Pride Bites Shark Tank Update |Pride Bites after the Shark Tank Pitch
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What is Pride Bites?
Pride Bites is an online store that sells totally personalized pet items like as collars, toys, placemats, sweatshirts, and more.
They were dissatisfied with “the appearance, feel, and adaptability of dog toys on the market, so we decided to make one ourselves,” according to their website.
Products range in price from $9.99 to $150, and they are typically delivered within three to four weeks.
Blustein founded the firm while still a student at the University of Kansas; he and his buddies wanted to create a better dog toy than what was presently available.
They began with a proprietary foam and went on to win the pet toy of the year award from Pet Business Magazine in 2012.
They fared well in retail, but they wanted to sell personalized toys and other things, so they launched the Pride Bites online in 2014.
Dog toys in the shape of a steak, a pizza, a martini, or an ice cream cone can be ordered.
They may also personalize your dog’s toys. All of the tools you need to create your own personalized dog goods are available on the internet in a WYSIWYG style.
The toys are also machine washable and can sustain a draw force of 55 pounds.
Pride Bites provides more than just toys; you can also personalize dog beds, blankets, collars, leashes, and other accessories.
They’ve got their tongue firmly in their cheek with collections like “Ruff Lauren” and “Calvin Canine.” Daniel Lium, one of its co-founders, has familial ties to Chinese manufacturers.
Who is the Founder of Pride Bites?
Steven Blustein and Sean Knecht.
What happen to Pride Bites at the Shark Tank Pitch?
Steven and Sean appear on Shark Tank Season 7 Episode 23 in search of a $200,000 investment in exchange for a 10% stake in Pride Bites. This shows a $2 million valuation
According to Steven, the firm allows people to customize things for their pets by offering colour, size, and customization choices, including the pet’s name and even a hand-drawn photo of your cat.
Sean gives each of the Sharks a personalized item, such as a blanket with a hand-drawn picture of Robert Herjavec’s dog, Lola, made from a photo of his dog.
Mark wondered whether they were similar to Shutterfly except for pet things. Steven agreed, but added that they varied from Shutterfly in that they personalized everything from the ground up.
The current turnaround time from ordering to delivery is four weeks, but they intend to reduce it to two weeks.
Lori inquired as to where they were manufactured. Everything, according to Steven, was done in another country.
The margins offered to customers are at 50%, and the pair has been marketing to retailers at a 40% margin.
Steven reveals that overall revenues are $1.4 million, with sales to retailers accounting for 70% of their company.
Mark Cuban sees scaling as a possible hurdle. He doesn’t believe he can add to their company, therefore he’s leaving.
Kevin O’Leary believed that dog pizza slices would not fit into his portfolio, and he isn’t “enthusiastic” about it, so he’s out.
Lori Greiner is interested in learning more about their internet company. Steven and Sean replied that they are working on expanding their web presence.
Lori agrees with Robert Herjavec that they need to do more online, but he’s a “pet person,” so he makes an offer: $200,000 in exchange for 20%.
Daymond John does not believe the line is a good fit for his portfolio, so he walks away.
Steven asked Robert whether he was prepared to negotiate on the equity and reduce it to 15%, but Lori interrupts before Robert can respond. She offers them an offer of $200,000 at an 18% interest rate.
Steven asks if the two would want to collaborate and counters with a 20% stake in exchange for $300,000. The new offer raises the company’s worth.
The Sharks react with a 30 percent offer, but both parties are hesitant to give up that much stock.
With two Sharks, Robert offers $200,000 for a 20% stake. The couple accepts, but Lori isn’t on board. She preferred the 30% discount.
Kevin interjected, saying that if Lori didn’t want to do it, he would join Robert. “No, I’m in,” she responds right away.
Pride Bites after the Shark Tank Pitch
Lori and Robert’s arrangement never came to fruition.
Pride Bites has acquired additional $500,000 in initial investment after appearing on Shark Tank from investors such as ATX Seed Ventures, BlueStel Ventures, and Tucker Max.
And they’re still coming up with new designs and goods. They have released ten new goods by the end of 2016, including varsity dog jackets, rain coats, and sleeveless hoodies.
They introduced waterproof dog collars, step-in harnesses, and a line of luxury leather items in 2017.
The firm is still in operation and doing well as of May 2021, with yearly sales of $3 million.
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?
Yes.
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?
Unknown.
What is the net worth of Sean Knecht?
Unknown.
