Babies can’t blow their noses on their own, and when they have a stuffy nose, it’s hard for them to eat and breathe. Nina and Sina Falzin designed OogieBear, a baby booger picker, to help parents. They pitched the product on Shark Tank and landed a deal with Robert Herjavec and Barbara Corcoran. As of 2024, OogieBear is valued at $8 million.
Founder
Nina and Sina Falzin are a married couple from Potomac, Maryland. Both are registered healthcare practitioners, but in different fields. Sina specializes in periodontism and Nina is a pharmacist.
Nina has been a pharmacist for over 20 years and is a big fan of Shark Tank. She claims that she learned all of her business knowledge from watching the show. The business is a family affair as their children are involved in everything from shipping to social media.
Founding Oogiebear
While raising their first child, Ariana, the Falzins were concerned because their daughter would often wake up at night with breathing problems caused by boogers. Although there were products to treat wet noses, these problems were not addressed.
The Farzins launched Oogiebear in 2015 as a scoop and ring that removes all types of booger and earwax. A key aspect of the product is the iconic bear head design, which helps prevent the tip from being inserted too deeply.
The venture was a success, and they went on to create other baby products, including a breast massager, nose balm, and teething toothbrush. Since 2015, the company has sold more than 1 million products, with cumulative sales of more than $15 million.
Shark Tank
Oogiebear is already a successful business, projecting annual revenues of $5.4 million and profits of $1 million next year. The audience cheered as Nina announced her impressive sales figures.
They appeared in the Season 14 premiere, asking for $400,000 for a 5% stake. Kevin O’Leary joked that he didn’t have a booger picker in his portfolio, and offered $400,000 for a 10% stake. Lori asked the audience if baby boogers were a real problem, and most said yes. She offered $400,000 for a 12% stake, and teamed up with Cuban.
Barbara offered $400,000 for 10% equity, but she would return half of her equity if she didn’t reach $400 million in two years. Robert shrewdly joined her in the deal. The audience was in chaos, and all the sharks except Diamond shouted for a deal. In the end, they agreed to the deal proposed by Barbara and Robert for $600,000 for 10% equity.
After Shark Tank
Viewers and Sharks alike loved the product, suggesting that sales of the product are likely to soar after the episode aired. The deal with Barbara and Robert closed after the show and helped them drive more sales through their website.
All of their products are available at Oogiebear.com, Amazon, Buy Buy Baby, Target, Walmart, and Nordstrom. Oogiebear partnered with Walmart and Sam’s Club in 2020 and has been available in select Target stores since early 2021.
The founders are working to diversify their revenue streams, as Amazon contributed 76% of sales at the time of the pitch. Due to their success, Oogiebear has come into conflict with other companies making copycat versions of their products. The company has never had any problems attracting PR and has been featured in publications such as BuzzFeed and People.com.
Their baby care products have received over 32,000 reviews on Amazon with an average rating of 4.6 stars. Oogiebear is on track to generate $5.4 million in revenue in 2022, with sales expected to reach $6.5 million in 2023. Currently, Oogiebear is valued at $8 million.
Categories: Shark Tank
Source: dut.edu.vn
