What Happened to Pride Bites After the Shark Tank Pitch?
What is Pride Bites?
Pride Bites is a website that provides completely personalized pet products such as collars, toys, placemats, sweaters, and more.
According to their website, they were disappointed with “the appearance, feel, and flexibility of dog toys on the market, so we decided to design one ourselves.”
The prices of the products range from $9.99 to $150, and they are normally delivered within three to four weeks.
Who is the Founder of Pride Bites?
Pride Bites was founded by Steven Blustein and Sean Knecht.
Blustein launched the company while still a student at the University of Kansas; he and his friends wanted to make a better dog toy than what was available at the time.
They began with a proprietary foam and went on to win Pet Business Magazine’s pet toy of the year award in 2012.
They did successfully in retail, but they wanted to sell personalized toys and other items, so in 2014 they opened the Pride Bites online.
You may get dog toys in the shapes of a steak, a pizza, a martini, or an ice cream cone.
They may also be able to customise your dog’s toys. All of the tools you’ll need to make your own unique dog products are available on the internet in a WYSIWYG format.
The toys are also machine washable and can withstand a 55-pound pull force.
You can customise dog beds, blankets, collars, leashes, and other accessories at Pride Bites in addition to toys.
With collections like “Ruff Lauren” and “Calvin Canine,” they’ve had their tongue firmly in their cheek. One of its co-founders, Daniel Lium, has family links to Chinese manufacturers.
What Happened to Pride Bites at the Shark Tank Pitch?
Steven and Sean entered Shark Tank Season 7 Episode 23 looking for a $200,000 investment in exchange for a 10% ownership in Pride Bites. This represents a $2 million valuation.
According to Steven, the company allows individuals to personalize items for their pets by providing color, size, and personalization options, such as the pet’s name and even a hand-drawn portrait of your cat.
Sean offers each Shark a unique present, such as a blanket with a hand-drawn image of Robert Herjavec’s dog, Lola, created from a photo of his dog.
Mark wondered whether they were comparable to Shutterfly except for the fact that they catered to pets. Steven agreed, but pointed out that they were different from Shutterfly in that they personalized everything from the ground up.
The current order-to-delivery period is four weeks, but they hope to shorten it to two weeks.
Lori enquired as to where they were made. According to Steven, everything was completed in another nation.
Customers are promised 50% profits, while the pair has been marketing to shops at a 40% margin.
Steven says that their total income is $1.4 million, with sales to retailers accounting for 70% of their business.
Mark Cuban views scale as a potential impediment. He doesn’t feel he can contribute to their firm, therefore he’s leaving.
Kevin O’Leary felt that dog pizza slices would not fit into his portfolio and isn’t “excited” about it, so he’s out.
Lori Greiner wants to understand more about their online firm. Steven and Sean said that they are attempting to increase their web presence.
Lori agrees with Robert Herjavec that they need to do more online, but because he’s a “pet person,” he makes an offer: $200,000 in return for 20% of the company.
Daymond John declines because he does not feel the line is a suitable fit for his portfolio.
Steven asked Robert if he was willing to bargain on the equity and decrease it to 15%, but Lori cut him off before he could reply. She makes them an offer of $200,000 with an 18% share.
Steven asks if the two want to partner and offers a 20% share in return for $300,000. The new offer increases the company’s value.
The Sharks respond with a 30% offer, but neither party is willing to give up that much shares.
Robert offers $200,000 for a 20% share with two Sharks. The couple agrees, but Lori isn’t convinced. The 30% discount appealed to her.
Kevin intervened, indicating that if Lori didn’t want to do it, he would. “No, I’m in,” she says immediately.
What Happened to Pride Bites After the Shark Tank Pitch?
Lori and Robert’s agreement never materialized.
Following its appearance on Shark Tank, Pride Bites received an additional $500,000 in early financing from investors including ATX Seed Ventures, BlueStel Ventures, and Tucker Max.
And they’re still coming out with new products and styles. By the end of 2016, they had introduced eleven new items, including varsity dog jackets, rain coats, and sleeveless hoodies.
In 2017, they debuted waterproof dog collars, step-in harnesses, and a collection of premium leather products.
As of May 2021, the company was still in business and doing well, with annual revenues of $3 million.
What is the Net Worth of Pride Bites?
Steven and Sean was looking for a $200,000 investment in return for a 10% ownership in Pride Bites. This represents a $2 million valuation.
They accepted Robert and Lori’s offer of $200,000 for a 20% ownership in the firm, which brings valuation to be $1 million.
Who are the Competitors of Pride Bites?
Pride Bites’ main competitors are Multipet International, Hyper-Pet, West Paw Design, Haute Diggity Dog, Dog, and True Dogs.
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Pride Bites FAQS
What exactly is Pride Bites?
Pride Bites offers a wide range of customized dog items with a high degree of customization.
Who are the Founders of Pride Bites?
Sean Knecht and Steven Blustein are the founders of Pride Bites.
How much were they asking in the Shark?
Steven and Sean were looking for a $200,000 investment in return for a 10% ownership in Pride Bites.
Did they strike a deal?
Yes, they get a deal from Robert and Lori.
How much was the deal?
Lori and Robert offered $200,000 for a 20% ownership in the firm.
Is pride bites still in business?
As of May 2021, the company was still in business and doing well, with annual revenues of $3 million.
What are their best selling items?
Their top three best-selling items are the Pride Bites Dog Toy, Nylon Collars, and Nylon Leashes (6ft)
What are their most collar/leash sizes sold?
For the first order, they recommend obtaining each size of collar and one size (6ft Medium) leash.
Can they design their own products?
They most definitely can! Their Pride Bites Account Executive may provide blank templates to their workers in order for them to create their own things.
How much does it costs?
The prices of the products range from $9.99 to $150.
How is their turnaround time?
The typical turnaround time is 4-6 weeks.
Are products save for dogs and cats?
Their primary goal is to ensure that all of their goods are suitable for dogs and cats. All of their products have been tested for safety and are Prop 65 compliant.
Where are their items manufactured?
Except for their dog treats, all of their products are made in China. Their dog treats are made in the state of Florida.
Do they accept credits cards/Checks?
Credit cards of all major denominations are accepted! They certainly do! They can have them shipped to them by contacting their Pride Bites Account Executive.
Where are Pride Bites located?
They are in the city of Austin, Texas.
How can they contact Pride Bites?
Contact us through email at [email protected] or by phone at (512) 339-0881.
How do Pride Bites make money?
Pride Bites earns money by selling dog treats, dog collars, and dog leashes.
Do they offer payment terms?
For any purchases $2000 and higher, their payment conditions are 50% down, 50% upon delivery of their order.
Who is Pride Bites target audience?
Dogs! Pride Bites makes products for both dogs and cats.
Are they publicly traded?
No. Pride Bites is a privately held business.
