Phoozy Before Shark Tank
Phoozy is a company that makes and sells protection sleeves for technology gadgets in order to provide protection from weather and other potential forms of outdoor damage. More specifically, these protective sleeves can protect devices from things like water, hot and cold temperatures, and even protect if the device is dropped. Phoozy makes these covers for devices like cell phones, tablets, laptops, and many other technology-based devices. The company also makes thermal can sleeves for drinks that use SinkProof and CoolBase technology to keep drinks cool. All Phoozy’s products are made using NASA materials, and they contain thermal capsules that help provide protection. Phoozy’s products are currently being sold on the company’s website and on Amazon; however, the prices vary depending on the size and the product being purchased.
Kevin Conway is the founder and CEO of Phoozy. In 1998, Kevin graduated from the University of North Carolina, where he was studying business administration in marketing. In 2004, he founded eXclaim Racing, LLC., where he is also a race car driver. He still runs this business. From 2006 to 2012, Kevin was an NASCAR series driver for four different companies. During this time, he also co-founded Change Nutrition, Inc. A year later, he co-founded Change Racing, LLC., where he was also a race car driver. In March of 2015, he left that company and started driving for Prestige Performance. Now, aside from running eXclaim Racing, LLC. And Phoozy, Kevin is a professional instructor for Automobili Lamborghini.
Josh Inglis is the co-founder and COO of Phoozy. Josh studied for his Master of Business Administration degree with a concentration in finance at Emory University – Goizueta Business School. After completing his studies, he went on to work at The Home Depot for over 10 years, where he worked through multiple positions. In 2017, he quit his job at The Home Depot and joined Kevin in running Phoozy full-time. As someone who spends a lot of his time in the outdoors, Kevin came up with the idea to start the Phoozy company. Due to him being outdoors in many different weather patterns, the founder noticed how quickly his phone was being affected. For instance, excessively hot and cold temperatures would cause his phone to shut down and/or freeze. To fix this, Kevin came up with the idea of using the same material NASA uses for spacesuits to protect the devices.
Kevin started Phoozy in 2016, and he brought Josh in on the business venture after he had created his very first prototype. When Phoozy was officially launched, Kevin only made the protective cover for cell phones; this product was featured in Forbes Magazine in 2018, and The Weather Channel featured in later in 2019. Shortly after, he started launching his additional products. In 2020, the founders donated about $25,000 worth of their Phoozy covers to employees working within the labs and healthcare sites when the pandemic hit. In that same year, Phoozy was noticed in a NASA Spinoff feature.
Phoozy on Shark Tank
Kevin Conway and Josh Inglis entered Shark Tank with their Phoozy technology protection covers during episode 19 of season 12. They are seeking a deal of $500,000 in exchange for a 10% stake in their business. Kevin and Josh each take a moment to introduce themselves, as well as explain their reasoning for starting the Phoozy business. They then go on to give a demonstration of how the products work, asking Daymond John to assist them. Before concluding their pitch, they begin getting into their sales. Since the time they launched the company, within about 36 months, they did $1.9 million in sales. $700,000 of that sum is from the past year alone. The founders are now predicting they are on track to reach $4.5 million in sales by the end of the 2020 year. That being said, the covers cost the founders $3-$15 to make and they are sold for between $30 and $70.
Before the sharks begin making their offers, Kevin and Josh reveal that they haven’t started a crowdfunding campaign for Phoozy as of yet. So far, the only money that has gone into the business is $85,000 of Josh’s personal money. Once their pitch comes to an end, Mark Cuban drops out of the deal, stating that he doesn’t know enough about this business to promote it. In response to the founders asking deal, Kevin O’Leary asks the founders what their plans are if they get the $500,000 in funding. The founders responded, saying they’d use it towards expanding the Phoozy business, as well as hiring a few employees. Kevin O’Leary then makes them an offer for $500,000 in exchange for a 4% stake and a $1 royalty until he recoups $1.5 million.
Kevin and Josh counter Mr. Wonderful for the same offer, but with a $1 royalty until they repay $1 million. This is when Lori Greiner and Robert Herjavec chime in with their offers. Lori presents the entrepreneurs with an offer of $500,000 in exchange for a 4% stake and a $1 royalty until they pay back $1 million. Robert, on the other hand, offers the same deal, but he wants a $1 royalty until he recoups the $500,000. Lori and Robert begin talking about teaming up with their offer. Meanwhile, Kevin O’Leary is countering the entrepreneurs with an 8% stake and a $1.50 royalty until his $500,000 in recouped. Ultimately, Kevin and Josh decided to accept Lori and Robert ’s deal.
Phoozy Now in 2023 – The After Shark Tank Update
After Kevin Conway and Josh Inglis had a successful appearance on the Shark Tank show, their Phoozy business remains up and running, and appears to be doing better than ever. As of 2023, it has not been said if the deal Phoozy got with Lori Greiner and Robert Herjavec has been closed. Nonetheless, the founder, Kevin shared on social media that their time on the Shark Tank increased their sales by about 400%. As of the middle of 2022, the business had reached $4 million in annual revenue. In addition to that, the founders have started using their social media as their main source of marketing their product. More specifically, they now have brand ambassadors like Mo Mitchell that are promoting their products. Not to mention, Phoozy has been featured in many online publications such as Forbes, Outside, Wired, Backpacker, SKI, and many others.