FurZapper Net Worth Shark Tank Update

In the contemporary world, every household has a pet. They are the cutest addition to any family making it complete. However, they can be difficult to handle when it comes to shedding hair. Animals like dogs and cats shed a lot of fur so that even if a person does clean his clothes the fur gets stuck to them, making it messy.

Harry Levin and Michael Sweigart, the co-owners of FurZapper, are here to the rescue. Their product is a sponge type of fur remover made of silicone. The FurZapper is directly put in a washing machine with clothes to remove the sticky fur and it is reusable.

The owners of FurZapper are on Shark Tank with their product to request $600K for a 10% equity stack. They have also brought their paw-printed cute product with a washing set up to satisfy the judges. Let’s see how the deal goes.

FurZapper Net Worth 2024 Shark Tank Update

Harry and Michael were looking for an investment of $600k in exchange for 10% equity in FurZapper. At the time of the episode, they valued their company at $6 million. They successfully secured a deal with Lori Greiner for an investment of $600k for 15% equity in the company. The investment adjusted the company’s net worth to around $4 million. After the show was aired, the company experienced a significant boost in exposure. As per my rough estimate, the current net worth of FurZapper in 2024 is around $20 million.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Kevin O’Leary	$600K for 10% equity	$600K for 20% equity or $600K loan at 9.5% interest for a 5% stake.	No
Barbara Corcoran	$600K for 10% equity	$600K for 15% equity with a $600K line of credit	No
Lori Greiner	$600K for 10% equity	$600K for 15% equity + additional line of credit.	Yes
Mark Cuban	$600K for 10% equity	$600K for 15% equity	No
Kendra Scott	Out	N\A	N\A

The Owner’s Backstory

Although Harry is a lawyer and a worker for animal welfare, Michael was the first to accidentally introduce the idea for FurZapper. He came to know about silicone and its advantage as a pet hair remover, which led to his partnership with Harry.

According to Michael, “I accidentally dropped part of a mask on the floor in my workshop, where my dogs frequent, and noticed that there was dog fur stuck all over it; I then brought it to the sink to rinse it off and found that the fur immediately washed off,”.

According to the owners, the product is patented and removes every bit of pet fur from clothes while washing them.

Initial Pitch

The owners came on the show with their cute products to give the judges a good look. They requested $600K for a 10% equity stack. The FurZapper is an innovative product to get rid of the nasty fur of your beloved pets. This product makes pet owners’ lives easy.

Queries about the Product

Lori asked about the owner’s first interaction. Harry highlighted that they were both part of the same networking group. Harry has an interest in animals and he was a lawyer too. While they were talking to each other for the first time they saw a chemistry between them and so they founded the company.

Kevin inquired about their sales. Michael related that their sales were $640K in 2018 and it elevated to $2.2M in 2019. Their profit the same year was $580K.

Cuban asked about their medium of sales. Harry enthusiastically pointed out that they are in every single Walmart right now. Even shockingly, their margins on the standard two packs are $71.

Corcoran asked about the cost of their product. Harry answered that it sells for $14.99, with an acquisition cost of only a nickel.

Cuban asked what they needed the money for. Harry highlighted that although they have patents in China and all the EU countries they still have an out-source manufacturer. U.S. manufacturing is a bit expensive for them. So, they would use the money for an in-house manufacturer and will cut out $2 of their profit, resulting in job facilities for other people as well.

Shark’s Response and Final Decision

Kevin was the first to offer two-way deals at the same time as he wanted to send the product to a cat business that he does for DNA testing. He gave them an option to either opt for $600K as a loan for 9.5% interest, plus 5% equity in the company or $600K for 20% equity.

Corcoran then pitched a deal of $600K for 20% of their company.

Kendra loved their product but refused to be an investor in their company. She was the only shark to back out.

Lori came in with enthusiasm and highlighted her support matters. She offered $600K for 19.99%. This created an air of humor on the show.

Cuban also pitched a deal and demanded an equity of 15% on $600K. Harry then tried to get Lori partnered with Cuban but she refused.

Afterward, Lori and Corcoran changed their offer and reduced their equity by 15% to get on level with Cuban. However, Corcoran also added a $600K line of credit to the deal.

Finally, the owners chose Lori and accepted a deal of $600K for 15% equity. They also requested an additional line of credit in times of need, which was readily accepted by Lori.

Product’s Availability

The product went viral after appearing on Shark Tank. They even posted on Instagram that “Thousands of orders have been sent out for delivery today and more tomorrow! Thank you for your patience. Shark Tank really overwhelmed our ordering system but we are catching up quick…”

They even had high reviews on Amazon and in 2023 alone their sales hit $5M. Luckily for Lori, the business has proved to be an ever-growing market. It is found both in retail and online on their website.

Conclusion

In a nutshell, the company originated out of sheer luck when Michael accidentally found out about the advantages of silicone. Now it is worth millions of dollars. The business owes its growth to its owners and Lori who made a deal with them on Shark Tank.