PrideBites allows you to design and customize anything you want for your dog. They are making their Shark Tank pitch in Season 7.
PrideBites makes custom blanket for Robert Herjavec's dog
The margins are about fifty percent landed to the consumers. Sales to date are $1.4 million. Seventy percent of their business is through a kiosk in the store. They are making forty points in the retail store sales.
Entrepreneurs: Sean Knecht and Steven Bluestein
Ask: $200k for 10% equity
Companies in this episode: Coolbox, PrideBites, NoPhone, TROBO
Season: Season 7 Episode 723Sharks: Mark Cuban, Daymond John, Kevin O'Leary, Lori Greiner, Robert Herjavec
First Aired: 04/08/2016
Deal: Robert Herjavec and Lori Greiner at $200,000 for 20% equity
What do the Shark Tank Investors say about PrideBites
- Mark Cuban thinks there is not a barrier to entry, and he doesn't think he can help them scale, so he is out.
- Daymond John doesn't like that they are online yet, and he doesn't want to sell to big box stores.
- Kevin O'Leary doesn't see this as a fit in his portfolio, so he is the second Shark to go out.
- Lori Greiner comments that they have not been selling much online, but the uniqueness is the customization. They say that online is their real focus now. Lori likes the style and the look so she makes an offer of $200 for 18% of the company.
- Robert Herjavec thinks he can help them, so he offers $200,000 for 20%. They asked Robert if he would go down and he told them to make a counteroffer. The ask Lori and Robert to join in on the deal for $300,000 for 20% equity, and Robert counters at $300,000 for 30%. Robert counters at $200,000 for 20%. Lori is holding up the deal, but Kevin says he will do it if Lori won't, and she jumps back and says she is in for the transaction.
PrideBites after Shark Tank
Business continues to grow, and they raised additional funds after the show. Pridebites sells their products on Amazon.