In a world where kids are glued to their tablets, Alex Furmansky wanted to blend imagination with real world play. That’s why he created his company that takes children’s artwork and turns it into custom made stuffed animals. Will his company earn him a deal on
Shark Tank Budsies Update
- Entrepreneurs: Alex Furmansky
- Business: Custom stuffed toys
- Ask: $100,000 for 5% equity
- Result: No deal
- Sharks: None
Alex presented his company Budsies to the sharks and handed out some samples. He explained that parents send in their child’s artwork and his company turns them into a stuffed doll that looks just like the drawing. He wanted his company to be the go-to brand for custom stuffed toys.
It costs $35.00 to make a single toy, and it sells for $69.00. In the first 7 months of business, prior to filming, Alex had only sold about 2,000 units and barely netted a profit. Mark Cuban dropped out first, and Lori Greiner went out next because she didn’t feel the company was scalable.
Kevin O’Leary offered $100,000 in exchange for 50% equity, but he wanted Alex to raise his prices. Robert Herjavec didn’t understand the vision for the future, so he went out. Daymond John made a lightly more competitive offer, $100,000 for 40% equity. Alex decided to reject both offers, and walked away without making a deal. What happened next for his company? Keep reading our Budsies update to find out!
Our Budsies update revealed that the company is still around is still in business. Products are available on the Budsies website and it looks as though Alex has expanded his catalog of items. It also appears that he may have taken Kevin’s advice on adjust his prices to increase his profit margins and stay in business..
Would you like to find out about the other companies featured on Season 6 Episode 24? Follow the links below for our other company updates from the episode.
For even more on companies and products, be sure to stop by our Season 6 Products Page!
Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!