An entrepreneur from Fort Lee was able to lock in a deal with a "shark" for his product designed to amuse bored cats.
Andrey Grigoryev, lover of cats and cat puns, appeared on Season 13 of ABC's "Shark Tank" on Friday night to seek $200,000 for a 10% stake in his company, Cat Amazing.
Grigoryev created a cat toy and puzzle feeder box in 2011 after noticing that his cat, Mooky, was bored with his toys. Inspiration struck when he watched Mooky trying to get a ball out of a furniture stand.
He told "sharks" Mark Cuban, Robert Herjavec, Kevin O’Leary, Lori Greiner and Daymond John that he began making cardboard cat mazes and turned it into a hobby/business.
The interactive puzzle feeder comes in various sizes and ranges in price from $16 to $35. The cardboard box has strategic cutouts for the cats to paw at to retrieve the treats inside.
The product activates natural instincts and benefits the cats by slowing down their eating, Grigoryev said.
He told the sharks he immigrated to America from Russia as an 8-year-old. Since he didn't speak the language, he formed his "deepest friendships" with his pets instead of with other children.
After 2017, Grigoryev said, he left behind a six-figure salary to commit to the business full time. "My parents didn't bring me here to not seize opportunity," he told the potential investors.
In 2017, his sales were $34,000 They grew to $720,000 in 2021.
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On "Shark Tank," the sharks, or investors, negotiate with entrepreneurs over investing in their companies. Grigoryev received offers from Herjavec, O’Leary, Greiner and John. Cuban declined to make an offer.
Herjavec and O'Leary both offered the $200,000 in return for receiving $2 per unit until they recouped their investment, and $1 per unit after.
John offered $200,000 for a 25% stake. Grigoryev then admitted to the sharks that he had made a promise to Mooky that he would help shelter cats and wanted to commit a percentage of the company to fulfill his promise.
After counteroffers, John landed on $200,000 for 25%, with 5% of his portion going to cat shelters and Grigoryev matching 5% to the cause.
Greiner then entered to make an offer of $200,000 for 22% of the company and ultimately agreed to give 5% of her share to cat shelters, which Grigoryev would match from his shares.
Grigoryev took the deal with Greiner. He admitted on camera that he came into the Shark Tank hoping to reach a deal with Greiner.
The Cat Amazing website says it is sold out of the product, stating, "Sharks you cleaned us out," but preorders are available with a shipping date in May. There is a 10% discount in honor of the deal.
Kristie Cattafi is a local reporter for NorthJersey.com. For unlimited access to the most important news from your local community, please subscribe or activate your digital account today.