Highlights
- Tim Taft and Victoria Coopman seek $250,000 for 5% equity in Innovation Pet.
- The company sells a range of innovative pet products, including customizable cat playgrounds and backyard chicken coops.
- The company went bankrupt in 2020 and their assets were auctioned off.
Overview
| Category | Details |
|---|---|
| Company Name | Innovation Pet, Inc. |
| Founders | Tim Taft and Victoria Coopman |
| Industry | Pet Products, Consumer Goods |
| Product | Innovative pet products (chicken coops, cat playgrounds) |
| Funding | $250,000 |
| Investment Ask | $250,000 |
| Equity Offered | 5% |
| Valuation | $5 million |
Tim Taft and Victoria Coopman seek a Shark as a pet partner when they pitch Innovation Pet, their line of innovative and interactive pet products, in Shark Tank episode 727. Innovation Pet sells a wide range of pet products: chicken coops, dog houses, dog toys, cat toys and much more. The company claims over 30 years combined experience in the pet industry; Coopman herself has around 14 years, but she’s been a “C Level” executive for over twenty years.
The business started in 2012. One of their flagship products, the Customizable Kitty Connection, is an expandable, Habitrail-like cat playground. It won third place at the 2014 Global Pet Expo cat products category. Another cat product, the Mouse Pounce, won “Best in Show” the same year. Their Dura Dog Balls and dog houses are very popular, too. All their products are made in their full engineering and manufacturing facility in Shenzhen, China. They have three separate creative teams throughout the US and headquarters in California.
Innovative Pet products sell on Amazon, but their main focus is the pet retail trade. Taft and Coopman bring a lot of connections in that industry to the table, so they probably don’t need a Shark’s connections, they probably just need cash!
Will a Shark see the innovations and invest?
Innovation Pet, Inc Shark Tank Recap
Victoria and Tim enter the Shark Tank seeking $250,000 in exchange for 5% of the company, eliciting immediate sounds of frustration from the Sharks. It’s a huge valuation, but the company may live up to the numbers, considering their well established foundation.
They present several products while the Sharks pet some of their model cats. Daymond John is impressed with the back yard-flock chicken coop, especially the price point. He estimates that the coop should retail for around $700, but Tim explains that it’s actually $599.
Kevin O’Leary brings up the numbers, pointing out that the company’s valuation is at $5 million with the investment they’re seeking. Tim points out that the projected sales in the next year exceed $2.5 million. They’re already in PetCo, as well as several other big box stores. The average margin on sales is 27%, which doesn’t impress Kevin O’Leary. The chicken coops bring the average down, but they’re a drop-ship item that doesn’t cost much to produce.
Did Shark Tank Invest In Innovation Pet, Inc?
Robert Herjavec is impressed with the company, but doesn’t believe he can bring anything to the table. He goes out. Mark Cuban agrees with Robert. He doesn’t feel the company is “in my wheelhouse” so he’s out.
Lori Greiner doesn’t think she can add value for the company without changing their “whole structure.” She’s out.
Kevin O’Leary points out that the pair have a strong product line and sales. They don’t need support; they need cash. He’s unhappy with the percentage offered, however, so he makes an offer. He’ll give them $250,000, but wants a 6% royalty until he gets $500,000 back, and still wants the 5% equity.
Daymond John makes a second offer, but he requires 12.5% equity in return for the $250,000, in addition to 25% of the profits from online sales. He tells the pair he’ll help them with licensing deals and build their online presence in order to increase profitability.
The pair decides that Daymond’s offer is stronger, strategically, and they accept it, leaving the Tank with a Shark deal.
RESULT: DEAL with Daymond for $250K for 12.5% equity plus 25% of ecommerce sales.
Innovation Pet, Inc Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. Once an episode has aired, we monitor the progress of the businesses featured, whether they receive funding or not and report on their progress.
The Innovation Pet founders got a great partner in Daymond John. Their online presence has increased tremendously, in part, we’re sure, to Daymond’s hard work. The website is sleek and straightforward, and the products are available on sites like Amazon. It looks like Innovation Pet Inc. was a great addition to Daymond’s portfolio, and might even have given him a new source of coops for his personal chicken flock. We’d call this one a Shark Tank success story.
Unfortunately, the company went bankrupt in 2020 and their assets were auctioned off.
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