There is no denying that US households love pets. Did you know that according to the American Pet Products Association, 90.5 million families in the States own a pet? Isn’t that amazing?
However, most families and their pets aren’t happy with the canines’ toys, products, and accessories available in the market. Hence, to satisfy this market, PrideBites came to the rescue.
PrideBites is a venture/ company co-founded by two friends and pet parents, Steven Blustein and Sean Knecht. The company was launched because these friends wanted better toys for their pets. They were not happy with what was currently available in the market. They began with a proprietary foam but soon, in 2012, they won the pet toy of the year award by a Pet Business Magazine.
This accolade gave them the strength and courage to keep moving forward. Though PrideBites did exceptionally well in retail, Knecht and Blustein wanted more from their brand. They decided to sell customized toys and accessories to pet owners. This also marked the launch of their PrideBites website in the year 2014.
The idea of PrideBites is what made it so unique. Unlike others, the company was ready to customize toys for pets exactly the way pet owners wanted. Whether they wanted the pet toy to look like a pizza, steak, or a martini, PrideBites customized it. Wait, that’s not all! They also added the dog’s name to the toy to make it even more special.
Customers have many tools on the website to custom design the products for their pet dogs, and PrideBites would create them. They did everything, from customized toys and blankets to leashes and collars.
How Did the Shark Tank Pitch Go?
Though their business was already doing well, the dynamic duo decided to go on Shark Tank to seek investments to expand their production capabilities and brand. Knecht and Blustein appeared on the show looking for an investment of $200,000 in return for 10 percent of equity.
They made their pitch and gave the Sharks hands-on experience of what their products looked like by getting customized products for their pets. This included a blanket for Herjavec’s dog. The pitch was impressive, where the duo shared details about their production lines and time to market.
They discussed that each product was custom-manufactured and order delivery was made in 4 weeks, which they planned to cut down to 2 weeks. Furthermore, Steve also explained the margins and sales to add more authenticity and credibility to their pitch.
However, Mark Cuban stepped out because he felt scalability was a potential challenge for PrideBites, and so did Lori. However, Lori and Robert showed a great deal of interest. Robert and Lori made their offers for 20 and 18 percent respectively.
On the other hand, Steven offered for the pair to join together at 20 percent in return for $300,000. Eventually, the final deal was $200,000 for 20 percent equity with two Sharks on board.
Are They Still an Active Company?
Yes. The company is going stronger than ever. Though the deal with the Sharks never closed, they benefited from the Shark Tank effect. After the show aired on TV, the company managed to get $500,000 worth of investment from other investors. As of February 2022, PrideBites have annual revenues of three million dollars. The company is now seeking to introduce its products to retail and expand its services.
Our Review of PrideBites
After seeing its website and customer reviews, we can say that PrideBites is a company that is here to stay. The company has garnered massive success over the years with the introduction of customized products for dogs. They are gradually expanding their product lines, including dog toys, accessories, treats, apparel, and more. They also provide products for cats. Their turnkey pet product merchandising solutions truly help customers get customized products for their four-legged friends.
Pros of PrideBites
- Customized pet products
- A broad range of options to choose from
- Affordable pricing
Cons of PrideBites
- Slow delivery time (takes four weeks to deliver)
- Scalability seems to be a challenge
- Need more exposure and better marketing
Who Is PrideBites for?
PrideBites is for everyone who loves pets. If you have a dog or cat, you can visit the PrideBites website and custom-create pet toys and accessories for your furry friend exactly the way you want. You can use the website to custom design and buy toys, apparel, and accessories for your pet cats and dogs from the comfort of your home. It’s that simple.
Are There Any Alternatives?
Though alternatives are available in the market, like Etsy’s personalized dog toy collection and Paws2Purrfection, PrideBites continues to stand out with its exceptional products and customization options. The company is doing well and is expected to progress by leaps and bounds.
Our Final Thoughts
In conclusion, it can be said that Shark Tank had another miss. Had they closed the deal, they could have had another success story. As for PrideBites, the company is progressing positively and is expected to grow even more in the coming years. They truly benefitted from the Shark Tank effect, as more people know about their business.
From investors to customers, their appearance on Shark Tank benefitted them greatly. It gave them the exposure and mileage they needed to reach new milestones of success. However, we believe if they keep improvising and introducing new services, they could expand their business and earn more profits over time. They can even achieve their vision of becoming the industry leader. Therefore, it won’t be wrong to say that the company is on the road to success, and nothing can stop them if they continue to move at the same pace and commitment.