Lindsay Mullenger Presents Petite Keep In Shark Tank Season 16
Highlights
- Lindsay Mullenger pitches ‘Petite Keep’ in Shark Tank Season 16 Episode 9.
- The mompreneur seeks $400K for 5% equity in the company.
- The Shark investors love the thoughtful product loaded with emotions and compete hard for a deal in the Petite Keep Shark Tank pitch.
Overview
| Category | Details |
| Name | Petite Keep |
| Founder | Lindsay Mullenger |
| Industry | Furniture |
| Product | Keepsake Trunks |
| Funding | Self-funded |
| Investment Ask | $400K |
| Equity Offered | 5% |
| Valuation | $8 million |
Hailing from St. Louis, Missouri, mompreneur Lindsay Mullenger approaches the Shark Tank judges with Petite Keep. She presents her ‘high-quality’ heirloom keepsake trunks to elevate any aesthetic. Lindsay further claims that Petite Keep’s designer trunks last for a lifetime.
Giving a small video demonstration, the entrepreneur then shows how the keepsake trunks can be personalized. One can visit Petite Keep’s website, glance through the thousands of combinations, and add the desired colors and other specifications.
Lindsay stresses that her brand is focused on the aspects of emotion and nostalgia, as one can store memorable collections in the trunks. These could be christening gowns, sports memorabilia, or wedding heirlooms.
Petite Keep Shark Tank: What Happened in Season 16
Lindsay Mullenger appears on Shark Tank Season 16, seeking $400K for 5% equity in her keepsake trunk business. Her samples for the Shark investors are custom Petite Keep trunks with labels, including ‘Queen of QVC’ for Lori Greiner and ‘Wonder’ for guest Shark Jamie Kern Lima.
A new nana, Barbara Corcoran, gets the one with the label ‘Nana.’ Kevin O’Leary and Mark Cuban get a bridal wedding trunk and a family trunk, respectively. The Shark investors love the samples and the foamy material. But Kevin jokes, “It looks like a coffin.” Jamie thinks he will make an offer.
The mother of five kids, Lindsay is a Mizzou alumnus who studied business. After college, she bagged a job with Procter and Gamble. While still working for it, Lindsay started Petite Keep in February 2020. The founder reveals that sales for the trunk venture were $110K that year.
Lindsay says that currently, they are 100% D2C. In 2021, Petite Keep made $660K in sales. This was followed by a whopping $1.7 million the next year. In 2023, the keepsake trunk business hit the $5 million mark in sales.
For year-to-date $4.5 million, they do about 50% of their revenue in Q4. Based on this, Petite Keep’s projected sales for 2024 are $10 million (the episode was recorded in 2024). Profits for Lindsay’s venture in 2023 were 10.9% and 7.5% in 2024.
The mompreneur has come on Shark Tank to find a strategic advisor who has ‘skin in the game, in the business.’ She claims that Petite Keep is surely going to become a nine-figure brand. But Kevin thinks it should be generating 15%, not 7.5%. Customer acquisition costs for Petite Keep are $86.
Jamie inquires about the costs. The smallest trunk – minis is priced at $195, petites at $275, and grands at $350. Lindsay launched her venture through Instagram and Shopify. Influencer marketing is at the core of Petite Keep. Jamie thinks there is a ‘congruency’ with the product.
Things get a bit emotional as Jamie recalls her personal experience of finding out about her adoption story and how Petite Keep can be a great pick in this backdrop.
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Did The Petite Keep Get Any Deal On Shark Tank?
Mark Cuban thinks it is ‘not the right fit’ for him, so he exits the Petite Keep deal. Guest Shark Jamie Kern Lima makes the first offer at $400K for 10% equity. But her condition is that Lindsay gets another Shark in the deal. Kevin O’Leary is interested, but he wants to ‘pour gasoline on the fire.’
Mr.Wonderful wants to reduce CAC and grow ROAS for Petite Keep. He would ‘love’ to do the deal with Jamie as he thinks ‘she’s got the passion for this.’ Jamie, too, is 100% on board. She thinks their alliance would be great as her daughter’s name is Wonder, and she will have Mr. Wonderful in the deal.
Calling himself ‘the wedding guy,’ Kevin states he does not ‘get out of bed for less than 10%.’ So, he wants to offer $400K for 20% – 10% equity for himself and the other 10% for Jamie.
Barbara Corcoran steps out of the deal because she thinks Lindsay can do it all herself. Lori Greiner feels Kevin and Jamie would be ‘great partners’ for the entrepreneur.
Claiming that Petite Keep’s projected sales for 2025 are $17 million, she counters Kevin and Jamie’s offer with $400K for 10% equity. Lindsay currently holds 100% of the company. But the judges refuse to change their offer. She then counters with $600K for 12% equity and then $600K for 15% equity.
Kevin says, “I’ll be the bad guy,” and clears that he will not change the deal’s terms. Jamie, too, agrees. But Barbara thinks 20% equity is a lot of money. Although Kevin targets her for not offering a deal, she tries to convince Lindsay not to give away a larger equity share as she thinks she has got ‘the whole package.’
Mark also thinks that the Petite Keep founder should not take Kevin and Jamie’s offer. All of a sudden, Barbara and Mark join hands and offer $400K for 15% equity. Jamie says she will ‘match that offer’ on her own. Barbara tells her, “You dirty dog.”
Jamie responds, “This is the Shark Tank, not the Minnow Tank.” She is still open for a multiple Shark deal, though.
After further discussion, Lindsay seals the deal with Mark, Barbara, and Jamie for $400K for 15% equity.
More products from this episode! Check out other businesses that participated alongside Petite Keep.
