Do you always put your pet first? If so, you’ll want to treat them to the best accessories available. Sean Knecht and Steven Blustein created a line of pet accessories designed to pamper pets in custom ways. What will the sharks think of this entertaining product on
Shark Tank PrideBites Update
- Entrepreneur: Sean Knecht and Steven Blustein
- Business: Customized pet accessories
- Ask: $200,000 for 10% equity
- Result: $200,000 for 20% equity
- Shark: Robert Herjavec and Lori Greiner
Sean and Steven entered
After introducing PrideBites, Sean brought out customized items for each of the sharks, gaining points for the personal touch. Sean and Steven were looking to reduce their turnaround time by half.
PrideBites had 50% margins on direct sales, with 40% margin when selling directly to retailers. Overall sales had reached $1.4 million, most of which came from retailers.
Mark Cuban was the first shark to go out, stating that he didn’t feel he could contribute to the business model. Kevin O’Leary followed, citing his lack of excitement for the product. After being prompted by Lori Greiner, Sean and Steven said they wanted to focus more on online sales.
This roused the attention of Robert Herjavec, who also believed online sales needed to become the focus. As a pet person, Robert was ready to throw a deal on the table: $200,000 for 20% equity.
Daymond John went out after this, as pet products didn’t quite match his investment portfolio. Steven responded to Robert’s offer by asking if he would consider an equity share of 15%. Lori interrupted before Robert could speak and offered 18% equity for $200,000.
Steven counter-offered by suggesting the two interested sharks could group up. He stated that they would accept a higher equity share of 20% for $300,000, which would also increase the valuation.
Lori and Robert stepped up and offered 30% for $300,000. Steven and Sean were reluctant to accept such a high equity share, so Robert offered the investment of two sharks with $200,000 for 20%.
Lori preferred the 30% option but was quickly swayed back into the game when Kevin said he’d join forces with Robert instead. Steven and Sean left the tank with the investment of two sharks after accepting a deal for $200,000 at 20% equity from Lori and Robert.
What do you think happened after that? Read the rest of our PrideBites Pet Products update to find out.
While the deal with Lori and Robert never closed, our PrideBites update shows that
PrideBites has since been experiencing steady growth. You can purchase PrideBites on the official website.
Would you like to know more about the other companies featured in Season 7 Episode 23? Check out our other company updates for this episode below.
For even more on companies and products, stop by our Season 7 Products Page.