Shed Defender Shark Tank Net Worth 2023
Shed Defender is a company founded by brothers Tyson and Miles Walters that makes and sells dog onesies to keep dogs from shedding. The company was featured on Shark Tank USA in October 2019, where the founders asked for $250,000 for 10% of their company. After some negotiating with the sharks, they agreed to $250,000 for 25%.
Since appearing on Shark Tank, Shed Defender has seen great success. As of 2023, Shed Defender has a net worth of $4,100,000 per month and an average monthly revenue of $700,000. and they have expanded their line to include a “Shed Defender: Sport” and “Winter Fleece”.
They also have a “Paw it Forward” program which donates a portion of their profits to animal shelters. Shed Defender reportedly makes $1 million in revenue annually, and the founders’ net worth is estimated at 2.25 million USD as of 2022.
What Is Shed Defender?
The Shed Defender is a type of dog onesie that covers the dog’s fur to minimize shedding, while still allowing the dog to shed naturally. The onesie fits snugly on the dog, providing a moderate amount of pressure that can promote feelings of calmness, confidence, and security in dogs.
In addition to these benefits, the Shed Defender has several other advantages. For certain breeds, the gentle compression of the garment can be beneficial, especially for nervous dogs that may feel more secure when wearing it.
The Shed Defender can also be a substitute for the “cone of shame” that some dogs have to wear after surgery, and many people find it more appealing than the cone as it can be quite amusing to see a dog wearing a leotard.
Wearing the Shed Defender can also help reduce airborne allergies and pet dander, making it a great choice for winter when you want to keep pests off your dog or just keep them clean for longer. The onesie also has convenient openings for your dog to go to the bathroom.
Overall, the Shed Defender is a versatile and practical accessory for dog owners who want to minimize shedding, reduce allergies, or provide their furry friend with some extra comfort and security.
Who Is The Founder Of Shed Defender?
Shed Defender was founded by Tyson and Miles Walters. In 2011, Tyson conceived the idea while searching for a solution to control his Saint Bernard’s excessive shedding.
The Shed Defender resembles a leotard for dogs. It effectively keeps your dog’s hair off furniture, rugs, and automobiles by trapping it inside the leotard, which can be easily removed at your convenience.
Over several years, Tyson dedicated himself to perfecting the product, experimenting with different fabrics and designs until he achieved the perfect fit. Initially, he only made them for his own dog, but after receiving numerous inquiries, he decided to establish a company.
Despite not having consulted with dogs themselves, customers love the Shed Defender, which is available in a variety of colors and designs and ranges from $39.99 to $62.99 for a “large” size. The Walters brothers have been receiving significant attention in the pet industry for their innovative product and have been well received thus far.
What Happened To Shed Defender At Shark Tank Pitch?
In episode 1003 of Shark Tank, Myles and Tyson Walters presented their company Shed Defender, which sells dog onesies, and were seeking a business partner to help them produce and market their product to the pet industry. They asked for $250,000 for a 10% stake in their $2.5 million company.
During their presentation, Myles and Tyson brought their Saint Bernard, Harley, dressed in a Shed Defender onesie. They shared their success story, revealing that they had generated $1.2 million in revenue in just 18 months. Their onesies range in price from $32.99 to $62.99 and provide a profit margin of around 80%.
However, some Sharks expressed concern about the lack of patent protection for the product. Mark was interested in the financial figures, while Barbara didn’t think the product was relatable and suggested delaying retail.
Kevin offered $250,000 for a 33% stake in the company, while Robert made the same offer. Lori entered the bidding with an offer of $250,000 for a 28% stake.
The Walters brothers countered with an offer of 25% equity for the investment, which Lori accepted. In the end, they struck a deal and left the Shark Tank with a new business partner.
What Happened To Shed Defender After Shark Tank?
Lori’s agreement was not finalized, which resulted in both Amazon and Chewy selling the products. Furthermore, they broadened their product line to include chew toys, leashes, and dog shampoos.
Tyson had planned to launch his products for sale in 2020, but due to the Covid-19 outbreak, the launch was postponed until 2021.
In October 2020, they successfully completed a private equity investment round with VisioCap. Their products became available in June 2021 at Bed Bath & Beyond, Walmart, and online. As of February 2022, the company is still in operation and has yearly revenues of $1 million.
Competitors of Shed Defender
The primary competitors of Shed Defender in the market space are; Fitwarm, Addie Brands, A Dog Fashion and Chompers and Sons among others.
Net Worth of Shed Defender
The company valuation was $2.5 million during the pitch. Since then the company is still operating and hence the company net worth might have been higher than that of pitch.
Shed Defender FAQs
What is Shed Defender?
Shed Defender is an onesies that encases the dog’s hair to minimize shedding while enabling the dog to shed freely. The tight fit of the dog onesies exerts moderate pressure, promoting calm, confidence, and security in dogs.
Who is the founder?
Tyson and Miles Walters created Shed Defender. Tyson came up with the concept in 2011 while he was looking for a way to stop his Saint Bernard from shedding excessively.
How much were they seeking on Shark Tank?
They were seeking for $250,000 for a 10% stake in their fiber filled doggy onesies business.
Who did they land a deal with on Shark Tank?
Lori Greiner offered $250,000 for 25% equity shares of the company.
Is Shed Defender still in business?
Yes, Shed Defender is still in business and available to purchase on Amazon.
When did Shed Defender start?
The business was started back in 2011.
Where is Shed Defender located?
Shed Defender is located in California, USA.
Does Shed Defender come in different sizes?
Yes, Shed Defender comes in 20-pound large and 35-pound extra-large sizes.
Does Shed Defender work?
Yes, it does work to some extent as users and reviewers assert that they had seen a reduction in the amount of hair shed by their pets when they used the Shed Defender. It’s great for people who hate dog hair on their upholstery or clothing.
What is Shed Defender made of?
Shed Defender is made of two layers of premium quality cotton fabric that has been treated with a fire-retardant solution.
Which size should I purchase?
The product comes with a sizing chart that should be utilized to decide the size customers should purchase. Please contact [email protected] if customer has any issues about sizing. Their sizes are unique in comparison to other pet items, so please refer to our sizing instructions carefully.
Can I leave the Shed Defender on my dog for an extended period of time?
The Shed Defender is not intended for long-term or continuous usage. When the collar is initially worn, we recommend supervising the dog for a trial period to verify correct fit.
They do not advocate wearing the Shed Defender for more than eight (8) consecutive hours unless otherwise instructed by their veterinarian, and it should be maintained clean at all times.
They urge that they adhere to all proper dog grooming guidelines.
The Shed Defender is ideal for vehicle travels, visits with their dog to family and friends’ homes, and anywhere else where dog hair is not desired.
What is the shipping cost of Shed Defender?
Shipping is free inside the United States of America via USPS. International orders are sent for a fixed charge of $9.99 – $14.99 USD by DHL or USPS.
Is it possible to swap or return it?
Yes, they accept returns and exchanges on all purchases within 30 days of delivery as long as the product is unused, clean, and unaltered or changed. Please contact the store directly if they purchased from another shop.
Is Shed Defender product safe for the dog?
When properly fitted and supervised, the Shed Defender is completely safe for their dog. They do not advocate wearing the Shed Defender for more than eight (8) hours in a row.
While the Shed Defender has been veterinarian certified for a variety of functions, it is recommended that customers visit their veterinarian before using it for medicinal purposes.
Consult their veterinarian about the best approach to use Shed Defender on pets with skin issues.
Is Shed Defender product UV protected?
Yes, the fabric is a close-knit spandex and polyester jersey that effectively protects the majority of UV radiation. Please keep in mind that they do not suggest that dogs wear the Shed Defender in hot weather unless they are supervised by an adult. Please constantly keeps an eye out for the dog’s overheating.
How long does Shed Defender warranty last?
Their guarantee covers any manufacturing flaws, such as a malfunctioning zipper.
Is Shed Defender beneficial for allergy sufferers?
For humans allergic to dog hair and dander, the Shed Defender significantly reduces the quantity of dog hair and dander dispersed around the house, car, and other spaces.
It does not completely remove allergies because the head, tail, and paws remain exposed, but it significantly reduces allergen distribution in the majority of instances.
What is the net worth of Tyson Walter?
The net worth of Tyson Walter is $1.5 million.
What is the net worth of Myles Walter?
The net worth of Myles Walter is unknown.