Shark Tank: Phoozy Accepts $500,000 From Lori Greiner and Robert Herjavec

There are many brands on the market to help protect devices from drops and impact, but Kevin Conway and Josh Inglis have developed the world’s first combination thermal and drop protection product for devices. Extreme temperatures can greatly damage devices and their batteries and in some cases ruin them completely. Protecting our technological investments from mother nature’s extremes is very important, especially to those who spend significant amounts of time outdoors in highly variable weather conditions. Phoozy helps to protect devices from thermal and drop damage while also featuring sink proof technology that floats if dropped in water.

Are you answering the call to invest? #SharkTank

— Shark Tank (@ABCSharkTank) April 3, 2021

Kevin and Josh came to the Shark Tank looking to land a strategic investment partner that will help them to scale and grow their team. Seeking $500,000 in exchange for 10% equity, the Phoozy duo are hopeful that the Sharks can see past their early successes and still see the value of adding their financial support as well as their guidance and directives. Last year, Phoozy generated over $1,500,000 in sales and plan to end this year at $4,500,000 in sales.

Impressed with the product, its sales, and with Kevin and Josh as entrepreneurs, three Sharks were quick to present investment offers to Phoozy. Kevin O’Leary, Lori Greiner, and Robert Herjavec structured a variety of investment offers for Josh and Kevin to review to determine what would fit best with their vision for the future of their business. During negotiations, Lori and Robert decide to partner up and offer to collectively invest $500,000 for a shared 8% equity. They also asked for a royalty of $1.50 per unit sold until $500,000 is repaid. Kevin and Josh accepted Lori and Robert’s offer.

*Adds Scientist to resume* @TheSharkDaymond @ABCSharkTank #SharkTank #Phoozy pic.twitter.com/vEvAxv2VeW

— Barbara Corcoran (@BarbaraCorcoran) April 3, 2021

Do you think that it was a wise decision of Josh and Kevin to partner with Lori and Robert over Kevin O’Leary? If you were a Shark would you have invested in Phoozy? Start the conversation in the comments below.