The co-founders of the PrideBites, Sean and Steven joined the Shark Tank in Season 07 Episode 23. They make unique and innovative products for pets that facilitate pet owners.
Their company specializes in creating customized accessories for dogs that allow you to take good care of your furry friends. Lori Greiner, Mark Cuban, Robert Herjavec, Kevin O’Leary, and Daymond John were the investors on the show.
Let’s see if the product can impress the sharks. Did the entrepreneurs manage to get a deal? If you have missed the episode somehow and want to know about the outcomes, just dive into the article and you can enjoy the whole scenario! So, buckle up!
PrideBites Net Worth
Sean Knecht and Steven Bluestein asked for a $200,000 investment in exchange for 10% equity in their company. This meant they valued their company at $2 million. They made a deal with Lori Greiner and Robert Herjavec for $200,000 in exchange for 20% of their company. This new deal valued their company at $1 million. After the show aired, PrideBites saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of PrideBites is about $1.61 million.
PrideBites Shark Tank Update
Sean and Steven walked into the show with Sadie, the dog. They started their presentation by demonstrating the amazing PrideBites Pet Products line. They emphasized how customers can make the products exactly how they want them. The entrepreneurs even made things that were unique for each shark, which was a big hit. They were seeking $200,000 for a 10% stake in their company.
What happened to PrideBites after Shark Tank?
After appearing on Shark Tank, PrideBites got an extra $500,000 in seed funding from investors like ATX Seed Ventures, BlueStel Ventures, and Tucker Max. They are making a lot of noise in the pet business, and their new designs and goods keep blowing us away.
They came out with 10 new items by the end of 2016, such as varsity dog jackets, raincoats, and hoodies without sleeves. PrideBites also came out with waterproof dog collars, step-in leashes, and even a line of high-end leather goods in 2017. The company is still open for business, and sales have gone up a lot.
Did the PrideBites get a deal on Shark Tank?
Yes, the company was successful in closing a deal with two sharks, Lori and Robert. They made an offer of $200,000 for 20% equity. The entrepreneurs accepted the offer and that’s how the company got a deal on the show.
| Shark(s) name | Offer | Demand | Counteroffer | Accepted? |
| Daymond John | Out | N/A | N/A | N/A |
| Kevin O’Leary | Out | N/A | N/A | N/A |
| Robert Herjavec, Lori Greiner | $200,000 | 20% equity | $300,000 for 20% equity | Yes ($200,000 for a 20% stake) |
| Mark Cuban | Out | N/A | N/A | N/A |
Founders and Backstory
Entrepreneurs Sean Knecht and Steven Bluestein established the company PrideBites. Before making their product, they had different fields of work. Sean had different jobs in the marketing and business development fields, whereas Steve went to college and business school at the University of Kansas. He first got his BBA in accounting and then his MBA in tax accounting.
It all began when Steven was in graduate school and had the idea to make a cool dog toy. He wanted to make pet goods that could be changed in any way. He came up with the idea and started trying some prototypes with some college friends.
The company PrideBites grew so quickly that they had to hire factories in China, Bangladesh, Israel, and other places around the world just to meet the demand in the US. With a lot of energy, the founders talked on the show about how their love for pets and personal situations led them to create a brand that makes high-quality, personalized pet products.
Pitch and Final Deal
During their pitch, the entrepreneurs talked about their sales and it was clear that PrideBites was making a lot of money. When they sold directly to customers, they made 50%, but when they sold to stores, they only made 40%. They had made $1.4 million in sales, with most of it coming from stores.
Kevin O’Leary and Mark Cuban chose not to invest, but Lori Greiner told Sean and Steven they should focus more on online sales. That’s when Robert Herjavec, who also loved animals, saw a chance. He made an offer of $200,000 for 20% of the business.
It was too risky for Daymond John to invest in pet goods, so he dropped out. Steven then asked Robert if he would be interested in a 15% ownership share. Before Robert could answer, Lori jumped in and offered 18% equity for the same amount of money.
Steven was great at making deals on Shark Tank. Robert and Lori offered 30% of the business for $300,000. Steven and Sean were hesitant to take such a large stake in the business. Robert then thought of a good idea. He asked two “sharks” to spend $200,000 in exchange for a 20% stake.
That was still Lori’s first choice, but when Kevin said he’d work with Robert instead, she quickly changed her mind. Steven and Sean finally got out of the tank with the money of two sharks, taking Lori and Robert’s offer of $200,000 in exchange for 20% of their business.
PrideBites Availability
PrideBites has become very well-known in the pet products business. They have a lot of things that can be customized so pet owners can show off their furry friend’s unique style. They sell a wide range of items, such as soft beds and blankets, to strong leads and collars.
The best part? You can even add your pet’s name or a picture of them to toys and shirts. It’s a great way to make things for your dog that are both useful and unique. Aside from that, they have a strong online presence with their website, Amazon, and social media sites such as Facebook and Twitter. PrideBites Pet Products grab the attention of pet lovers and provide them with the best accessories for their pets.
Conclusion
The journey of the PrideBites on the Shark Tank was truly remarkable and impactful. The unique properties of the products impressed the sharks. The company remained successful in securing a deal with two sharks on the show.
Now, with this partnership, the entrepreneurs and investors are hoping to expand their businesses. For sure! PrideBites is in for an incredible journey ahead. Their future looks bright as they have so many exciting opportunities and experiences waiting for them.
Hi, I’m Izza Habib, a Nutritionist and an avid writer. My focus? Crafting captivating blogs and articles on the exhilarating episodes of Shark Tank. I love unraveling the unique stories of aspiring individuals navigating the high-stakes world of Shark Tank— from groundbreaking products to pitch-perfect presentations. As a blogger, I’m committed to sharing the excitement behind each episode, highlighting the ingenuity, passion, and strategic negotiations that shape the entrepreneurial landscape. Join me on this thrilling journey into the dynamic world of Shark Tank! Read more About me.