'Shark Tank': Cat Amazing snubs Daymond John by closing $200K deal with Lori Greiner
Who would have guessed that the Sharks would take such a keen interest in a cat puzzle toy's pitch and get into an intense bidding war? But that's exactly what happened on the recently aired episode of 'Shark Tank' after Cat Amazing founder Andrey Grigoryev finished pitching. Andrey walked into the tank seeking an investment of $200K in exchange for a 10% stake in his feline enrichment toys business.
The Sharks loved his passion but were concerned about the low-profit margins on his business. When Andrey explained he intentionally kept his profit margins low and that he wasn't in the business for the money but with a mission to honor his late cat Mooky, he immediately lost Mark Cuban's interest. The billionaire Shark decided to sit out from making a deal as he wanted a return on his investment. But that didn't deter the other Sharks from making an offer. Mr Wonderful aka Kevin O'Leary kicked off the negotiations by making his infamous royalty deal. Kevin made things a little bit more exciting for Andrey by deciding to forego equity completely and just do a royalty deal. Robert Herjavec too took a leaf from Kevin's book and rolled out a royalty offer.
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Just as Lori was about to make her offer, Andrey stopped her and decided to share a little secret with the Sharks. He revealed that he promised his cat Mookie that he would be giving up the entire Cat Amazing business to help the shelter cats at some point. Thus he pointed out how royalty deals wouldn't work out due to his promise and preferred to take the equity path instead. With this in mind, Daymond John jumped in and made an offer of investing $200K in exchange for a 25% stake. Andrey countered the offer by asking Daymond to keep 10% equity and to donate the other 10% to cat shelters. Daymond countered the offer by declaring that he would keep 15% stake and donate 5% to cat shelters, and Andrey would have to match it by donating 5% as well.
But before Andrey could make a decision, Lori jumped in and declared that she would make a straight-up equity deal and wanted a 22% stake. Andrey countered Lori's offer by asking if she would be interested in doing a similar deal like Daymond and donating a portion of her stake to cat shelters. Lori agreed and closed the deal. Andrey left the tank feeling happy about closing the deal with the Shark he wanted, while Daymond gave a stink-eye to both Lori and Andrey for snubbing his offer.
'Shark Tank' Season 13 airs every Friday at 8/7c on ABC.
Missed an episode? Been wanting to catch up? Episodes can also be viewed the next day on demand and on Hulu. Not just that, you can also watch old seasons and episodes on Amazon Prime Video and iTunes.