Josh Inglis’ phone was full of social media and sales notifications after his appearance on Friday night’s episode of “Shark Tank.”
“It’s just crazy,” he said. “I’ve never seen anything like it.”
Inglis, who grew up in Lake Township and now resides in Atlanta, is the co-founder and COO of PHOOZY. He and his business partner, professional race car driver Kevin Conway, demonstrated on ABC show how PHOOZY products protect phones and electronics from the elements.
“It’s like a spacesuit for your phone,” Conway joked.
The reality show gives contestants a chance to present their products to potential investors. Advertising alone is known to give business a boost.
PHOOZY promoted the episode on its websitewith a code “SHARKTANK” for free shipping on orders within the United States. Protective products cost between $ 30 and $ 70.
Inglis andConway, who is Managing Director of PHOOZY, were the fourth and final nominees. They have followed people who have pioneered inventions ranging from a probiotic maker to a delivery safe with varying success.
The couple sought an investment of $ 500,000 in exchange for a 10% stake in PHOOZY. Conway told investors the money would help add “a few key positions” to help him and Inglis keep pace with the growth of the business.
Investor Kevin O’Leary first wondered if there were other similar products on the market. Conway said the company had patented the thermal, drop and flotation components.
The founders further impressed “Shark Tank” investors by revealing $ 1.9 million in sales in the company’s first three years and a mixed gross margin of 88%.
Investor Mark Cuban, who didn’t offer them a deal because he’s not the “tough exterior type,” called Inglis and Conway their “heroes” and praised them for their accomplishments.
O’Leary and his fellow investors Robert Herjavec and Lori Greinerthen began to try to outbid. The founders of PHOOZY were finally given the choice between an offer from O’Leary and a joint offer from Herjavec and Greiner.
O’Leary offered an investment of $ 500,000 in exchange for a 2.5% stake in the company and a royalty of $ 1 per unit until he received $ 1 million. Herjavec and Greiner have offered an investment of $ 500,000 in exchange for an 8% stake in the company and $ 1.50 per unit royalty until the investment is recouped.
The founders of Phoozy chose the joint deal and gave “Shark Tank” exit interviews in a good mood.
“Robert and Lori were very passionate about our product, and they were huge fans of Kevin and me,” said Inglis. “We had to make the deal with them.”
O’Leary called it the “dumbest deal” he had seen from other investors, a quote Inglis said made him laugh while watching the episode. He and Conway filmed the segment about seven months ago and only learned that it would look about three weeks ago.
Since then, the Charlotte, North Carolina-based company has hired two employees and expanded sales to 25 countries. The deal with Herjavec and Greiner is still being finalized, Inglis said.
In addition to the appearance of a reality show, the increase in outdoor activities and online shopping linked to the pandemic has also contributed to the growth of the company.
“This has all been really helpful to PHOOZY,” said Inglissaid.
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