Phoozy Shark Tank Update (Season 12)

Phoozy is a protective cover designed to shield tech devices from weather and environmental damage. Founded in 2016 in Charlotte, North Carolina, the company offers products that provide thermal protection from extreme heat and cold, flotation, and drop protection.

Phoozy makes protective covers for phones, laptops, tablets, and other tech accessories commonly used by consumers. In cold environments where temperatures drop below 32 degrees Fahrenheit, phones can shut down. However, using Phoozy’s thermal capsules in such conditions can extend the phone’s shutdown time and increase battery life by three times.

These thermal capsules are engineered to meet or exceed the 810G 516.6 Military Standard for drops and impacts, helping to mitigate damage from environmental factors. Phoozy’s products are designed to make devices climate-proof, germ-proof, and drop-proof.

Recently, Phoozy launched a new product, the Drink Can Cover, made with NASA materials, CoolBase Technology, SinkProof Technology, and an AntiGravity Handstrap. The company sells its products on Amazon and its official website, with prices varying based on size.

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Who Is The Founder Of Phoozy?

The co-founder and CEO of PHOOZY Thermal Capsules is Kevin Conway, while the COO is Josh Inglis.

Kevin Conway is a former NASCAR and race car driver, having raced with Prestige Performances for 10 months. He has also served as a co-founder and board member of Change Nutrition, Inc. for seven years and has been running a racing company, eXclaim Racing, LLC, since 2004.

Since 2013, Kevin has worked as a Professional Instructor for Automobili Lamborghini S.p.A. He studied marketing at the University of North Carolina in Charlotte.

Josh Inglis is a marketing specialist who worked at The Home Depot for over 10 years. He holds an MBA in Finance from Emory University.

How Was The Shark Tank Pitch Of Phoozy?

Kevin Conway and Josh Inglis entered Shark Tank seeking $500,000 for 10% equity in their company. They explained their motivation for starting the business and detailed the technology behind their product.

During their pitch, Kevin demonstrated the product’s effectiveness by calling Daymond John to showcase how it prevents phone overheating.

In just 36 months since launching, the company generated $1.9 million in sales, with $700,000 in sales the previous year. They had reported $1.5 million in sales in 2019 and projected $4.5 million in sales for 2020.

All sales have come from a direct-to-consumer model, with a profit margin of 25%. The production cost of their product ranges from $3 to $15, while the retail price varies from $30 to $70.

Kevin Conway stated that they have not raised external funds; the business is bootstrapped. Josh invested $85,000 to start selling their product and reinvested profits back into the business.

Mark Cuban opted out of the deal, citing his inability to effectively promote the business. Kevin O’Leary asked how the $500,000 would be used, and Kevin Conway responded that they would hire employees and expand the business.

O’Leary made an offer of $500,000 for 4% equity plus a royalty of $1 per unit sold until $1.5 million is paid. Conway countered with an offer of $500,000 for 4% equity plus a royalty of $1 per unit sold until $1 million is paid.

Robert Herjavec then offered $500,000 for 4% equity plus a royalty of $1 per unit sold until $500,000 is paid.

Lori Greiner also made an offer of $500,000 for 4% equity plus a royalty of $1 per unit sold until $1 million is paid. Lori and Robert proposed to team up, offering $500,000 for 8% equity plus a royalty of $1.50 per unit sold until $500,000 is paid.

Finally, Kevin O’Leary presented a new counteroffer of $500,000 for 2.5% equity plus a royalty of $1 per unit sold until $1 million is paid.

The entrepreneur agreed to the offer from Lori & Robert.

Phoozy Shark Tank Update

Phoozy secured a deal on Shark Tank for $500,000 in exchange for 8% equity, with Lori and Robert assisting the entrepreneurs in expanding the business.

Before appearing on the show, the company was already profitable and well-known but sought a professional partner to help them expand internationally.

Phoozy’s products have been featured in numerous media outlets, including Forbes, SKI, Backpacker, Outside, and GQ, among others.

In 2022, they introduced new thermal capsule products in various categories, such as Quick-Attach Small Accessory Straps, Phoozy Drink Capsule Can, Phoozy 2.8 L Techcapsule, and Cross Body Strap.

In March 2022, professional ski athlete Mo Mitchell became the brand ambassador for Phoozy. The company offers international shipping, and its products can be purchased through Amazon.

After receiving funding from Shark Tank, Josh, a marketing expert, focused on branding the company, particularly through social media, which is well-suited for influencer promotion. Phoozy Thermal Capsules are a unique and trending product, appealing to smartphone users of all ages.

Following the Shark Tank episode, sales increased by 400%, leading to a surge in orders. However, after a limited-time promotion, sales declined slightly. They also received distribution offers from several major retail stores.

As of August 2022, the company has generated annual revenue of $4 million, with Lori and Robert remaining involved in its growth.

What Is The Phoozy Net Worth?

Phoozy’s net worth is estimated at $2.5 million. The annual revenue of the business is not growing slowly; however, it faces competition from new entrants in the market.

Yes, Phoozy is still in business as of April 2024.