Nobody wants to have nasty bed bugs crawling on their bed while sleeping. This is what the BuggyBeds detector was made for. This glue trap lets you know if you have an infestation without causing any inconvenience. Owners Maria Curcio and Veronica Perlongo went to Shark Tank and scored a deal with all five Sharks! As of 2022, BuggyBeds is worth $6 million.
About the Founders
Maria Curcio and Veronica Perlongo both reside in Freehold, New Jersey, but the former was initially raised in Brooklyn, New York. Maria worked as a security analyst, while Veronica was a business executive.
As female entrepreneurs, the two had been partners for more than 15 years before appearing on national television. One day, when Curcio’s son moved to an apartment in New York City, he was asked to confirm that his place was free of bed bugs.
This got the mother thinking of how someone could verify that a home didn’t have bed bugs. They are hard to spot and can form infestations without any human noticing.
Establishing the Company
Curcio devised a straightforward product idea: a tiny board with four sticky parts that are inspired by glue mouse traps. Its four sections that can be placed in the corners of a bed are tiny, which means they don’t cause any disturbance.
The non-toxic and pesticide-free tool functions as an early detection system that alerts the user every time an infestation starts to form in the bedroom. With the help of Perlongo, Maria started BuggyBeds in 2011.
The innovative product struck them a deal with Home Depot and Burlington Coat Factory. The founders also got a $5 million offer for their trademarks and patents, but declined. Before entering the Tank they had made $150,000 in six months.
Shark Tank Appearance
Maria and Veronica didn’t audition for the show, the producers approached them first but they initially declined. They later changed their mind and joined season four of Shark Tank, asking for $125,000 for a 7% stake in the business.
The pitch didn’t excite the Sharks too much but when the founders started answering questions and explaining the business things changed. In a strange turn of events, Kevin O’Leary asked the ladies to wait outside for a minute. It’s rare for all five sharks to plan a deal together in private.
Barbara initially wanted to invest by herself but her offer was rejected. Cuban was quiet which annoyed Robert Herjavec. In the end, all five sharks agreed to invest $250,000 for 25%. By working together, the Sharks managed to secure a much better deal.
After Shark Tank
BuggyBeds made history on the show and was the first business to clinch a deal with five Sharks. After the episode aired, the company got a lot of publicity and got a nice bump in sales. In an interview with SharkTankBlog.com, the founders revealed Daymond John’s team has taken the lead.
Before Shark Tank, the product was available at 60 Home Depot locations. Now, it’s being sold at 350 locations. It’s also available at ACE, Burlington Coat Factory, CVS Pharmacy, Kroger, Target, Camping World, and other major retail chains.
On Amazon, it has an average 3.5-star rating from 317 reviews. Since the show, they have released over 10 new products and have become a globally recognized brand. The company makes $4 million in annual revenue and is worth an estimated $6 million.