Springer Pets, a dog water bottle company, appeared on Season 13, Episode 23 of Shark Tank. The company offers a unique water bottle designed not only for dogs but also for cats and other small animals. The founder believed that this innovative bottle would provide dogs the convenience of drinking water anywhere.
With 33% of people worldwide being avid dog lovers, there’s a substantial market for pet-related products. The global pet care market is valued at $261 billion and continues to grow steadily. Dogs, known for their energy and loyalty, have a special place in people’s hearts.
While Springer Pets initially focused on dogs, the surge in travel post-pandemic has created new opportunities. Many pet owners now travel with their furry companions to enjoy the natural charm and energy that dogs bring. Traveling with dogs necessitates extra care, as they are exposed to different climates, which can impact their health and hydration.
Springer Pets’ travel bottle was designed to ensure that dogs receive safe and natural water during travel. The bottle’s construction prevents any water from spilling, making it a practical and convenient solution for pet owners on the move.
About Springer Pets:
Springer Pets is a Texas-based pet bottle brand founded in 2021. The company is committed to creating beautiful and sustainable products for pets, focusing on providing hassle-free water solutions for dogs. The unique bottle design features an upper part that functions as a cup, allowing dogs to drink without spilling water. The bottle comes in three variants: Mini, Classic, and Growler, available in various colors such as Green, Blue, Pink, and Red.
Meet the Founders:
Springer Pets was founded by two women, Shannon Ross and her daughter Diana Ross. Shannon is not only the Co-Founder but also the CEO of the company. With a background in marketing, she worked as the Chief Marketing Officer at the Highwave company, contributing significantly to Springer Pets’ growth. Diana Ross, the VP of Finance and COO, shares her mother’s passion for dogs, owning one named Bongo.
Springer Pets Before Shark Tank:
Springer Pets has a strong commitment to the environment. The company donates 1% of its sales to nonprofit organizations dedicated to planet conservation. During the COVID-19 pandemic, the pet industry experienced rapid growth as people sought companionship through pets, driving up the demand for pet-related products. In response to this growing need, Diana Ross and Shannon Ross established Springer Pets in 2021, successfully capturing the market’s attention with their unique product.
Despite being a relatively new company, Springer Pets demonstrated impressive sales figures in a short time. In 2016, they started with sales of $11,700. Over the following years, their annual sales reached between $650,000 and $750,000. By 2020, they had achieved a total sales figure of $1.7 million, indicating substantial growth in just a few years. With a production cost of around $3 per unit and a retail price margin of 88%, the company enjoyed a healthy profit.
Significant investments in branding and marketing played a pivotal role in their success, with over $150,000 invested in these areas. In May 2022, the company reported monthly revenues of $70,000.
Did Springer Pets Secure a Deal on Shark Tank?
During their appearance on Shark Tank, Shannon Ross sought a $400,000 investment in exchange for a 6% equity stake in the company. Several sharks expressed interest:
Mark Cuban was impressed by the product’s uniqueness but decided not to invest, expressing concern that the product had been on the market for five years with modest growth.
Daymond John did not invest in the business.
Robert Herjavec also opted not to invest due to doubts about the product’s sales.
Kevin O’Leary was eager to invest, offering $400,000 for 3% equity along with an insurance policy for Schmuck insurance in case the product sells, a $3 per unit payment, and a $400,000 reimbursement.
Lori Greiner was interested in the product’s innovation and proposed an investment of $400,000 for 10% equity, along with preferred stock in the company. Lori intended to assist with distribution. However, Shannon Ross countered with an 8% equity offer, which Lori declined.
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In the end, Lori Greiner secured a deal with Shannon Ross, agreeing to invest $400,000 for a 10% equity stake in the company. This partnership aimed to expand distribution and further develop the business.
Where to Buy Springer Pets:
Springer Pets‘ products are available both online and offline. You can purchase their products on Amazon or their official website. Pricing varies based on the product’s size, ranging from $22 to $28 on Amazon.
What’s Happened to Springer Pets After Shark Tank?
After its appearance on Shark Tank, Springer Pets experienced significant growth, with sales quadrupling within a few weeks. The product’s innovation and appeal to dog lovers contributed to this rapid increase in sales. The company has also expanded its product range to include items such as leashes, sling bags, dog collars, and more.
Most of Springer Pets’ sales are made through Amazon, and they supply their products to retail stores nationwide. The company is well-positioned for future growth, with potential new product launches on the horizon. With a strong commitment to the environment and donations to nonprofit organizations, Springer Pets continues to thrive.
As of April 2023, Springer Pets remains in business, offering innovative solutions for pet owners and their furry companions. The company’s estimated valuation stands at $4 million, reflecting its potential and the success it has achieved thus far. It continues to provide employment and contribute to planet conservation, making it a socially responsible and thriving business.
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