Dogs love the outdoors, but this also means their paws would bring dirt and germs from the outside into your home. Dog booties available on the market are cute, but do not really stay on and could take some getting used to.
Walkee Paws is here to make sure dog owners never have to lose a bootie or worry about dirty paws again. Find out below what happened to Walkee Paws after being featured on the Shark Tank TV show.
Walkee Paws (Shark Tank Highlights)
|What are Walkee Paws?||Innovative leggings for dogs to help keep their paws clean and protected|
|Proposed Deal by Owners||$150,000 for 5% equity|
|Owners’ Valuation||$3 Million|
|Shark who Secured Deal||None|
|Shark’s Offer||Two offers from Kevin O’Leary: (i) $150k for a 5% stake on top of a $2.70 royalty per unit until $150k is paid off, then the royalty goes down to $0.50 in perpetuity; and (ii) $150k for 20% stake. Both were declined.|
|Walkee Paws Net Worth||$1 million|
What is Walkee Paws?
Walkee Paws is the first ever leggings for dogs. The dog leggings securely cover and protect all of the dog’s paws without impeding movement or causing any discomfort.
Walkee Paws started when founder and designer Lisa Baronoff’s dog got sick from ingesting snow melt chemicals while walking in Manhattan.
Her veterinarian recommended having her dog wear booties when going out on walks. Unfortunately, booties are uncomfortable and come off too easily. “There must be a better way,” Baronoff thought.
She designed the first ever dog leggings and launched her company Walkee Paws in the fourth quarter of 2018. It now comes in various designs for five different dog sizes and also offers puffer coats for small to large dogs.
What were the Sharks’ offers for Walkee Paws?
Walkee Paws founder Lisa Baronoff received two offers from one Shark, Kevin O’Leary.
She walked into the Tank looking for a Shark to make a $150,000 investment in exchange for a 5% stake in her company.
During the pitch, Sharks Barbara Corcoran, Kevin O’Leary, Lori Greiner, Daymond John and Mark Cuban all enjoyed watching the videos of cute dogs strutting and running in their Walkee Paws leggings.
Baronoff went on to discuss that Walkee Paws retail from $29.99 to $39.99, which costs $4.40-$5.20 to make. Baronoff explained that she has a utility patent on dog leggings and has three design patents as well. She also shared that she has plans to develop more products, which would contribute to more growth for the company.
She shared that within months since its launch in 2018, Walkee Paws earned revenues of $64,000 and ended 2019 with $542,000 in revenues — 54% of which came from sales on Amazon while the rest came from the company website.
Daymond John opted out saying the $3 million valuation given by Baronoff for Walkee Paws was too high.
Mark Cuban thought what Baranoff was doing was great, but opted out because it’s not his kind of thing. Lori Greiner had the same reason for not making an offer.
Barbara Corcoran, on the other hand, thought Baronoff came to the show but did not really need a partner and was out.
O’Leary, the final Shark left, decided to give two offers. The first offer was $150,000 for a 5% stake on top of royalty of $2.70 per unit until $150,000 is paid off, then the royalty goes down to $0.50 in perpetuity.
The second, simpler option is a $150,000 investment for 20% stake.
Did Walkee Paws get a deal on Shark Tank?
Unfortunately, Walkee Paws did not secure a deal with any Shark on Shark Tank. Walkee Paws founder Lisa Baronoff received two offers from Mr. Wonderful but she did not think they were wonderful offers.
“I’m not ready to give up more than 10% of my company,” said Baronoff and walked away from O’Leary’s offers.
What happened to Walkee Paws after Shark Tank?
After appearing on Shark Tank, Walkee Paws continued to sell on their website and on Amazon where customers have posted positive reviews.
The company was on track to earn $1 million by the end of 2020, according to Baronoff during her Shark Tank pitch.
Walkee Paws is still in business today despite walking away from the Shark Tank without a partner Shark. As of 2021, the New York-based company has expanded its line of products according to their website.
Apart from the original dog leggings and puff coat, the dog wear company now also offers indoor Walkee Paws with grippy socks, liner socks, raincoats, harnesses with reversible designs and leashes.
In early 2021, Walkee Paws released an updated design with wider legs with drawstrings on each leg to make it more secure even when running.
The brand also released a My Doggie and Me collection on their website. This includes dog leggings designs with matching masks or leggings for the owners. The matching leggings for owners were such a big hit, it’s currently sold out.
Walkee Paws dog leggings and puff coats are available on Amazon.
Walkee Paws is very active on Instagram where they announced a Shark Tank sale and even online contests such as the Walkee Wag Challenge.
How much is Walkee Paws worth now?
Walkee Paws founder Lisa Baronoff valued her company at $3 million when she asked for $150,000 investment for a 5% equity stake.
Mr. Wonderful’s offer of $150,000 investment for 20% stake, however, effectively lowered Walkee Paws’ valuation to a much reduced worth of $750,000. Since Mr. Wonderful’s offer was not accepted, the actual net worth of the company remains unknown.
Still, according to Baronoff, the company was on track to earn $1 million by the end of 2020, one-third of the original valuation she pitched in the Shark Tank.
Lessons from Walkee Paws on Shark Tank
When it comes to opening your company to investors, it’s important to remember how much equity you are willing to give up and stick with it. This would keep you from giving up too much or at least allow you to have some range to haggle with.
In Lisa Baronoff’s case, she came to the show knowing that the number she was comfortable with was 10% equity. She stuck to her guns, knowing that she could walk away without any investor, and she accepted that.
In the end, she knew she had the confidence, vision, and plans to be able to scale her business without a Shark, and walked away from the Shark Tank without regrets.