsy. Padgett anticipates a net profit of $200,000 for 2020.
Mark Cuban, Robert Herjavec, and Lori Greiner decided to pass on the investment, believing Padgett did not require their involvement. However, Kevin O’Leary and Daymond John showed interest. Kevin offered $200,000 for a 20% equity stake, while Daymond proposed $200,000 for a 25% equity stake.
Padgett received offers from both Kevin and Daymond. She countered Daymond’s offer, proposing 20% equity instead, and ultimately closed the deal with him.
Finalize: Daymond invested $200K in Lit Handlers for 20% equity.
Lit Handlers Shark Tank Update
Lit Handlers secured a successful deal on Shark Tank, with Daymond John becoming a partner in the company. Daymond expressed confidence in his ability to significantly grow the business.
Following the episode’s airing, sales of Lit Handlers surged dramatically. Within a month, the company received over half a million orders, thanks to the exposure from Shark Tank. Many customers shared photos of their purchases on Instagram, boosting the product’s visibility. The company is now shipping internationally and offering wholesale options.
Recently, Lit Handlers introduced new products, including Tumbler Handlers and Slim Can Handlers.
As of September 2022, the company reported an annual revenue of $1.2 million. However, the business faced a setback when heavy rains in Texas caused a warehouse flood. Despite the flooding, the products remained largely undamaged, though shipping delays occurred. The company kept customers informed about the situation.
The deal with Daymond John was finalized in July 2021, and the company has continued to thrive since then.
What Is Lit Handlers Net Worth?
In Shark Tank, Lit Handlers secured a deal at a valuation of $1 million. As of now, the company’s net worth is estimated at $2 million.
By 2022, Lit Handlers has been in business for six years. Founder Destiny Padgett is concentrating on growing the business further.
The market for beverage handlers has become increasingly competitive, with many new products entering the industry. Despite this, most of Lit Handlers’ sales are generated through Amazon and Etsy, as their website is receiving limited traffic.
The company’s headquarters and warehouse are located in Buna, Texas, United States. Currently, the team comprises 1-10 employees.
Yes, Lit Handlers is still in business as of September 2022.
