Shed Defender Net Worth Revealed: A Pawsome Success Story!
Dogs are fun and lovely companions, but getting their fur all over your place is quite troublesome.
Shed Defender is the answer to this problem. Its dog onesie keeps the shedding within the garment and makes clean-up a lot easier.
There’s no wonder Shark Tank featured this unique product. Shed Defender net worth has also grown significantly over the years.
Check out some more updates on Shed Defender in this article.
Shed Defender Quick Facts
Let’s start with some quick facts about the company:
- Business: Dog onesies, accessories, and supplements
- Ownership Status: Privately Held (backing)
- Founder: Tyson Walters and Miles Walters
- Launching Date: October 2016
- Office Location: Irvine, California
Shed Defender Net Worth
Before appearing on Shark Tank in 2019, Shed Defender’s net worth was only $1 million.
In October 2020, Shed Defender raised funds through a private equity round with Visiocap.
Today, the company has a valuation of $4.1 million and annual revenues of $1 million. Besides their original onesie, sales now come from other products as well. Those include chew supplements, leashes, and dog shampoos.
It’s also worth noting that Shed Defender has established the Paw It Forward program. Through this effort, a portion of each sale is donated monthly to different dog shelters and rescue centers.
About Shed Defender
Shed Defender designs and manufactures dog onesies to keep shedding within the clothing and away from rugs, cars, and furniture. Then, owners can wash the onesies at their convenience.
The onesie is similar to a leotard, but with holes for peeing and pooping. On top of that, the fabric is breathable, lightweight, and eco-friendly.
The product also provides mild compression, which brings comfort and reduces anxiety. Plus, it can replace the cone of shame used after surgeries and other medical procedures.
The novel idea of creating Shed Defender came from Tyson Walters. In 2011, he got a Saint Bernard named Harley.
Tyson was fond of the dog, but it sheds uncontrollably. He thought of a way to solve the problem, which ended in his mother sewing a onesie.
Based on this prototype, Tyson tried different designs and fabrics before settling into the zip-up and stretchy onesie launched in 2016.
Shark Tank Appearance
In October 2019, Shark Tank’s tenth season included a Shed Defender feature.
Tyson and his brother Miles pitched for $250,000 for a 10% equity deal. The duo impressed the sharks with their $1.2 million sales in 18 months of operation. Even better, blended margins were up to 80%.
Despite the positive reception, the product’s unpatented status raised a concern. Still, Kevin and Robert offered $250,000 for 33% of the business.
Lori counters the same amount for a 28% stake in the company. Back-and-forth negotiations ensued, which led to a $250,000 deal in exchange for 25% equity.
After Shark Tank
Shed Defender’s sales skyrocketed following the company’s Shark Tank exposure.
This success steered developments that include the “Sport” and “Recovery” versions of the original onesie.
New product line additions, such as chew supplements and dog shampoos, came to life as well.
Most recently, Shed Defender released its Mag Snap Leash, which has a pending-patent design. The innovative leash has adjustable magnetic clips, which allow quick snap for wearing and easy removal.
The company only continues to grow. Despite putting off retail store plans in 2020 due to the Covid pandemic, you can now find their products in Walmart as well as Bed Bath and Beyond.
Additionally, Shed Defender sells in online stores, like Amazon and Chewy.
The business has also built a strong following on various social media platforms. Taking advantage of this marketing boost, Shed Defender keeps followers engaged through regular updates on Facebook, Instagram, and Twitter.
Shed Defender net worth grew from $1 million before its Shark Tank feature to today’s $4.1 million. That’s an incredible boost and one that was bound to happen.
After all, the business is relatable, and the company has made considerable sales even without backing.
More importantly, their “Pawing It Forward” mission is truly an endearing act.