Caddy Swag Shark Tank Net Worth 2023
Caddy Swag appeared on Shark Tank seeking an investment of $60,000 for a 20% stake in the business. The Sharks implied that the business was worth at least $300,000.
However, they did not invest in the product. Despite this, Caddy Swag has been featured on various shows and podcasts after its appearance on Shark Tank TV.
The popularity of Caddy Swag skyrocketed after its appearance on Shark Tank and it generated enough revenue from the Par Six cooler to keep afloat and grow even though the Sharks didn’t invest in the product.
What is Caddy Swag? Who is the founder of Caddy Swag?
Caddy Swag is a company that offers a cooler bag specifically designed to fit inside a golf bag, capable of keeping 4-6 cans of beer chilled, depending on their size. It can also keep other items such as bottled drinks, sandwiches, and snacks cool.
The company also sells re-freezable ice packs and tailgating kits, promising to keep refreshments cold until the 18th hole.
The founder and CEO of Caddy Swag LLC is Benjamin Fossey, who established the company in 2006 while working as an account executive in freight and logistics.
Benjamin graduated from East Carolina University with a degree in Communications and Media Studies. According to his LinkedIn page, he has been running the business full-time since 2017.
The idea for the product was conceived during a hot tub session among friends who were looking for a way to keep their drinks cool on the golf course without having to wait for the drinks cart or pay expensive course fees.
Within a year, they were able to bring their concept to market and sold out their initial batch of 2,000 units in under 60 days.
Caddy Swag Shark Tank Pitch
Melissa and Ben Fossey decided to seek assistance from Shark Tank investors to produce and distribute their product, the Caddy Swag, which would elevate its marketing to a new level.
In their pitch, Melissa and Ben requested $60,000 for a 20% ownership in their company, which had a $300,000 value. They arrived at the presentation in a modified golf cart, with blaring music and a fun-loving attitude.
Melissa Fossey described two types of golfers: those who take the game seriously and work hard to improve their skills, and those who play for social reasons, whom she referred to as Caddy Swag golfers.
Ben introduced the Par Six cooler, a compact device that fits inside a golf bag and keeps beverages cold for an entire 18-hole round with its gel frozen packs.
The Fosseys showcased their Shark Tank-themed coolers and revealed they had sold $15,000 worth of merchandise each year by word of mouth.
Daymond John immediately opted out, stating that he was not a golf enthusiast. Robert Herjavec, a golfer, did not believe that courses allowed players to bring their own beverages.
Kevin Harrington inquired about their spending plans, and Ben disclosed that they intended to purchase 10,000 devices at a cost of $3 each and use the remaining funds for marketing to increase brand recognition.
Kevin Harrington did not believe the offering was strong enough and also opted out. Robert Herjavec did not see enough value in the product to sell and exited as well.
Barbara Corcoran took a different stance and saw potential in the product but felt that the company was too small to invest in, so she also opted out. Kevin O’Leary was skeptical about the product’s profitability and was the last shark to opt out.
Ben Fossey left the pitch without a deal and took back the Shark Tank promotional coolers before exiting the stage in a surprising twist.
Despite the sharks’ skepticism, the product made numerous appearances on talk shows and is still available for purchase online.
Although the Par Six cooler did not succeed with the Sharks, it generated enough revenue to keep Caddy Swag growing and thriving.
Caddy Swag has established a niche in the golf sector by manufacturing bespoke cooler bags for businesses, promotional events, and even special occasions like weddings. In addition, they sell their products on Amazon.
As of November 2021, the company is still operating and has an annual revenue of between $900,000 and $1 million.
Who are the Competitors of Caddy Swag?
There are multiple companies that make ice packs for places like picnic baskets and coolers, Caddy Swag to achieve a competitive edge over their current competitors. Among their closest competitors are: CoolerPlugz and Kool Pops
Net Worth of Caddy Swag
The company was valued at $300,000 during the pitch, in 2021 the company has a net worth of $1 million.
Caddy Swag FAQs
What is Caddy Swag?
Caddy Swag is an ice pack and cooler bag for people who are golf fanatics. They also market their products as promotional items and have developed a keen business in the golf industry.
Who are the founders?
Benjamin Fossey is the founder and CEO of Caddy Swag LLC, which he established in 2006.
Where is Caddy Swag located?
Caddy Swag is headquartered in North Carolina, USA.
How much were they asking on Shark Tank?
The Fosseys were looking to raise $60,000 for a 20% stake in the company.
How much did they get on Shark Tank?
The Fosseys failed to secure any funds on the show and were forced to depart the stage with their promotional cooler bags.
Is Caddy Swag still in business?
Caddy Swag continues to operate today. The pair has conducted growth projections based on their sales records over the past year and have forecast sales of between $900,000 and $1 million.
What is Caddy Swag’s slogan?
Caddy Swag has no official slogan. However, they have created an excellent marketing campaign that is aimed just at their intended audience.
They market themselves as: “Golfers who golf.” It is very appropriate given that they sell cooler packs primarily to golfers and customers who enjoy the golf experience.
How do I pay for Caddy Swag?
Caddy Swag takes payments directly. They accept payment via credit card, debit card and PayPal.
Is Caddy Swag good or bad?
Since Caddy Swag sells ice packs, they are clearly selling a product that helps golfers in the pursuit of their hobby. The quality of the product is fine and should help golfers chill out during a round.
However, since the basis of their business comes from promotional items, it was obviously not a sure bet for investors.
How much do they cost?
Caddy Swag’s products start at $9.99, which includes one cooler pack and a $3 shipping fee.
How is the business model of Caddy Swag?
Caddy Swag sells the goods they manufacture directly to consumers or via on-line retailers. The product is available in a wide range of colors and themes.
The company is based in North Carolina, United States. However, they have developed a keen business in the golf industry and have sold promotional items worldwide since 2008.
Can I use Caddy Swag on my cooler?
Caddy Swag offers promotional ice packs for specific types of coolers including golf bags, picnic baskets and wine carriers.
What is the net worth of Benjamin Fossey?
Benjamin Fossey net worth is unknown.