K9 Mask – Air Filter Mask For Dogs
DEAL
EPISODE SUMMARY
🕓 Air Date: November 20, 2020
Asking For:
$200,000 for 20%
Investor:
Daymond John
Deal:
$200,000 for 40%
PRODUCT SUMMARY
K9 Mask is the world's first air filter mask designed for dogs, specifically crafted to protect them from air pollution and various threats.
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Background Story
K9 Mask’s founders, Kirby Holmes and Evan Daugherty, both based in Austin, Texas, were inspired by a crucial observation in 2015. Kirby noticed a stylish man wearing a disposable surgical mask in a cafe, highlighting the need for fashionable and effective air filter masks. In 2017, as wildfires raged in California, the cousins recognized a growing demand for “air filter masks for dogs” on Kirby’s website.
This revelation led to the inception of K9 Mask, the world’s first air filter mask designed exclusively for dogs. Kirby and Evan’s mission goes beyond a product—they aim to protect beloved pets during environmental crises. Their dedication is rooted in the understanding that dogs are cherished family members.
The Product
K9 Mask is designed to fit a dog’s muzzle and features N95 and activated carbon air filters that are replaceable and washable. It comes in four sizes to accommodate different muzzle shapes and includes adjustable straps for a secure yet comfortable fit.
The mask allows dogs to pant and breathe comfortably while protecting them from harmful airborne particles, toxins, and pollutants. Priced at $59, it offers a practical solution to safeguard pets during crises like wildfires, air pollution, and other environmental hazards.
Customers can purchase K9 Masks through various channels, including the company’s website and retailers in areas prone to such threats.
How It Went
The company’s position before Shark Tank
K9 Mask had generated $204,000 in sales in the last 14 months, with notable sales spikes during the COVID-19 pandemic. Their primary target audience includes pet owners concerned about their dogs’ safety during environmental crises. While the company had some success, the sharks were concerned about the relatively niche market and the need for more significant sales growth.
K9 Mask’s current funding primarily came from their own revenue, with an asking amount of $200,000 for 20% equity on “Shark Tank” to further expand the business. The company was structured as a startup, and they were actively seeking a strategic partner to help reduce manufacturing costs and increase brand awareness.
The Negotiations:
As Kirby Holmes and Evan Daugherty entered the Shark Tank seeking $200,000 for a 20% equity stake in K9 Mask, the sharks were intrigued by the unique product but skeptical about its market potential. The negotiations began with Daymond John offering $200,000 for a significant 45% equity share. The entrepreneurs, however, were hesitant to part with such a substantial portion of their company, especially when they believed in the product’s potential.
Kirby and Evan countered, proposing a 40% equity share for the same $200,000 investment, aiming to maintain a larger ownership stake in their business. The offer seemed reasonable given the emerging interest in their product. Then, a twist unfolded when Daymond John responded with a surprising offer of $200,000 for a 40% equity share. This offer reflected his confidence in the product and his willingness to work closely with the founders to grow the business.
After a brief moment of discussion, Kirby and Evan made their decision. They agreed to Daymond John’s offer of $200,000 for a 40% equity share. This deal allowed them to secure the necessary funding and expertise to expand K9 Mask’s reach in the market.
