Outdoor hazards can fry, sink, or crack a phone, but Phoozy’s thermal, buoyant case guards against heat, water, and hard impacts. Co-founders Josh Inglis and Kevin Conway took it to Shark Tank and got a deal with Lori Greiner and Robert Herjavec. Market conditions estimate Phoozy is worth $6 million.
The Founders
Kevin Conway hails from Charlotte, North Carolina. He has a degree in marketing from the University of North Carolina, but spent most of his career as a professional car racer.
Conway started racing in the NASCAR cup series and was voted Rookie of the Year in 2010. Later he transitioned to driving sports cars and was a Professional Instructor for Lamborghini.
Josh Inglis, resides in Atlanta, Georgia. Not much is known about his educational background, but he spent 15 years working as an executive at a large home improvement retailer.
Founding Phoozy
Kevin hated the way his phone would turn off in hot temperatures. He got the idea of using space suit technology to protect devices from overheating and sustaining battery damage from extreme cold.
He told Josh about it, and they came up with Phoozy. Apart from temperature protection, these phone cases can help the gadget float in water and take less damage after a fall.
The co-founders used $85,000 of their own money to launch the startup in 2016. Since then, Phoozy has been profitable, making $1.9 million in lifetime sales, all direct to consumer.
Shark Tank Appearance
Josh and Kevin appeared on season 12 of Shark Tank, seeking $500,000 for 10% equity. The guys gave a professional pitch with no over-top smiling or cringy lines that some founders deliver.
Daymond John was invited to help demonstrate the uses of Phoozy. More importantly, they impressed the Sharks with their lifetime sales. They forecasted sales of $4.5 million for 2020 with a 25% net profit. The Sharks were excited about the margins and how they bootstrapped the business.
Kevin O’Leary made the first offer to get the ball rolling. He set the structure of the deal, Lori and Robert jumped in and just modified the numbers. They joined forces and split $500,000 for 8% equity and a $1.50 royalty per unit until they got their money back.
After Shark Tank
After the Shark Tank episode aired, Phoozy was flooded with new orders. They reportedly saw a 400% increase in sales as reported by SharkTankRecap.com. This is common for businesses that appear on Shark Tank as the show attracts 4 million live viewers every episode. Plus millions more through syndication.
Sadly it appears the deal with Robert and Lori never closed yet. Phoozy isn’t listed on either of their websites under Shark Tank investments. Most likely, the $1.50 royalty per unit was too much to stomach once the cameras stopped rolling.
Despite the setback, they expanded their product range to include can coolers and a bag to carry all your tech gadgets. You can buy their products on Phoozy.com, Amazon, Best Buy, and Walmart.
Most of the products have an average rating above 4 stars on Amazon. The reviews are mostly positive, and the same goes for their sales. Phoozy’s annual revenue is estimated to be $4 to $5 million and is valued at $6 million.
