Additional Coverage:
- ‘Shark Tank’ contestant tucks himself into bed and plays with a dog — ends up with a 6-figure deal (marketrealist.com)
Entrepreneurs Snuggle Their Way to Six-Figure Deal on ‘Shark Tank’
In a “Shark Tank” pitch that was both unusual and endearing, entrepreneurs Yuki Kinoshita and Noah Silverman cozied up to a six-figure deal for their company, Plufl – the “dog bed for humans.”
Seeking $200,000 for a 10% stake in their company, Kinoshita and Silverman brought their product to life on set, complete with a demonstration involving a real dog and a very comfy-looking human-sized dog bed. Kinoshita hopped into the oversized bed, feigning sleep, while the dog looked on inquisitively.
The demonstration caught the eyes of sharks Mark Cuban and Robert Herjavec, who couldn’t resist trying out the Plufl for themselves. The scene turned downright heartwarming as Herjavec playfully tucked a blanket around Cuban.
While some sharks remained unconvinced about the product’s potential, particularly given the company’s backlog of orders and lack of shipped units, Kevin O’Leary saw an opportunity, offering $200,000 but for a 30% stake. Just as the entrepreneurs considered O’Leary’s offer, Cuban and Lori Greiner swooped in with a joint offer of $200,000 for 20%.
Citing their success with Hug Sleep, a similar comfort-focused product that had generated $15 million in sales, Cuban and Greiner positioned themselves as the ideal partners to take Plufl to the next level. After a brief negotiation, the entrepreneurs accepted the deal, recognizing the immense potential offered by the combined expertise of Cuban and Greiner.
The success of Hug Sleep under Greiner and Cuban’s guidance served as a compelling case study. The company, which produces a unique adult sleeping bag-like blanket, had secured a $300,000 deal for 20% equity on “Shark Tank.”
Following their appearance, Hug Sleep experienced explosive growth, reporting $4 million in sales immediately after the episode aired and reaching $15 million in sales within two years. Hug Sleep founders Matt Mundt and Angie Kupper expressed their surprise at the success, highlighting the uniqueness of their product and the unexpected opportunity that “Shark Tank” provided.