Phoozy Shark Tank Update: Where Is This Company in 2023?
Phoozy, a company that made waves on the popular reality show Shark Tank, has continued to captivate the market with its innovative products. Since its appearance on the show, Phoozy has come a long way, introducing new advancements and expanding its reach.
Read on to delve into the journey of Phoozy, exploring its founders, the workings of its products, its progress after Shark Tank, and its current status in 2023.
Phoozy Shark Tank Profile
Here is a table showing a summary of the Shark Tank profile of the company, Phoozy.
| Company Name | Phoozy |
| Founders | Kevin Conway and Josh Inglis |
| Founded | 2016 |
| Product | Thermal capsule case to protect electronic devices |
| Headquarters | Charlotte, North Carolina |
| Phoozy Shark Tank Episode | Season 12 Episode 19 |
| Airing Date | 2021 of 2nd April |
| Asked For | $500k for 10% equity shares |
| Final Deal | $500k for 8% equity shares and $1.50 per unit sold till initial investment is fully paid |
| Sharks | Lori Greiner and Robert Herjavec |
| Business Status | Still in business |
| Website | phoozy.com |
| Business Valuation | $6 million *per now |
| Purchasing Product | Buy on Amazon |
| Watch On | Hulu, Prime Video, YouTube, Fubu TV |
Who Are The Founders of Phoozy?
The brains behind Phoozy are Kevin Conway and Josh Inglis. Kevin is a former race car driver, while Josh was a cooperative executive at Home Depot.
Both founders have a passion for adventure and a deep understanding of the need for reliable device protection in extreme conditions.
With their combined expertise in engineering and design, they embarked on a mission to create a solution that could keep devices safe while offering added functionality.
How Does Phoozy Work?
Phoozy’s protective cases incorporate advanced technology to ensure the safety of electronic devices. The cases are designed with layers of insulation material that provide thermal and radiation protection.
Phoozy cases reflect solar radiation, using space suit-inspired technology, preventing overheating during sun exposure.
Additionally, these cases are constructed with a buoyancy material that allows them to float on water. This feature is particularly beneficial for water sports enthusiasts, boaters, and anyone at risk of dropping their devices into bodies of water.
Recap Of Phoozy At Shark Tank
Was Phoozy on Shark Tank? Yes, Kevin Conway and Josh Inglis presented their company on Shark Tank in April 2021. They pitched their business proposition to the panel of sharks. They sought a $500,000 investment in exchange for a 10% equity stake in the company.
During the negotiation process, Mark Cuban opted out of the deal, explaining that his expertise and ability to promote the business would be limited. However, Kevin expressed interest and made an initial offer of $500,000 for a 4% equity stake in Phoozy, along with a royalty of $1 per unit sold until $1.5 million was recouped.
Eventually, Lori Greiner and Robert Herjavec decided to combine their efforts and made a joint offer to the entrepreneur. They proposed a $500,000 investment for an 8% equity stake and a royalty of $1.50 per unit sold until $500,000 was recouped.
After considering the offers on the table, the entrepreneur agreed to the joint offer from Lori Greiner and Robert Herjavec. This solidified their partnership and paved the way for the future growth and success of Phoozy.
What Happened To Phoozy After Shark Tank?
Following the appearance of Phoozy after Shark Tank, it experienced a remarkable surge in its sales, witnessing a staggering 400% increase in 2021. The exposure gained from the show and the endorsement of the sharks propelled the company to new heights of success.
Phoozy’s impressive performance caught the attention of major retail stores, resulting in lucrative distribution offers. These opportunities allowed Phoozy to expand its market reach and make its innovative products accessible to a wider consumer base.
The partnerships with these retail giants provided Phoozy with increased visibility and a stronger presence in the industry.
In March 2022, Phoozy took a significant step towards bolstering its brand identity by partnering with Mo Mitchell. Mo Mitchell is a professional ski athlete, who became the company’s esteemed brand ambassador.
This collaboration further solidified Phoozy’s reputation as a go-to brand for athletes and outdoor enthusiasts seeking reliable device protection.
Phoozy’s growth and expansion weren’t confined to domestic boundaries. The company has made significant strides in international shipping, utilizing Amazon’s vast reach and logistics capabilities.
By leveraging Amazon’s platform, Phoozy could seamlessly ship its products to customers worldwide, breaking geographical barriers and capturing a global audience.
Phoozy’s Net Worth
Since its appearance on Shark Tank, Phoozy has experienced remarkable financial growth, significantly increasing its net worth. In 2021, the company’s net worth reached an impressive $1.3 million, reflecting its innovative protective cases’ success and market potential.
By 2022, Phoozy’s net worth surged even further, reaching a valuation of $2.5 million. This exponential growth can be attributed to the company’s expanding customer base, strategic partnerships, and continuous product development efforts.
As of 2023, Phoozy’s net worth has skyrocketed to an astounding $6 million, a substantial increase from the previous year. This significant jump in valuation speaks to the continued success and profitability of Phoozy, solidifying its position as a leading player in the device protection industry.
Phoozy Sales Data
As a company, they had generated $1.5 million in sales in the previous years before appearing on Shark Tank, totaling $700,000 in the most recent year. Notably, all their sales had come directly from consumers, emphasizing their strong direct-to-consumer strategy.
Their profit margin stood at 25% of sales, with production costs ranging from $3 to $15 per unit and retail prices ranging from $30 to $70. Despite their success, the founders had not raised external funding.
Instead, they bootstrapped the business, with Josh personally investing $85,000 to start the company and reinvesting profits back into the business.
Phoozy’s sales data clearly shows the company’s remarkable growth and success in recent years. The table below highlights the annual sales figures for Phoozy from 2018 to 2022:
| Year | Sales |
| 2018 | $500,000 |
| 2019 | $1.5 million |
| 2020 | $2.2 million |
| 2021 | $4.5 million |
| 2022 | $4 million |
Is Phoozy Profitable Now?
The remarkable growth in sales over the years indicates Phoozy’s strong market presence and the widespread recognition of its high-quality and innovative protective cases.
With its consistent sales growth and expanding market presence, Phoozy has established a profitable position in the industry.
The company’s innovative product offerings and effective marketing strategies have propelled its success. Phoozy’s ability to meet the demands of consumers seeking reliable device protection in various environments has contributed to its profitability.
If you’re interested in more Shark Tank updates, be sure to check out our articles on Hopscotch and Gallant. Our Hopscotch Shark Tank update dives into the creative children’s coding platform that captured the attention of the Sharks, much like Phoozy. Additionally, our Gallant Shark Tank update explores the innovative personal safety device that impressed the Sharks. Discover the inspiring stories of these entrepreneurs and their remarkable Shark Tank experiences.Conclusion
The Phoozy Shark Tank update showcases this innovative company’s incredible journey and success. Since its appearance on the show, Phoozy today has experienced exponential growth in sales. It has also expanded its product offerings, secured distribution deals with major retailers, and achieved a remarkable net worth valuation.
The company’s profitability, demonstrated through its impressive sales figures and net worth, highlights the effectiveness of its business strategies and the demand for innovative protective cases. Phoozy’s ongoing success is a testament to the power of entrepreneurial vision and perseverance, making it a standout in the ever-evolving world of device protection.
