MEAWW.COM / ENTERTAINMENT / TV

'Shark Tank': How Phoozy bagged $500,000 deal from Sharks after instigating an intense bidding war

"Phoozy seems like a great product #SharkTank."commented a fan after watching the Sharks fight amongst themselves to get the deal

Kevin Conway and Josh Inglis-the founders of thermal protective phone case Phoozy had no idea the kind of intense bidding way they would be instigating between the Sharks when they entered the tank with their extremely well-prepared pitch. 

The entrepreneurs explained their product in a very clear and concise way, following which they gave a demonstration to prove that their protective cover could indeed save a handset from extreme temperatures and from drowning through simulation. The Sharks were already quite impressed by the incredible features that the case boasted of, but when the topic of numbers came up, all the Sharks were blown away by how well the duo was doing, all by themselves without any help.

RELATED ARTICLES

Phoozy on 'Shark Tank': What is the cost, who are the founders, and does this phone case really protect your device from everything?

Flipstik on 'Shark Tank': What's the cost? Here's where to buy the phone stand that impressed P Diddy, Snoop Dogg

Kevin and Josh explained how they made over a million dollars in sales since their launch 36 months ago. When the question of raising funds or capital for their business came up the duo shocked all the sharks by declaring that they didn't raise any investments from outside, and instead did it all by themselves by pouring in $86,000 and running it bootstrap style. 

After hearing about the phenomenal success of the brand, Mark Cuban who has a reputation of being one of the toughest sharks in the tank, couldn't help but declare that the two entrepreneurs before him were his 'personal heros', but he had to bow out of making a deal as he wasn't a very outdoor person, and would probably be unable to help them the way they would want. 

Although Mark backed out, the other three Sharks- Kevin O'Leary, Robert Herjavec, and Lori Greiner, instantly jumped in with their offers. Kevin pitched first by offering them the $500,000 they came into the tank seeking. But instead of the 10% stake that they were offering, Kevin wanted only 4% stake, and a royalty of $1 per unit sold until $1.5 million is paid off. Kevin and Josh were listening to Kevin's offer but didn't seem very sure about it, which is when Robert jumped into their rescue.

Robert too made a royalty deal, but only until the $500K, he was investing was paid off, and wanted a 4% stake too. Lori too joined the bandwagon and offered them $500K in exchange for a 4% stake until $ 1 million is paid off. On hearing these offers, Kevin tweaked his offer to match his competitors' and came up with a revised offer of $500K for a 4% stake and royalty of $1 per until sold until $1.2 million is paid off.

Josh and Kevin definitely had a tough decision to make, and as they were pondering over it, Lori and Robert decided to join forces and came up with an even more lucrative offer of $500K for an 8% stake, and a royalty of $1.50 per unit sold until $500K is paid off. Kevin tried persuading the duo to take up his offer by questioning why one would want to give up an 8% stake in a company they knew would be profitable. But Lori and Mark pointed out how they would be getting two sharks, and help their business grow exponentially in no time.

Finally, Josh and Kevin closed the deal with Lori and Robert, while Kevin couldn't help but make remarks about the 'worst deal' that the two Sharks had made for themselves. Fans were happy to see the Phoozy founders secure a deal from two Sharks, and congratulated them on it. A fan tweeted, "Phoozy congrats, congrats Lori and Robert great product, great people #SharkTank." Another fan wrote, "Phoozy seems like a great product #SharkTank."

"The offers are on fire for @ThePhoozy! Good thing #phoozy is already prepared to deal with extreme heat. #SharkTank," joked a fan. Another fan commented, "Congratulations, @ThePhoozy, on getting the deal with @LoriGreiner and @robertherjavec @ABCSharkTank #SharkTank."

What did you think of the bidding war on 'Shark Tank' over Phoozy? Let us know. 'Shark tank' Season 12 airs every Friday at 8/7c only on ABC.