Minnesota Couple Gets $250K for Their Business on ‘Shark Tank’
Last week we found out that a Minnesota couple, Scott and Gina Davis were taking their online company "Dog Threads" to "Shark Tank" with the hopes of getting an investor. The couple makes matching outfits for dogs and humans. They have everything from flannels to t-shirts to sweaters. Their episode of the show aired on Sunday and their dreams did come true.
Bring Me the News claims that the Davises received $250,000 on the show. The couple went on the show with hopes of receiving $250,000 for 17% of the business. The only had one Shark that took the bait. That was Mark Cuban. After some negotiations, they agreed on the $250,000 for 25% of the business. The couple said they wanted to keep as much of the business as possible because of their one-year-old.
The company was created in 2014 after the couple could not find a matching shirt for their four-legged friend. Gina has a background in clothing design, so she used her skills to make her family look stylish. After getting raving compliments from friends, family, and strangers, the two launched their online business on Black Friday of 2014. The Dog Threads website says that a portion of every sale is donated to non-profit animal rescues. The Davises want to help as many dogs as they possibly can find perfect forever homes. I love businesses like that! It warms my heart.
CNBC claims that Cuban is planning on helping the couple licenses their merchandise and expand their company. Currently, 80% of Dog Threads sales are online through their original site. This small town couple is in for a fun ride as they continue following their dreams of building their unique clothing business.
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