The founder duo Nina and Sina Farzin entered Shark Tank season 14 to raise funds for their company Oogiebear. The company specializes in innovative and smart baby care products.
Baby boogers are a big concern for parents. To address this issue, Oogiebear came up with a product that helped clear a baby’s nose, allowing them to breathe freely.
Nina and Sina Farzin proposed a deal of $400,000 for 5% equity in their company. Now let’s find out if their products are worth investing or not.
Shark Tank Oogiebear Update
- Entrepreneur: Nina Farzin and Sina Farzin
- Business: Baby Accessories
- Ask: $400,000 for 5% equity
- Result: $600,000 for 10% equity
- Sharks: Robert Herjavec and Barbara Corcoran
Nina introduced her product, the Oogiebear booger tool as a baby care item that is designed to clean a baby’s nose. The product is suitable for use for babies below the age group of two.
She told the sharks that the making cost of the product is $3 per unit and sells for $24.99.
When Kevin O’Leary inquired about the sales, Nina shocked the sharks by saying that Oogiebear have sold over 1 million units. According to her statement, the company’s gross revenue was over $15 million, and they are targeting to reach a profit margin of $1 million during the year 2022.
This impressed the sharks and Kevin decided to propose a counter deal of $400,000 for 10% equity. Daymond John stepped back from the deal because he believed he is not much use to the company.
The majority of the company’s sales are generated from giant retail brands like Walmart. The founders confessed that their company was failing to get e-commerce sales through their online website. As per reports, 76% of the sales came from Amazon.
Other than Kevin O’Leary, Lori Greiner was also interested to invest in the company. She offered them a deal of $400,000 for 12% equity. She also requested Mark Cuban to join the deal with her.
Barbara Corcoran also expressed her interest by offering $400,000 in exchange for 10% equity. Additionally, she promised to give back half of their equity if the company failed to meet certain metrics. Later, she teamed up with Robert Herjavec in her offer.
After receiving multiple offers from the sharks, Nina and Sina decided to go with Barbara and Robert’s deal. Both parties agreed on $600,000 in exchange for 10% equity.
Oogiebear is one of the companies that witnessed huge market growth after appearing on Shark Tank. Fearing that other companies would copy her products, Nina filed for design patents and utility patents for all her products.
Currently, the Oogiebear booger tool is available on various websites including Buy Buy Baby, Amazon, Nordstrom, Target, and Walmart. Customers can also avail of the product on the official website and offline retail stores.
As per updates, the company’s total revenue has reached a whopping $15 million since its launch in 2015. Nina founded the company after realizing the discomfort her kids felt when sick. She wanted to design a product that would help kids clear their noses.