Phoozy’s phone cases are designed to protect your phone from many threats when you use it outdoors. They protect your device from overheating in the sun, immersion in water, damage from drops, and more. Founders Josh Inglis and Kevin Conway took it to Shark Tank and struck a deal with Lori Greiner and Robert Herjavec. As of 2024, Phoozy has a market cap of $6 million.
Founder
Kevin Conway is from Charlotte, North Carolina. He has a degree in Marketing from the University of North Carolina, but has spent most of his career as a professional race car driver.
He started competing in the NASCAR Cup Series and was named Rookie of the Year in 2010. He later transitioned to driving sports cars and worked as a professional instructor for Lamborghini.
Josh Inglis lives in Atlanta, Georgia. Little is known about his educational background, but he worked as an executive for a large home improvement retailer for 15 years.
Founding Phoozy
Kevin hated it when his phone shut down in the heat, so he came up with an idea to use space suit technology to protect the device from overheating and battery damage from extreme cold.
He told Josh, and they came up with Phoozy. In addition to temperature protection, these cases can also help devices float in water and be less damaged after falls.
The co-founders used $85,000 of their own money to launch the startup in 2016. Since its inception, Phoozy has been profitable and has accumulated $1.9 million in sales, all direct to consumer.
Shark Tank Appearance
Josh and Kevin appeared on Season 12 of Shark Tank, seeking $500,000 in funding in exchange for 10% equity. They gave a professional presentation without the exaggerated smiles or embarrassing lines of other founders.
Daymond John was invited to help demonstrate the use of Phoozy. More importantly, the Sharks were impressed by their lifetime sales. They forecast sales of $4.5 million for 2020 with a net profit of 25%. The Sharks were excited about the profit margins and how they could kickstart the business.
Kevin O’Leary made the first bid to get things moving. He finalized the deal structure, and Lori and Robert came on board and just tinkered with the numbers. They teamed up and split $500,000 for 8% equity and $1.50 per unit in royalties until they got their money back.
After Shark Tank
After the Shark Tank episode, Phoozy was flooded with new orders. According to SharkTankRecap.com, their sales increased by 400%. This is common for businesses that appear on Shark Tank, as the show attracts 4 million live viewers per episode. In addition, millions more viewers can be reached through co-productions.
Sadly, the deal with Robert and Lori doesn’t appear to be done yet. Phoozy does not appear in the Shark Tank investment section on either of their websites. Chances are, once the cameras stop rolling, the $1.50 per unit royalty will be too much to bear.
Despite the setback, they expanded their product range to include can coolers and bags for carrying all your tech. You can buy their products at Phoozy.com, Amazon, Best Buy, and Walmart.
Most products on Amazon have an average rating of more than 4 stars, the reviews are mostly positive, and sales are good. Phoozy’s annual revenue is estimated to be between $4 million and $5 million, and its current valuation is $6 million.
Categories: Shark Tank
Source: dut.edu.vn
