“Springer” got featured on Shark Tank USA on 2022 May. It was founded by Griffin and Shannon Ross.
Springer Net Worth in 2022
Here is an update on Springer’s net worth so far.
|Springer’s Net worth before appearing on Shark Tank
|6.6 Million USD (business valuation)
|Springer’s Current Net worth (2022)
|1.7 Million USD
Springer’s founders Griffin and Shannon Ross have a net worth of 1.6 Million USD as of 2022.
Are you struggling to keep your dog hydrated while you are on vacation? Well, Springer can help.
Springer is a water bottle for dogs made of squeezable food-safe, low-density polythene with a bawl on top to make it easier for the dog to drink water from it.
Who is the owner of Springer?
Siblings, Griffin Ross and Shannon Ross are the co-founders of Springer. Their mother Diana Ross Co-Owned Company and currently works as the vice president of the business.
Springer offers a simple but highly useful product to pet owners and during the Covid-19 hit, the number of pet owners increased in the USA, and so did Springer’s sales.
What happened at the Shark Tank?
Griffin and Shannon have pitched their deal, $400,000 for 6% equity of their business.
Shannon starts to explain the validity of Springer compared to regular old portable bawls and hand bawls and in the meantime sharks have invested attention in the sample products they have presented.
According to Shannon, Springer has won 8 patients and started operations in 2016. In 2020 company had sales worth $1.7 million. Product cost is limited to $3 and they keep a markup of 88% per product.
However, the sharks were not so impressed to hear that, Shannon and Griffin have only made $100 grand and re-invest the rest in the company. Hence Mark says, ‘I don’t think they have enough sales, ‘I’m Out’’.
Daymond has doubts regarding the valuation and Robert seems not inspired due to the large salaries. Hence both of them have stated that they are out.
After hearing all, Kevin has made his offer: $400,000 for 2% equity of Springer plus $3 royalty until he re-cups his investment and after that, the royalty goes to $1.5. But the siblings were not so impressed.
However, Lori loves the product and she has made her offer: $400,000 for 10% equity along with the preferred stock. After conferring with each other, Griffin and Shannon said ‘Yes’ to Lori’s offer.
Springer SHARK TANK UPDATE
As per the stats presented by Shannon, Springer made $711,000 in sales in 2016 and was able to maintain the sales revenue static at around $650,000 to $750,000 until 2020. The Covid-19 hit was favorable for their business as individuals were looking for pet companionship.
After hearing Shannon’s presentation of Springer, Mark, Daymond, and Robert say ‘Out’ for several reasons, and Mr. Wonderful and Lori have made offers to steal the deal.
However, the two siblings were not so impressed by Kevin’s offer but they found it interesting to confer about Lori’s one.
After critically evaluating Lori’s offer: of $400,000 for 10% equity, Griffin and Shannon said ‘Yes’.
What happened to Springer After the Shark Tank?
The appearance in the shark tank has gathered recognition for Springer on social media platforms.
Springerpets has reached over 4500 followers. However, Springer’s shark tank deal has spent 3 months now but has not been finalized with Lori yet.
The products are now available on Amazon, the official website, and several other petcare online stores. They have introduced special mini-sized bottles for small dogs such as Pugs and Beagles.
Springer donates 1% of its sales revenue to charity and the business’s net worth is valued at $1.7 million, as of May 2022.
Competitors of Springer
Since Springer has patents for their product, no close competitors in the market for now.