Bug Bite Thing Shark Tank Net Worth 2023
Bug Bite Thing is a chemical-free, eco-friendly suction device that effectively alleviates stinging, itching, and swelling caused by insect bites and stings.
The company appeared on Shark Tank in October 2019 with the hope of securing $150,000 in exchange for 10% equity, giving a valuation of $1.5 million.
Lori Greiner offered the Bug Bite Thing team exactly what they were looking for and invested $150,000 for 10% equity.
Since appearing on Shark Tank, the business has boomed and expanded to 25,000 retail locations. In 2021, Bug Bite Thing recorded around $15 million in revenue.
As of 2022, Bug Bite Thing’s founder Kelley Higney and Ellen McAlister have a net worth of $16.2 million USD. The company is aiming to grow its business to $30 million by next year with Lori Greiner’s partnership.
What is Bug Bite Thing? Who Founded Bug Bite Thing?
Bug Bite Thing is a device designed by Ellen McAlister and Kelley Higney that uses suction to collect insect saliva or venom from beneath the skin, providing relief from itching, stinging, and swelling associated with bug bites and stings.
Unlike topical lotions and ointments that only mask the issue, Bug Bite Thing removes the irritant, resulting in a resolution of the problem.
During the spring and summer months, mosquitoes are abundant, and their bites can cause uncomfortable itching.
However, using Bug Bite Thing is a simple process. You only need to apply the device to the bite, pull until you feel suction, hold for at least 10 minutes, and then release. This will help to alleviate swelling and irritation.
Kelley Higney, one of the founders of Bug Bite Thing, previously worked for her family’s company for 15 years before relocating from Southern California to South Florida.
Kelley and her family were unprepared for the intensity of the mosquito population in their new location, and she watched as her children suffered from mosquito bites on a daily basis. As a concerned mother, she tried various anti-itch treatments, but none seemed to work.
After researching how other countries handle mosquito bites, Kelley came up with the idea for Bug Bite Thing. She now focuses on expanding her career and being a mother now that the product has become successful.
With Bug Bite Thing, you can alleviate the discomfort and itching caused by mosquito bites without resorting to ineffective treatments.
Bug Bite Thing Shark Tank Pitch
Bug Bite Thing, which is sold for $9.95 on Amazon, caught the attention of Ellen and Kelley, who offered $150,000 for a 10% stake in the company. This put the value of the company at $1.5 million.
Ellen and Kelley listened to the company’s story and talked about their private label deal.
The Sharks were impressed by the company’s 80% margins and sales of $800,000 in 2019, with predictions of $2 million by the end of the year.
A Shark battle erupted, and ultimately Lori offered $150,000 for 10%, which was precisely what the company wanted.
The deal was completed, and the product was posted on Lori’s website.
The company’s product can be found at CVS, Walmart, Home Depot, and on Amazon, although there are also counterfeit items listed on Amazon.
The company appeared in the “biggest Shark Attacks” section of The Shark Tank Greatest of All Time Special in February 2020.
Despite the COVID-19 pandemic, the company has demonstrated “dramatic” growth and has experienced significant sales surges at the aforementioned stores.
They plan to expand into 25,000 retail locations across the United States by September 2021.
The company’s product will be available at Lowe’s, Joann’s, and ACE Hardware locations nationally, as well as regional brands Academy Sports + Outdoors, Big 5 Sporting Goods, and Casey’s.
The company anticipates revenue of $15 million for the year.
Bug Bite Thing Net Worth
Ellen and Kelley enter Sharks with an offer of $150,000 for a 10% stake in their firm. This is a $1.5 million value.
Bug Bite Thing Competitors
Bite Away and IeR NYC Bite Tamer are the items’ two primary competitors. Each offers a similar concept in terms of bug bite treatment, utilizing their own proprietary components at comparable pricing points.
Bug Bite Thing FAQS
Where is Bug Bite Thing headquartered?
It is in Port Saint Lucie, Florida
Who invested in the Shark Tank’s Bug Bite Thing?
When Higney and her mother & company President Ellen McAlister, appeared on “Shark Tank” in October 2019, all five sharks expressed interest.
But Greiner offered her Golden Ticket, which she only gives out once a year, securing a 10% equity stake in Bug Bite Thing in exchange for a $150,000 investment.
Is Bug Bite Thing still in business?
It is currently accessible in 25 nations and 25,000 stores around the United States, including Walmart and Home Depot.
Is the Bug Bite Thing legit?
At less than $10, the Bug Bite Thing is probably worth a go if they’re a mosquito magnet and even the most effective bug sprays can’t keep the bugs at away.
Additionally, the reusable tool will save their money in the long term, as they will no longer need to stock up on bottle after bottle of anti-itch lotion.
Was the Bug Bite Thing on Shark Tank?
Kelley Higney, Founder and CEO of Bug Bite Thing, and her mother, President Ellen McAlister, initially appeared on October 20, 2019 Season 11 Episode 4 of ‘Shark Tank’ to pitch the Sharks on investing in the firm.
Is the insect bite remedy effective on dogs?
Dogs and cats, like people, experience a local response that may include modest swelling, discomfort, redness, heat, and itching.
Generally, the discomfort subsides after a day or two.
Is the Bug Bite Thing available at CVS?
Bug Bite Thing is now available at CVS Pharmacy locations nationwide.
Is Bug Bite Thing effective against fire ants?
The Bug Bite Thing is clinically shown to work on a variety of bites and stings from a variety of insects, including mosquitoes, bees, wasps, fire ants, and biting flies.
Is Bug Bite Thing patented?
Kelley Higney and Ellen McAlister, a mother and daughter team, joined the Sharks in the tank in need of assistance developing inventory and marketing their product, the Bug Bite Thing.
This product is not yet patented.
How do they determine whether the Bug Bite Thing is effective?
They can feel it in action. The Bug Bite Thing does not conceal symptoms; it eliminates the source of the irritation.
While taking it, the itching, swelling, and pain will begin to subside, which is one of its finest qualities.
How does the Bug Bite Thing work?
Bug Bite Thing is a suction gadget designed to extract insect saliva/venom from insect bites and stings.
By eliminating the irritant, the body is able to halt the response that results in the unpleasant sensations of itching, swelling, and discomfort.
What is the liquid that is injected into bug bites?
When an insect bites, saliva is released, which can cause the skin surrounding the bite to become red, swollen, and irritating.
The venom from a sting frequently results in the formation of a swelling, itchy, red mark (a weal) on the skin. This can be uncomfortable, but it is usually harmless.
When was Bug Bite Thing aired on Shark Tank?
It was aired on 20, October 2019.
How many employees does Bug Bite Thing have?
Bug Bite Thing has 11 to 50 employees.
What is the net worth of Ellen McAlister?
Unknown.
What is the net worth of Kelley Higney?
Unknown.
How Bug Bite Thing does makes money?
Bug Bite Thing makes money by selling the Bug Bite Thing and its accessories.
