Table of Contents
Introduction
Phoozy shark tank – Phoozy’s co-founders walked up to the sharks in April 2021 & told them they had an invention that would protect them classy devices from extreme damage. The idea had the sharks hooked & clinging to find out exactly how the current capsules worked.
But did the founders save a deal with any of the sharks? Are Phoozy device protectors as good as they right? And what happened to Phoozy after shark Tank? Read More.
Phoozy Shark Tank Update
- Entrepreneurs:Kevin Conway and Josh Inglis
- Business:Thermal and drop-safe cover for mobile devices
- Ask:$500,000 for 10% equity
- Result:$500,000 for 8% equity with a $1.50 royalty per unit sold until $500,000
- Shark:Lori Greiner and Robert Herjavec
As the Phoozy Shark Tank update quickly reveals, this is one of those rare cases where sharks offered entrepreneurs a better deal than they were asking for. Phoozy is a company and product born out of frustration. The company’s CEO, Kevin, hated the phone shutting down and overheating if it got too hot or cold. Kevin and Josh then created a product to solve this problem.
The result is Phoozy, a new phone case made from the same material used in race cars, spacesuits and space shuttles. The combination of materials used to make the protector helps keep your device safe from extreme temperatures and water. It also features military-grade drop protection to prevent scrapes, scratches and more.
With such an apparent product, the duo have impressed the sharks with their sales numbers. ($700,000 in 2019 and $1.5 million in 2020).
Seeing the product’s success, Kevin O’Leary, Lori Greiner and Robert Herjavec attempted to invest in his Phoozy. The two demanded a royalty of $1.50 for each unit sold until Phoozy repaid $500,000. But in the end, it was Lori and Robert who won. The two decided to partner with just an 8% stake and his $500,000 cash.
I added that I am. After Kevin Conway sacrificed his seat at Le Mans to ride Shark Tank, we’re happy to hear some good news in the Phoozy update. Phoozy’s sales skyrocketed after it aired on Shark Tank. According to Kevin, the company’s sales have grown by more than 400% since its launch and haven’t slowed down yet. So, in addition to partnering with Robert and Lori, Kevin is working to ensure that Phoozy will add even more products this year and next, add new distribution channels, and increase brand and product awareness.
It’s safe to say that Kevin’s original $4.5 million projection for late 2021 looks pretty modest compared to what Phoozy is currently doing. Stay tuned for his next Phoozy update to find out just how big Phone Guard can get in the future.
Phoozy Shark Tank Episode
So, Kevin and Josh appeared on the show in Episode 19 of Season 12 to grow their business and gain exposure to the brand Phoozy. The duo came to the show looking for her $500,000 investment against his 10% of the company’s stock. After sharing a story about how they founded the company, they showed us a full product demo and explained their working process.
Sharks were very impressed with the work so far and Phoozy’s achievements. Robert Herjavec was the first to put forward an offer of $150,000 for his 4% stake, with an additional royalty of $1 per unit until he recouped his investment. Kevin said he gave up Leman’s seat to appear on the show.
Phoozy Shark Tank Deal
Yes, PHOOZY has signed a contract with Shark Tank. Sharks Lori Greiner and Robert Herjavec agreed to invest her $500,000 at 8% interest and a royalty of $1.50 per unit until the investment paid off. However, in the end, the deal did not go through.
However, The show rewarded Kevin Conway and Josh Inglis for their compelling storylines. Attractive costs, historical sales figures and projected sales numbers were readily available, which surprised the Sharks, who vie with each other for ownership of PHOOZY’s stake.
Kevin O’Leary made the first offer. On a 4% stake, he is $500,000, a royalty of $1 per unit sold until $1.5 million is paid. But even after making better suggestions, Kevin and Josh decided to go with his two Sharks. Ultimately, Lori joined Robert’s offer of $500,000 for his 4% stake, but he changed his royalties from $1 per unit sold to $1.50, and the businessman agreed.
Phoozy Shark Tank’s Net Worth
As of 2021, Phoozy’s net worth is $1.3 million. Average annual sales are approximately $4 million.
The price of the phone cover depends on your phone type. Phoozy phone cases range in price from $20 to $99.
Kevin Conway says Phoozy made him $1.9 million in his first 36 months of sales.
He estimates his 2019 revenue for the company was $700,000; by 2020, he will be $1.5 million.
Was your prediction correct? According to recent data, the company has generated an estimated $4 million in revenue since its 2017 inception.
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Phoozy Shark Tank Owners
Kevin Conway owns Phoozy. He is a famous NASCAR driver with a net worth of $1.9 million.
He also won the 2010 NASCAR Cup Series His Rookie of the Year and is currently a Lamborghini Factory Instructor.
On the other hand, Josh is a digital marketing expert, co-founder of Phoozy, and an e-commerce specialist at The Home Depot.
Conclusion
The Phoozy embodies the American dream. Two men discover a common problem with no good solution or market. So, I came up with an idea using my experience and skills. The idea was his Phoozy’s. Thanks to Phoozy, they were already making millions of dollars before boarding “Shark Tank.”
What happened to Phoozy was a miracle, not a fluke. It continues to be successful and offers new products. They’ve been lucky enough to find a niche and become a dominant player in that market. I don’t have anything for aviators.
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