What Exactly Is a Purse?
A purse case is a compact handbag meant to hold only your phone and a few other essentials like cash, identification, and one or two credit cards.
Pursecase was founded by Jennifer Deese and Kelley Coughlan. Pursecase comes in a variety of colors to match any outfit, and it always has a stylish handle that doubles as a bracelet. A tiny mirror is also included.
The purse-like look and feel are completed with an attractive chain handle. Cell phones may be accessed and essential goods like credit cards, cash, and other small items can be stored in a purse case while on the go.
Who is the founder of Purse Case?
Melrose PR, a Los Angeles-based boutique public relations firm specializing in the health, beauty, travel, hospitality, fashion, and consumer goods industries, was founded by Jenn Deese and Kelley Coughlan.
Pursecase was designed to provide people on the go access to their phones as well as storage for essentials like credit cards, cash, and other small items.
The Pursecase women ran a Kickstarter campaign in February and March 2013, achieving $35,114 out of a target of $35,000. They used the campaign to get pre-orders and used the money to fund their first production run.
They’re available to buy on their website in a variety of bright colors. With intentions to grow, Pursecase currently supports the iPhone and Samsung Galaxy.
What Happened with Pursecase During the Shark Tank Pitch?
Jenn Deese and Kelley Coughlan submit Pursecase to the Shark Tank in episode 10 of season 5, requesting financial assistance from the Sharks to finish a second production run following their successful Kickstarter campaign. Jen and Kelley go to Shark Tank in search of a $55,000 investment in exchange for a 12% ownership in their $458,333 company.
They act out a night out and require a basic, tiny smartphone case with room for credit cards, cash, and other items. The European market is saturated with the same concept, according to Robert Herjavec, but without the pocket for cash and credit cards.
He mentions the product’s uniqueness. Kevin O’Leary wants to know if the Pursecase is a trademark. The business owners are now producing iPhone 4s and 5s cases and have filed for utility patents on the design’s chain handle and pocket. The Sharks are impressed since they have sold $30,000 in pre-orders in just three months. Each year, they expect to make $240,000.
The margin on direct sales is 88 percent, whereas the margin on retail outlets is 71 percent. In exchange for a $100 million line of credit, they have agreed to sell 15% of the company to a logistics company.
Lori Greiner drops a shocker when she says she already sells a product that is nearly identical on QVC. Robert Herjavec claims to have spent the past two weeks “investigating this on every street corner in Europe.” He gets dressed and leaves.
Barbara Corcoran prefers a change pocket to the flap. She ventures out as well. Mark Cuban has claimed that he is not a fan of the technology accessories market. He ventures out as well.
Kevin O’Leary admires the pair and believes that what they have to offer is unique especially the credit line structure. He approaches them with an offer. He’ll give them the $55,000, but he’ll charge them $1 per unit until the investment is recovered, then $.75 per unit after that.
Despite the product’s similarities to the other, Lori Greiner is still working on it. The second offer of $55,000 for a 15% ownership is made. The women accept right quickly, and they leave the pitch with an agreement.
What Happened After Shark Tank to Pursecase?
Lori Greiner’s contract was consummated following the episode’s airing, and the girls’ cooperation with Lori Greiner was exactly what they wanted, and it paid off quickly. Greiner’s QVC channel generated sales, but the gadget was also picked up by Staples, a major reseller of technological items, bringing it to a global audience.
Pursecases are rapidly more commonplace. With this investment, Greiner is happy from ear to ear. Jenn was forced to leave as the company grew, and Lori and Kelley bought her stock. In episode 4 of Beyond the Tank, the firm was profiled. ‘We’ll be back in 2022 after undergoing reorganization!’ the firm said on its Facebook page in June 2021.
They’ll keep an eye on this business, which had annual revenues of $5 million before it shut down. The message is still available on the organization’s Facebook page as of November 2021, however, the website is no longer available.
Pursecase’s Net Worth:
Lori Greiner invested $366,667 in the firm, which was valued at $458,333 at the pitch. Since then, sales have been strong, with annual revenue of $5 million projected for 2021. Despite the fact that the firm is no longer operational, its net value may have improved.