What Happened to Phoozy After the Shark Tank Pitch?
What is Phoozy?
Phoozy is a company that makes thermal-protective phone covers out of NASA space suit material. The cases (also available for laptops and tablets) protect against extreme heat and cold, plus they are “sink resistant” and “drop proof.”
Who is the founder of Phoozy?
The Company was founded by Kevin Conway and Josh Inglis.
Conway, a former NASCAR racer, missed an important call while on his boat in 2016 owing to his phone overheating.
Kevin also admits to abandoning a few phones on the lake’s bottom in the past. He looked for a koozy to protect his phone from heat and water, but he couldn’t find one.
From his racing days, Kevin was familiar with NASA’s space suit material – NASCAR drivers wear comparable suits.
The cases incorporate thermal protection (from extremes of heat and cold), buoyancy, and drop protection.
He obtained prototype assistance from his racing engineer friends and founded the business with the help of his pal, Inglis.
Conway is in charge of sales and marketing, while Inglis is in charge of operations. Inglis quit his position as an executive at Home Depot to start the firm.
They now make a Phoozy that can be used with PCs, tablets, and cellphones. They also prevent bacteria, which is a Covid-related benefit.
Phone covers range in price from $34.99 to $69.99 for laptop cases.
The covers are available in a variety of colours and fit almost every type of mobile device.
They sell a wide range of products on Amazon and through their website.
What Happened to Phoozy at the Shark Tank Pitch?
The inventors of Phoozy, Kevin Conway and Josh Inglis, presented their company on Season 12 episode 19 of Shark Tank, seeking a $500,000 investment in exchange for 10% equity. This equates to a $5 million valuation.
Before handing out samples, they tell their story and make their case to the Sharks.
Phoozy made more than $1,500,000 in revenue last year (2019) and hopes to make $4,500,000 this year (2020).
When Kevin tells the Sharks that he gave up his position at LeMans to appear on the show, they are astounded.
Mark Cuban, who rejected to offer them a contract because he isn’t a “rugged outdoors type,” referred to Inglis and Conway as “heroes” and congratulated them on their accomplishments.
Robert offers them $500,000 in return for a 4% royalty plus a $1 royalty till the money is repaid.
Lori offers $500,000 in return for a 4% royalty plus a $1 fee on each unit sold until she recoups her investment of $1 million.
Kevin then proposes a loan of $500,000 at a rate of 2.5 percent plus $1 per unit, up to a maximum of $1 million.
When Kevin asks Lori and Robert about starting a partnership.
Lori and Robert decide to collaborate during conversations and propose a combined investment of $500,000 in exchange for a shared 8% equity interest.
They also demand a $1.50 charge for each item sold until the $500,000 is refunded. Lori and Robert’s offer was accepted by Kevin and Josh.
What Happened to Phoozy After the Shark Tank Pitch?
Kevin Conway thinks that the show’s debut telecast resulted in a 400% increase in sales.
The items continue to garner 5-star ratings on Amazon after the first airing of the Phoozy Shark Tank episode in March 2021.
“I left my phone on the edge of our pool in strong sunlight for about four hours and it wasn’t even warm,” one customer said.
When the kids dropped my phone in the water, it remained dry.
As of July 2021, Lori and Robert’s agreement has not been formalized.
The first re-run of this episode happens less than three months after its initial air date of 4/21/2021, suggesting that they are still doing their due diligence.
By July 2021, annual income is estimated to exceed $4 million.
What is the Net Worth of Phoozy?
In 2021, Phoozy’s net worth is expected to be $1.3 million.
Who are the Competitors of Phoozy?
Waw Case is a competitor of Phoozy.
Did Phoozy get a deal?
Kevin Conway was given a $500K loan with an interest rate of 8% + $1.5 per unit until the debt was paid up in full.
What exactly is a Phoozy?
The Phoozy is a thermal capsule that protects their phone from damaging UV radiation and harsh temperatures.
Designed with NASA technology to prevent solar warming, it reflects the sun in hot weather and insulates their phone in cold weather.
Which Shark Tank episode was Phoozy?
On Season 12 Episode 19, Kevin Conway and Josh Inglis went to the Shark Tank in search of $500,000 for 10% of their thermal protection cases.
They accepted Robert Herjavec and Lori Greiner’s $500,000 offer, which contained an interest rate of 8% plus $1.5 per unit until the $500,000 was refunded.
Where is Phoozy manufactured?
Phoozy, a Charlotte, North Carolina-based designer of protective thermal coverings for phones, tablets, and laptops, is the latest outdoor business to earn a big investment on ABC’s hit reality show “Shark Tank.”
Is the Phoozy effective?
3.0 out of 5 it works, but only with a little help. They bought it to keep their phone’s battery from depleting on cold-weather hikes.
After a few minutes of steady exposure on the ridge, their battery expired. They’d take the phone out of the Phoozy for a few seconds to take photos or make a short video.
Who started Phoozy?
Kevin Conway is the co-founder and CEO of the company.
Is the Phoozy waterproof?
When submerged in water, Phoozy Thermal Capsules float, providing for easy and quick retrieval. They are not waterproof, but they are water resistant.
Is the Phoozy compatible with all smartphones?
All smartphone models are compatible with Phoozy thermal capsules.
Is the Phoozy only for smartphones?
Tablets and laptops are also protected by Phoozy thermal capsules.
Is there a cover for the phone that stops it from overheating?
In severe temperatures, Phoozy’s Chromium-infused “capsule” protects gadgets from both overheating and freezing — and it floats.
Perhaps they came across this message? In any case, iPhones — and telephones in general – perform poorly in harsh conditions.
Where is Phoozy located?
The headquarters of the corporation are in Charlotte, North Carolina.
What if they drop their Phoozy into the water by accident?
If they inadvertently drop their Phoozy into water, don’t worry; simply remove their smartphone and flip their Phoozy inside out to air dry.
Before re-inserting their smartphone, they should make sure that their Phoozy is completely dry.
Is the Phoozy RFID-blocking?
RFID blocking feature is not included with the Phoozy. The Phoozy was created to allow signal transmission via the protective pouch, allowing users to stream music, use their wristwatch, and/or wireless ear buds / air pods.
Will the Phoozy cause their phone to heat up or cool down?
The Phoozy is neither a phone cooler or warmer; it does not cool or warm a hot phone.
It prevents overheating in the sun by reflecting solar radiation (heat), and it extends battery life in the cold by protecting the device from freezing temperatures.
How long does it take to ship?
Orders are typically processed within two business days of receipt and sent through USPS within 2-4 business days.
All items above $49.00 ship free through USPS. Purchases under $49 from the USPS often cost between $3 and $5.
What size is the Phoozy?
7.87 x 5.12 x 1.18 inch product dimensions
How do they remove the Phoozy?
Phoozy may be disconnected from their gadget with one hand utilizing a simple twist and pull action and placed in a pocket or handbag.
Each Phoozy purchase includes a more extensive instruction leaflet.
How do they clean the Phoozy?
They recommend washing off the outside of their Phoozy with a damp cloth and a light soap. Please allow their Phoozy to completely dry before using.
Phoozy Thermal Capsules cannot be washed manually and should never be dried.
What is the Phoozy made out of?
The Phoozy Thermal Capsule is constructed of an insulating substance as well as a highly reflecting material.
The insulator is made of a special substance that can withstand both cold and hot temperatures.
The exterior surface is constructed of a highly reflective Chromium substance that serves to deflect inward heat, allowing it to avoid freezing in cold weather and overheating in hot weather.