Pride Bites Shark Tank Net Worth 2023
As of 2022, Pride Bites founders Steven Blustein and Sean Knecht have a net worth of 3 Million USD. The company appeared on Shark Tank in April 2016, where they were seeking a $200,000 investment in exchange for a 10% stake in the company.
This showed a $2 million valuation. Lori Greiner and Robert Herjavec offered to invest $200K for 20% of the company, but the deal never closed.
After appearing on Shark Tank, Pride Bites received additional seed money of $500,000 from other investors. As of February 2022, the company is still in business and doing well with annual sales of $3 million.
It is impossible to predict what Pride Bites’ net worth will be in 2023 as it depends on various factors such as market trends, competition, and consumer demand.
However, based on their current success and growth trajectory over the past few years, it is possible that their net worth could increase by then.
What is Pride Bites? Who is the Founder of Pride Bites?
Pride Bites is an online store that offers customized pet products, including collars, toys, placemats, sweatshirts, and more.
According to their website, the company was dissatisfied with the quality, texture, and flexibility of existing dog toys, so they decided to create their own.
The prices of their products range from $9.99 to $150, and they are usually delivered within three to four weeks.
While still a student at the University of Kansas, Blustein and his friends wanted to create a better dog toy than what was currently available.
They started with their proprietary foam and eventually won the Pet Toy of the Year award from Pet Business Magazine in 2012.
Although they did well in retail, they wanted to sell personalized toys and other items, so they launched Pride Bites online in 2014.
Customers can order dog toys in the form of steak, pizza, martini, or ice cream cone. Additionally, they can personalize their dog’s toys using the WYSIWYG tool available online. The toys are machine washable and can withstand up to 55 pounds of pulling force.
Pride Bites not only offers toys but also personalized dog beds, blankets, collars, leashes, and other accessories.
They have humorous collections such as “Ruff Lauren” and “Calvin Canine.” Daniel Lium, one of the co-founders, has connections to Chinese manufacturers through his family.
Pride Bites Shark Tank Pitch
Steven and Sean made an appearance on Season 7 Episode 23 of Shark Tank to find a $200,000 investment in their company, Pride Bites, in exchange for a 10% stake, which valued their company at $2 million.
Pride Bites offers customizable pet products that allow customers to choose the color, size, and customization options, including the pet’s name and a hand-drawn photo of their pet. During their pitch, Sean gifted each of the Sharks a personalized item.
Mark compared Pride Bites to Shutterfly, but Steven explained that their company offers personalized pet products from the ground up. The current turnaround time for orders is four weeks, but they plan to reduce it to two weeks.
Lori asked about the manufacturing location, and Steven replied that everything was made in another country. The company offers a 50% margin to customers and a 40% margin to retailers.
Pride Bites generated $1.4 million in revenue, with 70% of the sales coming from retailers. While Mark believed scaling would be a challenge, Kevin wasn’t enthusiastic about investing in the company.
Lori and Robert were interested in the company’s online presence, and Steven and Sean mentioned their plans to expand their web presence. Lori made an offer of $200,000 for an 18% stake, while Robert offered $200,000 for a 20% stake.
Steven asked Robert if he would reduce his equity to 15%, but Lori interrupted with a counteroffer of $200,000 for a 20% stake. Steven countered with a 20% stake for $300,000, which raised the company’s value.
The Sharks proposed a 30% stake, but both parties were hesitant to give up that much equity. Robert offered $200,000 for a 20% stake, which Steven and Sean accepted, while Lori preferred the 30% equity offer.
After appearing on Shark Tank, Pride Bites received an additional $500,000 in investment from ATX Seed Ventures, BlueStel Ventures, and Tucker Max.
The company continued to release new pet products, such as varsity dog jackets, raincoats, waterproof collars, and luxury leather items.
As of May 2021, Pride Bites was still operating and generating $3 million in annual sales.
Pride Bites Net Worth
Steven and Sean enters searching $200,000 investment in exchange for a 10% stake in Pride Bites. This shows a $2 million valuation. They accepted an offer from Robert and Lori.
Pride Bites Competitors
Top Competitors of Pride Bites
Multipet International, Hyper-Pet, West Paw Design, Haute Diggity Dog, Dog and True Dogs.
Pride Bites FAQS
What is Pride Bites?
Pride Bites offers personalized dog products at a high level of customization.
Who are the Founders of Pride Bites?
Steven Blustein and Sean Knecht.
How much were they asking in the Shark?
Steven and Sean were searching $200,000 investment in exchange for a 10% stake in Pride Bites.
Did they get the deal?
How much was the deal?
Lori and Robert offered $200,000 for a 20% stake in the company.
Is pride bites still in business?
The firm is still in operation and doing well as of May 2021, with yearly sales of $3 million.
What are their best selling items?
The Pride Bites Dog Toy, Nylon Collars, and Nylon Leashes are their top three best-selling goods (6ft)
What are their most collar/leash sizes sold?
They recommend getting each size of collar and one size (6ft Medium) leash for an initial order.
Can they design their own products?
They certainly can! Their Pride Bites Account Executive may distribute blank templates to their staff so that they can develop their own items.
How much does it costs?
Products range in price from $9.99 to $150.
How is their turnaround time?
Their standard turnaround time is 4-6 weeks.
Are products save for dogs and cats?
Their top focus is to make sure that all of their products are safe for dogs and cats. All of their goods have been safety certified and are Prop 65 compliant.
Where are their items manufactured?
Except for their dog treats, all of their items are manufactured in China. Their dog treats are manufactured in Florida.
Do they accept credits cards/Checks?
All major credit cards are accepted! They absolutely do! They can have them mailed through their Pride Bites Account Executive.
Where are Pride Bites located?
They are located in Austin, Texas.
How can they contact Pride Bites?
Contact Email [email protected] or Phone Number (512) 339-0881.
How do Pride Bites make money?
Pride Bites makes money from their sales of dog treats, dog collars, and dog leashes.
Do they offer payment terms?
Their payment terms are 50% down, 50% upon delivery of their order for all orders 2K and above.
Who is Pride Bites target audience?
Dogs! Pride Bites produce their goods for both dogs and cats.
Are they publicly traded?
No. Pride Bites is privately owned company.
What is the net worth of Steven Blustein?
What is the net worth of Sean Knecht?