Caddy Swag Shark Tank Update | Caddy Swag after Shark Tank
Table of Contents
What is Caddy Swag?
Caddy Swag is the company that sells a cooler bag that fits inside the golf bag and can keep up to 4-6 cans of beer cold, depending on their size. It also keeps bottled drinks, sandwiches, and munchies cold.
In addition, they sell branded re-freezable ice packs and tailgating kits. They promise that the refreshments will remain cool until the 18th hole.
Benjamin Fossey is the creator and CEO of Caddy Swag LLC, which he established in 2006 and continues to operate today. Ben joined East Carolina University graduate with a degree in Communications and Media Studies.
He has worked as an account executive in a variety of capacities during the years he’s been operating the firm as a side-gig, mostly working with freight and logistics in his duties.
According to his LinkedIn page, he appears to have been in charge of the firm full-time since the middle of 2017.
Who is the founder of Caddy Swag?
Ben Fossey is the founder and CEO of Caddy Swag LLC. He created the company in 2006. Ben is a graduate of East Carolina University with a degree in communications and media studies.
Ben is a graduate of East Carolina University with a degree in communications and media studies. His LinkedIn page indicates that he has been running the business full-time since the middle of 2017.
The concept was conceived in a hot tub one evening when friends rested before of a golf tournament. They asked if there was a method to keep beverages cool on the course without having to wait for the drinks cart or paying expensive course fees.
Within a year, they were prepared to commercialize their concept. The initial batch of 2,000 units was sold out in less than 60 days.
What Happened to Caddy Swag at Shark Tank pitch?
Melissa and Ben Fossey decide to pitch their product to Shark Tank investors for assistance in producing and distributing it, therefore elevating the Caddy Swag’s marketing to a new level.
Ben and Mellisa approach the presentation seeking $60,000 for a 20% ownership in their firm at a $300,000 value.
They enter the Shark Tank with a modified golf court, blaring music and evidently having a good time.
Melissa Fossey describes two sorts of golfers: those who take the game seriously and work diligently to improve and shave a swing or two off their score, and others she refers to as the Caddy Swag golfer, who visits the course to mingle and have a good time.
Ben describes the Par Six cooler, which is compact enough to fit within the shoe bag. Each cooler has a strip of gel frozen packs that fits snugly into the side, keeping beverages cold for the duration of the 18-hole round.
The Fosseys present the Sharks with Shark Tank-themed coolers. The pair has been able to sell $15,000 worth of merchandise each year solely via word of mouth.
Daymond John instantly quits, claiming he is not a golf enthusiast. Robert Herjavec is a golfer; however he believes that no courses let players to bring their own beverages.
Kevin Harrington is curious as to how they intend to spend the money. Ben reveals that they want to purchase 10,000 devices at a cost of $3 each.
They would then use the remaining funds in a marketing effort aimed at increasing brand recognition among prospective customers.
Kevin Harrington believes the offering lacks “enough bite” to make the phone ring. He has exited. Robert Herjavec does not feel the product adds enough value and will not sell. He has exited.
Barbara Corcoran takes a contrary position. She feels there is a market for the goods, but she believes it is a little firm that is unworthy of investment.
She has exited. Kevin O’Leary is skeptical that he can profit from the product. Kevin O’ Leary was the final Shark to left from the deal.
Ben Fossey exits the pitch without a deal and reclaims the Shark Tank promotional coolers from the Sharks before leaving the stage, in a shocking twist.
What Happened to Caddy Swag after Shark Tank?
Despite the Shark’s skepticism, the product made multiple appearances on talk shows and is still available for purchase online.
While the Par Six cooler was not a hit with the Sharks, it has generated enough revenue to keep Caddy Swag afloat and growing.
Caddy Swag has built a niche for itself in the golf sector by entering the promotional business and manufacturing bespoke cooler bags for businesses, promotional events, and even special occasions such as weddings.
Additionally, they offer their goods on Amazon. As of November 2021, the firm is still operating and has 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.
