PrideBites Shark Tank Update

PrideBites Shark Tank Pitch

Steven Blustein and Sean Knecht appeared on Shark Tank Season 7, Episode 23, which aired on April 8, 2016, with customizable products for pets.

PrideBites is listed in the PetProducts category. In plain terms, the business is described as customizable products for pets.

PrideBites asked the Sharks for $200,000 for 10%, implying a valuation of about $2 million.

On the show, PrideBites made a listed deal with Robert Herjavec and Lori Greiner for $200,000 for 20%.

If treated as straight equity, the listed deal works out to about $1 million implied valuation, down from the original $2 million implied valuation.

This pitch is included as context for the more important question: what happened after Shark Tank.

PrideBites After Shark Tank

PrideBites accepted an on-air Shark Tank deal for $200,000 for 20%. The on-air deal did not close. Follow-up reporting lists the company as in business. (PrideBites Shark Tank Update

PrideBites reported annual revenue of $4 million. (PrideBites Shark Tank Update

As often happens with products that appear in the Tank, Pridebites got a nice boost from the so-called Shark Tank effect. (PrideBites Shark Tank Update

Soon after appearing, the company received additional seed money of $700,000 from other investors. (PrideBites Shark Tank Update

Progress has been on a sharp incline; their projected sales for this quarter alone are poised to exceed their numbers thus far. (PrideBites Shark Tank Update

The official website for PrideBites is listed as pridebites.com. (PrideBites website

Sources

Sources used for this page: Shark Tank API pitches