Plufl – Human Dog Bed
DEAL
EPISODE SUMMARY
🕓 Air Date: October 21, 2022
Asking For:
$200,000 for 10%
Investor:
Lori Greiner, Mark Cuban (50/50)
Deal:
$200,000 for 20%
PRODUCT SUMMARY
Plufl is a dog bed for humans, designed to provide comfort and relaxation for people in need of a quick nap or cozy rest.
WATCH HERE
IN A RUSH?
Click these to jump to the section you want to read.
Background Story
Noah and Yuki, recent college graduates based in Vancouver, pitched their unique product, Plufl, on Shark Tank. The idea for Plufl was born during Noah’s time as a college barista when he observed a Great Dane enjoying a comfortable nap in its dog bed. Feeling envious of the dog’s comfort, he came up with the concept of a dog bed for humans. He discussed the idea with Yuki, who loved it, and together, they collaborated with a local designer to create their first prototype.
They discovered that Plufl had a broad appeal when they allowed people to try it on their college campus, generating significant interest. The product gained further traction when they posted it on TikTok and it went viral. They received messages from various individuals, including parents of children with sensory issues, veterans with physical trauma, and those with sleep disorders, expressing their excitement and need for a more comfortable place to rest.
The Product
Plufl is a unique nap-time solution designed for ultimate comfort. It resembles a large dog bed, but it’s tailored specifically for humans. The product features a plush faux fur surface and high-grade orthopedic memory foam, creating a soft and supportive environment for relaxation.
Plufl’s standout feature is its soft pillow border that allows users to tuck their hands and feet inside, maximizing the “snuggle factor.”
The benefits of Plufl include its ability to turn any place into a cozy napping space. It’s perfect for those long days when you need a break from stress and exhaustion.
Whether at home, the office, or on the go, Plufl offers a comfortable spot to unwind. Priced at $399, Plufl offers an affordable and convenient way to sneak in a quick nap whenever needed. Customers can place pre-orders for the product.
How It Went
The company’s position before Shark Tank
Plufl launched three months prior to their Shark Tank appearance. They initially set a Kickstarter goal of $25,000 but exceeded expectations by raising $280,000 in just 30 days. Since then, they’ve achieved over $130,000 in sales. However, they had not yet delivered any units as they were in the early stages of manufacturing.
The founders mentioned they were actively working on reducing their lead time for production. The company’s funding came primarily from their Kickstarter campaign and likely included some personal investment. They also mentioned that they had applied for patents and trademarks to protect their product.
Their current sales figures and customer base primarily consisted of pre-orders from Kickstarter, as they were just starting the manufacturing process. The founders mentioned that they had tested their product with approximately 50 beta testers who all loved it. The structure of the company appeared to be relatively small, with the founders, Noah and Yuki, being the primary driving forces behind the business.
The Negotiations:
The negotiation process on Shark Tank began with Noah and Yuki seeking $200,000 for a 10% equity stake in their company, Plufl. Robert Herjavec expressed skepticism about the product’s appeal and was the first to bow out of the negotiations. Grede also didn’t see the market for the product and decided to pass on investing.
Mark and Lori made an initial offer of $200,000 for a 20% stake, which the founders hesitated on. They counteroffer $200,000 for 15%. But Mark and Lori maintained their offer, which the founders accepted, sealing the deal. The founders ultimately found success with Mark and Lori, who saw the potential for Plufl as a complement to their existing product line. The deal was struck at $200,000 for a 20% equity share, leaving Noah and Yuki excited about their future with their new partners.
