Supporting early-stage entrepreneurs and turning ideas into a compelling vision that the company would buy, these were the core ideas behind starting Shark Tank. The story of BasePaws is one of the most compelling.
Let’s have a closer look at how BasePaws transformed from a few thousand kits into a multi-million dollar pet genetics brand. Here, we provide a brief overview of consumer pet care and the genomic testing landscape.
BasePaws Shark Tank Recap
BasePaws entered the Shark Tank Season 10 Episode 20, pitching a service of cat DNA testing by Anna Skaya. The brand, BasePaws, was for cat owners, so they can know their pet a little better. In this case, the owner needs $95, and they will compile a genetic report consisting of the cat’s breed and the genetic health risks involved.
However, the bigger picture is to structure a worldwide cat database and then use it to generate reports. All of this was envisioned by Skaya as part of her at-home testing vision.
By the year 2019, Kevin O’Leary and Robert Herjavec’s investment succeeded BasePaws as one of the largest Shark Tank companies. BasePaws had sold over 2,500 kits and generated roughly $200,000 in revenue within just 10 months.
During that time, the company projected $400,000 of revenue for its first full year. She came in seeking $250,000 in exchange for a 5% stake, further valuing the company at $5 million.
She received mixed reactions from the Sharks; while some were impressed, others were concerned about its scalability. Despite that, two Sharks took the plunge and offered her a deal.
Initially, Kevin offered $250,000 for an 8.3% equity + 1.7% advisory charge, which in turn is a 10% stake. Also, Robert Herjavec gave the same offer as Kevin (Mr Wonderful). The two Sharks decided to team up, and hence, the deal was secured by Anna at the same amount and equity.
Post-Shark Tank Growth: From Small Kitty Kits to Big Numbers
After the episode aired on Season 10, BasePaws saw a huge surge in customer visibility, and the brand’s modest DNA kit captured the widespread attraction of pet lovers.
At this instant, the brand launched its product on Amazon and further expanded the offerings. Anna also witnessed a sharp increase in orders after getting visibility, advice, and funding from the Tank.
After a year or two, BasePaws, which had been generating revenue of $300K to $400K, surpassed $3.5 million in annual sales.
Moreover, BasePaws upgraded its DNA kits to include health marker screening, genetic predispositions, health risks, and traits. This growth was further backed by real product development. The company also launched a Cat Dental Care Test for assessing the microbiome, along with dental wellness for pets.
Consequently, this immediate pivot from DNA testing kit to a full-fledged genomics company allowed BasePaws to tap into pet-healthcare and wellness trends.
The Big Exit And Acquisition by Zoetis
Zoetis, a multibillion-dollar company and a global leader in medicine, animal health products, and pet solutions. By mid-2022, the Shark Tank company, BasePaws, attracted acquisition interest from Zoetis.
Zoetis saw a lot of potential in BasePaws’ growing genomic and microbiome database, which is a very powerful idea for Research & Development in precision medicines for pets and preventive care. Therefore, it was acquired for over $50 million.
BasePaws is one of the most successful exits of Shark Tank history. Also, Kevin O’Leary and Robert Herjavec received a massive return on their $250K investment.
What BasePaws Does Today (2023-2025): Expansion, Innovation, and Animal-Health Integration
After getting acquired by Zoetis, the company continues to remain as an active brand, which is now backed veterinary-health infrastructure.
New Products & Services
Despite the acquisition and changes in the product offerings, Cat DNA Breed and health test remains their core offering as of today as well. It gives cat owners breed ancestry, risk markers, and genetic-health.
Unquestionably, the cat Dental Health Test, which is analyzing oral microbiome, broadened its scope from genetics to overall wellness. According to the recent updates and reports, BasePaws started with dog DNA testing kits, further signaling that they are expanding beyond felines.
Data & Research: A Growing Genomic Database
One of the greatest assets acquired by Zoetis was a genomic and oral microbiome database developed by BasePaws. Hence, this data has strategic value for a longer period of time, and it has the potential of developing diagnostic, and preventive health tools.
Presence & Distribution
After the acquisition, BasePaws tests are still available through direct-to-consumer channel, website, and Amazon. With the backing of Zoetis, as per the reports suggests, the work is ongoing to combine the test kits with veterinary marketspace.
Business Performance & Valuation
Some of the sources estimate that by the year 2024, BasePaws annual revenue would be around $3.8 million, and the net worth of the company would be $50 million.
Why BasePaws Worked?
BasePaws offered breed-ancestry, simple home DNA test, and health-risk markers. The company tapped into this market with a huge gap because individuals are emotionally attached to their pets. he unique selling proposition or USP was; “Know your cat’s genetics, so you can care for them better.”
This emotional and practical appeal attracted many consumers. Basepaws proves that niche pet-care innovation can become a multimillion-dollar category when paired with scientific credibility and strong market demand.
