vendredi 2 septembre 2016

Shark Tank Update: PrideBites

PrideBites Twitter

PrideBites Twitter

Company: PrideBites

Founders: Steven Blustein and Sean Knecht

Recommended for You Webcast, September 7th: 3 Ways to Speed Up Your Marketing Review and Approval Process

Season: Appeared on season 7

PrideBites offers fully customizable products for pets, including collars, toys, placemats, hoodies and more. According to their website, they were unhappy “with the look, feel, and versatility of dog toys on the market, so we decided to create one ourselves.” Products range from $9.99 to $150 and products are usually delivered within three to four weeks, according to the founders when they appeared on “Shark Tank.”

When they originally appeared on “Shark Tank,” they came in asking for $200,000 for 10 percent equity. They had already made $1.4 million before appearing in the tank. Three sharks immediately went out because they either didn’t understand the market or they found it too challenging. They end up scoring a deal with Robert Herjavec, renowned dog lover, and Lori Greiner for $300,000 for 20 percent.

Where Is Pride Bites Now?

PrideBites got a huge boost after appearing on “Shark Tank,” as many businesses do. Shortly after their appearance in the tank, they got $500,000 in seed funding from various investors. According to myStatesman, “Pet-related spending hit $60 billion in 2015, according to PrideBites, and Blustein said the company is poised to take a big bite out of that.” They hope to get more products into the market to take control of pet-product customization, which includes new designs, as well as raincoats. They’ve done market research as well in order to really hone in on what pet lovers want and gain further insights. They also hope to put some of their products in retail stores, further solidifying their “Nike ID of pet products” name.

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Shark Tank Update: PrideBites

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