It can get really expensive to replace phones due to damage, especially from overheating. Because of this, Josh Inglis and his buddy, professional NASCAR racer, Kevin Conway, have created the world’s first thermal and drop-safe solution for mobile devices. Will they get a deal on
If you’re short on time, here’s a quick overview of what happened to Phoozy after
Phoozy appeared on
|Lori Greiner and Robert Herjavec||Accepted deal of $500,000 for a total of 8% equity, and $1.50 royalty until $500,000 is repaid|
|Kevin O’Leary||$500,000 for 2.5% equity, and a $1 royalty until $1 million is repaid|
|Mark Cuban||No Offer|
|Daymond John||No Offer|
Shark Tank Phoozy Update
- Entrepreneur: 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 is repaid
- Shark: Lori Greiner and Robert Herjavec
Phoozy is a company and product born out of frustration. Kevin, the CEO of the company, hates how phones shut down and overheat when they get too hot or too cold, so he and Josh set out to create a product to solve this.
Impactor Core 1.0 provides military-grade shock protection to protect your phone from drops up to 6 feet. Water-resistant, splash-proof design floats if dropped in the water to allow for quick, easy retrieval of your phone.
The result is Phoozy, a phone protector made out of the same materials found in race cars, spacesuits, and space shuttles. The combination of the materials allows it to keep the device safe during extreme temperatures, as well as from water.
Phoozy also offers military-grade drop protection to prevent scuffing and scratches, among other things. With such a no-brainer product, the sharks are equally impressed with their sales numbers.
According to the partners, Phoozy has generated over $2.2 million in lifetime sales. Further, they earned $700,000 in 2019, and $1.5 million in 2020.
Additionally, at the time of their pitch, they are expecting to end 2021 with $4.5 million in sales.
Mark Cuban is the first shark to say he’s out. While he thinks it’s a smart product, it’s just not for him.
On the other hand, Kevin O’Leary offers $500,000 for 4% equity, but he wants a $1 royalty per unit until he makes $1.5 million. The entrepreneurs ask Kevin if he’ll do a $1 million recoup cut-off, and he replies back with $1.2 million.
Just then, Lori Greiner jumps in saying she will do the deal, offering $500,000 for 4% equity, with $1 royalty per unit, until the $1 million is made. Then, Robert Herjavec chimes in, offering $500,000 for 4% equity, and $1 royalty until he recoups his $500,000 investment.
As they consider the offers, the guys ask Lori if she will go in with Robert, but with his offer terms. She agrees only if they raise the royalty to $1.50 per unit.
That’s when Kevin comes back in with a new offer of $500,000 for 2.5% equity, and a $1 royalty until $1 million is made back.
In the end, the two decide to partner with Lori and Robert, accepting the deal of $500,000 for a total of 8% equity, and $1.50 royalty until $500,000 is repaid. Keep reading our Phoozy update to find out what happens following
In terms of a Phoozy update, we have great news as the company is still in business! Since airing on
According to Kevin, the company’s sales have grown more than 400% since airing, and it hasn’t slowed down yet. Because of this, as well as the partnership with Robert and Lori, Kevin adds that Phoozy is planning on adding new distribution channels.
The company is also working on improving brand and product awareness.
Since then, Phoozy has added several new products, including laptop and tablet cases. They also offer cases for other tech, as well as for drinks!
Be sure to check out all they offer on the Phoozy website, and on Amazon.
Before you go, be sure to check out some of our other Shark Tanks Season 12 Episode 19 updates:
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Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!