FurZapper Pet Hair Remover
DEAL
EPISODE SUMMARY
🕓 Air Date: April 9, 2021
Asking For:
$600,000 for 10%
Investor:
Lori Greiner
Deal:
$600,000 for 15%
PRODUCT SUMMARY
FurZapper is a patented pet hair remover designed to work in both washing machines and dryers, effectively removing pet hair, fur, lint, and dander from laundry.
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Background Story
Harry Levin and Michael Sweigart, both from New Jersey, came up with the idea for FurZapper to address the common problem of pet hair and fur sticking to clothing even after washing and drying. Michael, a work-at-home dad for nearly 20 years, accidentally discovered the solution when he used a silicone mask covered in pet hair as an experiment. He found that the silicone effectively removed pet hair during washing.
The two founders met through a business networking group, where they bonded over their shared interest in animal welfare. With Michael’s background in silicone and Harry’s experience as a lawyer for 40 years, they combined their skills to create FurZapper.
The Product
FurZapper is a unique pet hair remover that comes in the form of silicone discs. These discs can be placed in both washing machines and dryers. During washing, FurZapper’s tacky surface attracts pet hair, dislodges it from clothing, and washes it away with the water, preventing it from reattaching to clothes.
In the dryer, FurZapper continues to capture any remaining pet hair, sending it directly into the lint trap, resulting in fur-free laundry. The product is reusable, making it cost-effective, and it can be used for a variety of fabrics, including clothing, bedding, and pet items.
FurZapper is designed to be a convenient solution for pet owners who struggle with pet hair contamination in their laundry. It is available through various retail channels, including Walmart, with a retail price of $14.99 for a two-pack.
How It Went
The company’s position before Shark Tank
FurZapper has experienced substantial success, with $640,000 in sales during its first partial year and $2.2 million in sales the following year. Despite the challenges posed by the COVID-19 pandemic, they are on track to achieve over $4 million in sales. The product is available in every Walmart store across the United States, marking a significant accomplishment. Their best-selling two-pack enjoys a profit margin of 71%.
The founders expressed the need to bring manufacturing in-house to reduce costs, improve efficiency, and maintain production in the United States. They intend to use the $600,000 investment to establish their manufacturing facility.
The Negotiations:
Harry Levin and Michael Sweigart entered the Shark Tank seeking $600,000 for 10% equity in their company, FurZapper. After presenting their innovative pet hair remover that works in washing machines and dryers, the Sharks were intrigued by their success.
Kevin O’Leary initially offered a debt deal, proposing a $600,000 loan for three years at 9.5% interest in exchange for 5% equity. However, he later extended an equity offer of $600,000 for 20% equity. Barbara Corcoran was also interested in an equity deal, offering $600,000 for 15% + a $600,000 line of credit. Lori Greiner presented a unique offer, suggesting an equity deal of $600,000 for 15% with the understanding that she would provide additional financing as needed to support the business.
Ultimately, Harry and Michael chose to accept Lori Greiner’s offer, securing the partnership they believed would provide them with the expertise and resources needed to take FurZapper to the next level. Lori’s offer combined the equity they were looking for with the promise of further support and guidance to expand the business. The negotiation concluded with a deal that left all parties satisfied.
