PHOOZY is a company that has launched an innovative line of phone cases to protect your phone from heat, water, and cold. Its unique material floats in water, and it also reflects heat from the sun. Its cases are sold directly to consumers, and are available in a variety of colors. PHOOZY will continue to add new products to its line, and is expected to generate $4 million in sales by the end of July 2021.
PHOOZY is a startup company that was founded by Kevin Conway and Josh Inglis. The two met through mutual love for the outdoors, and bonded over their hatred of broken phones. In 2016, they launched a company that makes cases for mobile devices. PHOOZY started with $85,000 of their own money, and a little over three years later, it has reached over 1.9 million dollars in sales. It’s also available at stores across the country.
In April of 2021, PHOOZY appeared on Shark Tank America. Daymond John helped them demonstrate their product to the Sharks. They gave out samples to the Sharks, and then received a number of offers from major retail stores. However, the first offer that they received came from Kevin O’Leary. He offered them $500k for a 2.5% equity stake. However, Kevin later backed out of the deal, and offered the same amount of money to Lori Greiner instead. Fortunately, the two were able to reach an agreement with each other.
After the episode aired, Phoozy’s sales increased 400%. The Sharks were excited about the margins, and they were impressed with the company’s product. They offered a deal of $1.5 per unit until the company’s debt was paid off. However, they were unable to confirm the exact amount until the segment aired.
In the future, PHOOZY plans to expand its distribution methods, add new products, and improve its brand recognition. It also plans to expand its team and hire e-commerce managers, creative designers, and customer service support. It is currently in the process of hiring these key positions. It will also begin entering other categories to fight against competitors. The company has already been copied several times, but it is still in business.
In addition to the 8% equity deal that they received, they also received $1.50 royalty per unit that they sold until they received $500,000. This was much better than the $500,000 they initially requested. They have a projected net worth of $1.3 million in 2021, which is a lot better than their initial sales estimate.
Kevin Conway is a Charlotte, North Carolina native who has a degree in marketing from the University of North Carolina. He spent most of his career as a professional stock car racer. He currently races in the Blancpain Super Trofeo Championship. He has also appeared on ABC’s Shark Tank. He currently has a net worth of $2 million to $5 million. He plans to keep PHOOZY in the Charlotte area.
Lori Greiner and Robert Herjavec are also investors in Phoozy. They have a deal that is still under consideration. As of July of 2021, they had not finalized their deal. However, they are still conducting due diligence.