What is SignalVault’s net worth?
Introduction
If you haven’t heard, hackers are really leveling up their game in their attempt to steal your personal information and credit card details.
Crowd hacking—yes, this kind of scam is widespread enough to have been given its own name—means identity thieves can now walk past you in a busy space and access your information on the go.
Fortunately, people like Chris Gilpin exist.
Gilpin is the brains behind SignalVault—a high-tech E-Field shield designed to hide your information from scammers, thieves, and hackers.
All it takes is a couple of these credit card sized protectors in your wallet to mask your financial details and render everything invisible to RFID scanners.
It sounds fancy—and it is.
That’s why Gilpin entered the Shark Tank to pitch his invention and source the funds needed to expand into the global market.
Here’s how that went, and everything you need to know about SignalVault’s net worth.
Who founded SignalVault?
SignalVault was created by Chris Gilpin, a young dad and husband.
A self-described “college dropout,” Gilpin was living in Florida and working for the National Crime Stop Program when he heard about crowd hacking technology for the first time.
There were some products on the market already to stop people from remotely scanning your credit cards in the safety of your wallet—bulky wallets and aluminum foil, for example.
Chris was sure there was a better solution—and he set about creating it.
As with most entrepreneurs and inventors, the biggest obstacle was money.
By his calculations, Gilpin needed around $8,000 to get his creation off the ground, and it was $8,000 he couldn’t afford.
In a stroke of incredible luck, an old lottery ticket was all it took to net Chris almost all the cash he needed to get started. Throughout 2013 he developed SignalVault on his own.
Funds were getting low, and he needed outside investors to take the brand to market.
At the urging of family and friends, he took the leap: right into the Shark Tank.
Into the Shark Tank
Chris Gilpin appeared on Shark Tank season 7, episode 1.
He was seeking $200,000 in seed funding in exchange for 12% equity in SignalVault.
At that point, Gilpin had already done some legwork—he provided samples to the Shark panel.
He had also already sold 45,000 units of his product at $14.95 each, with a manufacturing cost of 45 cents per unit.
Kevin O’Leary offers the full $200k plus endorsement in exchange for 20% equity in the business.
Lori Greiner offers $200k for 18% equity, and says she’ll sell the product on QVC.
Robert Herjavec wants 15% equity, and—according to O’Leary—he’s a more credible partner than Greiner.
After some back and forth, Gilpin agrees to a deal with both Lori and Robert–$200,000 for a 25% stake in the business, plus a deal with QVC and the credibility of Robert’s connection to financial services.
Where is SignalVault now?
Gilpin wasted no time in getting to work with his newfound investors.
Within 6 months, he had expanded the company to include 12 full-time employees and an office space.
True to her word, Lori Greiner also got SignalVault an appearance on the QVC television shopping channel.
It resulted in the company selling over 300,000 units in under 10 minutes.
With Robert’s endorsement, brand awareness was through the roof for the young company.
Following a minor bump in the road in 2017, when ID Stronghold—one of SignalVault’s largest competitors—showed SignalVault failing security tests.
The results were used by the brand to undermine Gilpin’s product.
Fortunately, the brand was able to bounce back with an updated model and favorable certificate of fitness, which appeared to save SignalVault from any long-term damage to its brand reputation.
At the time of writing, SignalVault’s products are available directly through its website, and at major retailers like Bed, Bath, and Beyond, and Staples.
It has also expanded its range of products to include wallets, home security cameras, and key fob protectors.
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SignalVault – Net Worth
So, how much is SignalVault worth?
When Chris Gilpin won a spot on Shark Tank, beating out more than 30,000 other hopefuls, his company was valued at $1.6 million.
More conservative estimates generated through the Sharks’ due diligence put the company value at $800,000.
In the 14 months following his appearance on the show, the company had generated a staggering $3.2 million in revenue through sales online, through QVC, and at retailers around the US.
According to angel investor and Shark Lori Greiner, the RFID-blocking card protector turned over $3 million in retail sales in the four years following its Shark Tank debut.
The business continues to employ 10 full-time employees and generated an average annual revenue of $667,000.
Therefore, SignalVault has an estimated net worth of $4.5 million.
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I am Bulgarea Candin Stefan, and I founded FamousPeopleToday.com in 2018. I’m using my bachelor’s degree in economics and 9 years of experience in blogging to guide millions of people through the incredibly complex world of celebrity net worths.