Phoozy Shark Tank Net Worth 2023
As of 2021, Phoozy’s net worth is estimated to be around $1.3 million and by 2023, it has risen significantly to a whopping $6 million.
This proves that the company is on the rise and its success can be attributed to its innovative products such as their thermal capsules and cases that help protect phones from extreme temperatures and other environmental factors.
With such a high net worth, it is obvious that Phoozy is setting itself up for an even brighter future ahead with its range of revolutionary products that are sure to set new standards in the consumer electronics industry.
What is Phoozy?
Phoozy is a brand that produces protective covers for mobile devices such as phones, tablets, and laptops. These covers are made entirely from the same material used in NASA space suits and offer protection against extreme temperatures, drops, and even sinking in water.
The idea for Phoozy came about when former NASCAR driver, Kevin Conway, missed an important phone call due to his phone overheating on his yacht. He had also lost a couple of phones to water damage in the past and was in search of a protective cover that could safeguard his phone against both heat and water.
Kevin drew inspiration from the space suits worn by NASCAR drivers and sought the help of his racing engineer contacts to create the first prototype.
With the assistance of his friend, Josh Inglis, who left his executive position at Home Depot to help create the company, they formed Phoozy. Kevin oversees the sales and marketing aspect of the company, while Josh is in charge of the operations.
The Phoozy covers not only offer thermal protection, buoyancy, and drop protection, but they also have the added advantage of inhibiting the growth of germs, which is particularly useful during the Covid pandemic.
The covers are available in various colors and are designed to fit almost every type of mobile device. They are sold on Amazon and through their website, with prices ranging from $34.99 to $69.99 for laptop cases.
What happen to Phoozy at the Shark Tank Pitch?
Kevin Conway and Josh Inglis appeared on Season 12 episode 19 of Shark Tank to pitch their company, Phoozy, in exchange for a $500,000 investment for 10% equity, which would value the company at $5 million.
They presented their story and made their pitch to the Sharks before providing samples. Phoozy had generated sales of over $1.5 million in 2019 and projected sales of $4.5 million in 2020.
During the pitch, Kevin mentioned that he had given up his spot at LeMans to participate in the show, which impressed the Sharks. While Mark Cuban declined to make an offer because he did not consider himself a “rugged outdoors type,” he referred to Inglis and Conway as “heroes” and praised their achievements.
Robert offered a $500,000 investment in exchange for a 4% royalty and a $1 royalty until he recouped the money. Lori offered the same deal but with a $1 royalty on each unit sold until she recouped $1 million. Kevin then offered $500,000 at a rate of 2.5% plus $1 for each unit sold, up to a maximum of $1 million.
When Kevin asked about a potential partnership between Lori and Robert, the two Sharks decided to team up and jointly invest $500,000 in exchange for a shared 8% equity stake. They also proposed a fee of $1.50 per unit sold until the $500,000 investment was recouped. Kevin and Josh accepted Lori and Robert’s offer.
Phoozy after the Shark Tank Pitch
Kevin Conway has projected a four-fold increase in sales after the show’s debut. Even after the Phoozy Shark Tank episode premiered in March 2021, the product has been receiving top-rated reviews on Amazon.
One consumer claimed that they had placed their phone under direct sunlight for almost four hours, and it hardly heated up. Another stated that their phone remained dry even after it was dropped in water by kids.
As of July 2021, the agreement between Lori and Robert has not been finalized, indicating that they are still performing their due diligence, and the episode’s first rerun is less than three months after its original air date of 4/21/2021.
The projected annual revenue for the company is estimated to be $4 million as of July 2021.
Phoozy Net Worth
Phoozy Net Worth Estimated $1.3 Million in 2021.
Phoozy Competitors
Waw Case is a competitor of Phoozy.
Phoozy FAQS
Did Phoozy get a deal?
Kevin Conway was awarded a $500K loan at an interest rate of 8% plus $1.5 per unit until the loan is returned in full.
23 August 2021deal with Lori Greiner and Robert Herjavec for their thermal capsule technology.
What exactly is a Phoozy?
The Phoozy is a thermal capsule that shields their phone from the sun’s harmful rays and extreme temperatures.
Prevents sunlight overheating designed using NASA technology, it reflects the sun in hot weather and insulates their phone in cold weather.
Which Shark Tank episode was Phoozy?
Kevin Conway and Josh Inglis appeared the Shark Tank on Season 12 Episode 19 seeking $500,000 for 10% of their thermal protection cases.
They accepted a $500,000 offer from Robert Herjavec and Lori Greiner, which included an interest rate of 8% plus $1.5 per unit until the $500,000 was returned.
Where is Phoozy manufactured?
Phoozy, a Charlotte, North Carolina-based manufacturer of protective thermal covers for phones, tablets, and laptops, has become the latest outdoor brand to receive a significant investment on ABC’s iconic reality show “Shark Tank.”
Is the Phoozy effective?
3.0 stars Works, but with some assistance. They purchased this to prevent the battery on their phone from draining on cold weather treks.
Their battery died after a few minutes of sustained exposure on the ridge. They’d remove the phone from the Phoozy for a few seconds to shoot photographs or record a brief movie.
Who started Phoozy?
Kevin Conway – Co-Founder and Chief Executive Officer.
Is the Phoozy waterproof?
Phoozy Thermal Capsules float when submerged in water, allowing for simple and rapid retrieval. While they are not waterproof, they are resistant to water.
Is the Phoozy compatible with all smartphones?
Phoozy thermal capsules are compatible with all smartphone models.
Is the Phoozy only for smartphones?
Phoozy thermal capsules protect tablets and laptops as well.
Is there a cover for the phone that stops it from overheating?
Phoozy’s Chromium-infused “capsule” protects devices from both overheating and freezing in extreme temperatures – plus it floats.
Perhaps they have come upon this message? … In any event, iPhones – and cellphones in general – do not do well in severe environments.
Where is Phoozy located?
The company is based in Charlotte, North Carolina.
What if they drop their Phoozy into the water by accident?
If they accidentally drop their Phoozy into water, have no fear; simply remove their smartphone and flip their Phoozy inside out to air dry.
They should ensure that their Phoozy is totally dry before re-inserting their smartphone.
Is the Phoozy RFID-blocking?
The Phoozy does not include RFID blocking functionality. The Phoozy was designed to let signal transmission through the protective pouch, allowing consumers to stream music, utilize their wristwatch, and/or wireless ear buds / air pods.
Will the Phoozy cause their phone to heat up or cool down?
The Phoozy is not a phone cooler or a phone warmer; it does not cool down or warm up a heated phone.
It helps avoid overheating in the sun by reflecting solar radiation (heat) and prolongs battery life in the winter by shielding their device from freezing temperatures.
How long does it take to ship?
Orders are processed within two business days of receipt and normally ship through USPS within 2-4 business days.
All orders over $49.00 ship for free through USPS. USPS purchases under $49 normally cost between $3 and $5.
What size is the Phoozy?
Product Dimensions 7.87 x 5.12 x 1.18 inches.
How do they remove the Phoozy?
Phoozy can be removed one-handed using a simple twist and pull motion to remove from their device and place in pocket or purse.
A more detailed instruction sheet comes with each Phoozy purchase.
How do they clean the Phoozy?
They recommend wiping out the external surfaces of their Phoozy with a moist towel and a mild soap. Before usage, please allow their Phoozy to thoroughly dry.
Phoozy Thermal Capsules are not mechanically washable and should never be dried.
What is the Phoozy made out of?
The Phoozy Thermal Capsule is made from a combination of an insulating material and a highly reflective material.
The insulator is constructed of a proprietary material that is designed to work with both cold and hot temperatures.
The outside surface is made of highly reflective Chromium material that works to reflect inbound heat, this allows it to avoid freezing in freezing temperatures and avoid overheating in the summer heat.
What is the net worth of Kevin Conway?
Net worth is $1.9 million.
What is the net worth of Josh Inglis?
Unknown.
