Sometimes the best ideas are ones that happen accidentally. When Michael Sweigart accidentally stumbled upon how well silicone removes pet hair from the laundry during washing and drying cycles, he knew he was on to something. After partnering with lawyer and animal welfare enthusiast, Harry Levin, the team decided to commercialize Furzapper. Their patented, silicone pet hair remover, is placed into the washing machine with the laundry during the wash cycle and helps to wash away pet dander in fur through the draining cycle. After washing is complete, the product is then thrown into the dryer with the clothing to send any remaining fur to the lint trap. Michael and Harry have worked hard to get Furzapper into every Walmart store, promoting the retail side of their business.
Purrrrrrhaps this is the right product fur a Shark? #SharkTank
— Shark Tank (@ABCSharkTank) April 10, 2021
On track to close the year at $5,000,000 in sales, the Sharks had a hard time understanding why Harry and Michael came to the Shark Tank to obtain $600,000 for their company in exchange for 10% equity in Furzapper. Although the company has seen tremendous success and explosive growth, the pair are looking for a cash infusion to help them bring their manufacturing processes in-house so that they can employ more people in the US. To do that successfully, they would like to partner with a Shark who has experience in manufacturing.
Impressed with their low customer acquisition costs, notable sales growth and advantageous profit margins, four of the five Sharks in the Tank made partnership offers to Furzapper. Lori Greiner, Mark Cuban, Barbara Corcoran, and Kevin O’Leary all extended investment opportunities to Michael and Harry. At the end of the day, they felt most connected to Lori Greiner and agreed that her business style best aligns with the direction they would like Furzapper to go. The trio agreed to a $600,000 investment from Lori with an additional line of credit (if needed) in exchange for 15% equity.
.@FurZapper is super clever. We have 2 dogs, so I will be buying these without a doubt. Plus I love how Harry & Michael have such an adorable down-to-earth charm. I just want to give Harry a hug. @LoriGreiner is going to help these 2 make @FurZapper a household staple. #SharkTank
— Daniel Lubetzky (@DanielLubetzky) April 10, 2021
Do you think that Harry and Michael made the right choice by partnering with Lori Greiner? If you were a Shark would you have invested in Furzapper? Start the conversation in the comments below!