PurseCase Shark Tank Update | PurseCase Net Worth

PurseCase, a product that was presented in season 5 of Shark Tank, is essentially a stylish and functional phone case designed with the aesthetic of a chic mini purse.

Created by entrepreneurs Jenn Deese and Kelley Coughlan, the PurseCase offers a practical solution for women who prefer to travel light or when carrying a traditional purse isn’t convenient.

The PurseCase is both functional and fashionable and is designed to securely hold smartphones while providing small storage space for essentials such as credit cards, IDs, and cash.

The PurseCase includes a compact mirror, which can be incredibly handy for quick touch-ups during a busy day. The product’s most distinctive feature is its short chain strap that gives it purse-like functionality. This strap also serves as a wristlet for added security and allows users to carry their PurseCase like a small handbag.v

The PurseCase is made from high-quality, durable materials and comes in various colors and designs. This means that users can select a PurseCase that matches their style, making it a fashion statement as much as a functional tool.

PurseCase’s convenience makes it an excellent choice. It combines the function of a phone case, wallet, and a small purse all in one, making it a space-saving solution that eliminates the need to carry multiple items.

PurseCase is an impressive product that successfully blends style and functionality. PurseCase provides a solution for those who value both fashion and convenience and are constantly on the move.

Company NamePurseCase
EntrepreneurJenn Deese and Kelley Coughlan
ProductPurse-style phone case
Investment Asking For$55,000 for 12% equity in PurseCase
Final Deal$55,000 for 15% equity in PurseCase
SharkLori Greiner
Episode Season 5, Episode 10
Business StatusOut Of Business
WebsitePurseCase Website
Net Worth$0

What Is PurseCase?

PurseCase is a smartphone case that doubles as a mini purse. It’s designed for fashion-forward, on-the-go individuals who want to keep their essentials close at hand. 

PurseCase is a combination of a smartphone case and a mini purse. It’s designed to protect your phone while providing a convenient way to carry essential items like credit cards, IDs, and cash.

PurseCase Shark Tank Update | PurseCase Net Worth

PurseCase is more than just a phone case. It’s a functional accessory that combines fashion with convenience, making it easier to carry your essentials and protect your phone.

In essence, PurseCase is a stylish, functional accessory that blends the protection of a phone case with the convenience of a purse.

Who Is The Founder Of PurseCase?

PurseCase was founded by two entrepreneurs, Jenn Deese and Kelley Coughlan. 

Jenn Deese is a seasoned business professional with a strong sales, product development, and fashion background. She graduated from the University of California, Santa Barbara, with a degree in Business Economics and later earned an MBA from Pepperdine University.

Kelley Coughlan, on the other hand, is an experienced marketing expert. She studied at the University of California, Los Angeles, where she obtained a Mass Communications and Media Studies degree.

Kelley furthered her education by earning an MBA from Pepperdine University. She co-founded Melrose PR, a leading cryptocurrency and blockchain communications agency.

The idea for PurseCase was conceived when Deese and Coughlan found themselves frequently out and about at social events, meetings, or just running errands and realized they wanted a way to carry their phones and other essentials without having to lug around a large purse.

With their combined knowledge in product development, fashion, and marketing, they decided to design a phone case that doubled as a mini purse.

Before appearing on Shark Tank, PurseCase had already begun to gain traction. The product was being manufactured, and the founders had already completed some initial sales.

They used online platforms for marketing and distribution and started making inroads into retail spaces.

Despite these achievements, they saw Shark Tank as a massive opportunity to introduce their product to a wider audience, get expert feedback, and potentially secure investment to help them scale up their operations.

As such, their appearance on the show marked a significant step in the journey of PurseCase, setting the stage for the brand’s future growth and success.

How Was The Shark Tank Pitch Of PurseCase?

The Shark Tank pitch for PurseCase, presented by entrepreneurs Jenn Deese and Kelly Coughlan, was a remarkable demonstration of their product.

They were seeking an investment of $55,000 in exchange for 12% equity in their company, which produces a stylish phone case that doubles as a tiny purse, valuing PurseCase at $458,000.

During their pitch, Deese and Coughlan explained how they conceived the idea for PurseCase. The product was born out of a need to carry their phones and a few essentials without carrying a large bag.

The PurseCase they designed features a chain handle, a lipstick mirror, and a pocket for cards and cash.

They revealed that within three months, they had sold $30,000 worth of products in pre-orders alone and projected first-year sales to be $240,000.

The case costs $4.42 to manufacture, wholesales for $15, and retails for $38. Their profit margins were impressive: 88% when sold on their website and 71% when sold in retail.

However, the Sharks had mixed views on the product. Robert Herjavec mentioned seeing similar phone cases in low-cost European shops.

Barbara Corcoran suggested improvements to the design, like losing the snap flap and adding a pocket for change.

Mark Cuban cited his preference not to invest in electronics accessories due to the rapidly changing nature of product configurations and consumer tastes.

Kevin O’Leary expressed concern about the high retail price but offered $55,000 for a $1 royalty on every sale until the investment was recouped, after which the royalty would drop to $0.75 in perpetuity.

Seeing potential in the product due to her experience selling similar items on QVC, Lori Greiner offered $55,000 in exchange for 15% equity. Deese and Coughlan happily accepted Greiner’s offer, deeming it a better fit for their business. 

Despite the initial success of PurseCase and the promising deal from Lori Greiner, the company eventually faced difficulties. Deese and Coughlan’s relationship was strained under the company’s rapid growth, leading to Coughlan buying out Deese’s shares.

Though Coughlan was hopeful of getting the company back on track, as revealed in Season 2 Episode 11 of Beyond the Tank, PurseCase ultimately went out of business.

What Happened To PurseCase After Shark Tank?

After their successful pitch on Shark Tank and securing an investment from Lori Greiner, PurseCase initially enjoyed considerable growth. Under Greiner’s mentorship, the founders, Jenn Deese, and Kelly Coughlan, expanded their business significantly.

Greiner’s influence and business acumen helped them secure deals with major technology accessories retailers, benefiting the company’s growth and sales.

However, as the business grew, it brought along increased pressures. Jenn Deese decided to step away from the business, unable to bear the strain of the rapid expansion. This led to Kelly Coughlan buying out Deese’s shares in the company.

Despite these challenges, the company continued to please its investors with robust sales, and the product was well-received by customers.

Kelly was later featured in Season 2, Episode 11 of Beyond the Tank, where she expressed optimism about getting the company back on track. Unfortunately, despite the initial successes and promising growth, PurseCase faced insurmountable challenges.

The strain on Deese and Coughlan’s relationship, combined with the pressures of managing the rapidly growing business, resulted in the company eventually going out of business.

Despite the efforts to revive and stabilize it, the company couldn’t sustain its early momentum. This marked the end of PurseCase’s journey, illustrating the challenging dynamics and pressures that can come with rapid growth in the business world.

PurseCase Shark Tank Update

Greiner’s involvement was pivotal in the brand’s growth as they established partnerships with major retailers like QVC and Staples. This exposure helped the business flourish and gain recognition.

PurseCase Shark Tank Update | PurseCase Net Worth

Despite initial successes, the company faced challenges as it grew. Jenn Deese decided to step away from the business due to the pressures of its rapid expansion. This led to Kelly Coughlan buying out Deese’s shares, marking a significant change in the company’s dynamics.

With the departure of one of the founders, the business had to undergo reorganization and restructuring. PurseCase was featured on “Beyond the Tank,” showcasing the company’s challenges during its reorganization.

The company experienced setbacks in terms of web and social media presence, indicating the difficulties it encountered during this period of change.

However, despite their efforts to overcome challenges, it appears that PurseCase ultimately closed down. The company seemed to have disappeared from the online scene, suggesting it may have ceased its operations.

The journey of PurseCase post-Shark Tank was a mix of successes and challenges, with the company eventually facing the unfortunate fate of going out of business.

Is PurseCase Still In Business?

Our research shows that PurseCase is no longer in business. Despite achieving remarkable successes, including substantial revenue of $5 million in 2021, the company eventually ceased operations by January 2023. Frequent website shutdowns were reported in 2022, contributing to the decision to close the business.

The challenges posed by rapid growth were significant, leading to the departure of one of the founders, Jenn Deese. Kelly Coughlan bought out Deese’s shares as they faced difficulties in managing the pressures of the expanding business.

Despite efforts to recover and reorganize, the company faced insurmountable challenges and ultimately folded. The company’s website is offline, and no PurseCase stores remain operational.

This marks the end of PurseCase’s journey in the business landscape, showcasing the complex dynamics and challenges that can accompany rapid growth and operational changes.

What Is the Net Worth Of PurseCase?

According to our research, the net worth of PurseCase is estimated to be $0 since the company is out of business. The valuation of PurseCase was $366,000 after securing an investment from Lori Greiner on Shark Tank.

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