There are more than 58 million pet cats in the United States, and many owners have a hard time keeping them interested. Andrey Grigoryev created a toy for cats that stimulates their hunting senses without having to go outside. Cat Amazing appeared on Shark Tank and landed a deal with Lori Greiner. As of 2024, Cat Amazing is estimated to be worth $3 million.
About the Founder
Andrei Grigoriev is originally from Russia and moved to the United States with his family when he was eight years old. Grigoriev currently lives in Fort Lee, New Jersey, and has a degree in history from New York University.
After graduation, Andre worked as a senior software instructor at New Horizons Computer Learning Center. Later, he served as the social media marketing manager at Hertz Corporation and the director of professional services at Conversocial.
Founding Cat Surprise
Grigoriev had a hard time making friends when he first arrived in the United States, so he fell in love with cats. After getting married, he adopted a cat, named “Mooky,” and placed it in a small space in their apartment.
When Mooky is bored, he will put a small red ball under the bookshelf and take it out to play. Andrey came up with the idea to make a miniature maze for the ball to make the pet’s hunting game more challenging.
The idea worked, and Cat Amazing was born. From 2011 to 2017, the business was just a side hustle, bringing in $20,000 a year. In 2018, Andre took the project more seriously, and sales exceeded $300,000. By 2021, that number had reached $550,000.
Shark Tank Appearance
The founder quit his high-paying job to devote himself to this business. In order to take Cat Amazing to new heights, Grigoriev needed to raise funds and bring in new partners. In 2022, he appeared on Shark Tank Season 13, seeking $200,000 in funding for a 10% stake.
The Sharks liked his energetic intro and he explained his product well. However, the company’s profit margin was only 20%, and they relied heavily on Amazon for sales. Despite this, Robert Herjavec, Kevin O’Leary, and Daymond John all made offers.
The entrepreneur wanted to donate his equity to an animal shelter, but Diamond wasn’t keen. Lori Greiner jumped in and offered $200,000 for 22% of the shares, with 5% going to the shelter. To Diamond’s annoyance, Andre accepted the offer.
After Shark Tank
Grigoriev came across as genuine and not just interested in making money. The philanthropy seemed to resonate with viewers, as his shares sold out quickly after the episode aired. It’s unclear if the deal with Lori Greiner was finalized, as she doesn’t list the investment on her website.
Shortly after the show ended, Cat Amazing released a new version of its cat puzzles. Their products can be purchased at Walmart, Amazon, Chewy, and their website, CatAmazing.com. Amazon is the main driver of their revenue.
Cat Amazing Classic has an average rating of 4 stars (over 6,400 reviews). The company has not released recent sales figures, but estimates annual revenue is $1 million. Cat Amazing is currently valued at approximately $3 million.
Categories: Shark Tank
Source: svlsf.edu.vn