When producers of The Shark Tank contacted BuggyBeds founders Veronica Perlongo and Maria Curcio in season 4, they originally refused. They have no regrets now after becoming one of the show’s greatest success stories and making television history.
When the two entrepreneurs discovered that bed bugs were becoming an epidemic in homes all over the globe, they founded BuggyBeds. Bed bugs reproduce quickly, and once they’ve infiltrated a house, it’s just a matter of time until they’ve established a complete infestation. One of the most difficult aspects of dealing with bed bug infestations was the lack of devices on the market that could identify bed bugs before they were out of hand.
is a cutting-edge bed bug detecting device that will notify you if bed bugs are present. The monitoring gadget is hidden under your mattress’s four corners, so you won’t even notice it’s there. Simply monitoring the systems on a regular basis can reveal if bed bugs are present before a complete infestation develops.
The invitation to participate in Shark Tank was originally turned down by Veronica and Maria. However, they ultimately decided it was worthwhile to see what sort of arrangement they could get that would allow them to use the panel’s money, expertise, and connections to take BuggyBeds to the next level.
In Shark Tank, BuggyBeds Makes History
Season 4 Episode 1 Of Shark Tank
When they took the stage, the two astute businesswomen went straight to work. Veronica informed the judges that they were seeking a $125,000 investment in BuggyBeds with a 7% ownership stake.
Maria then went into disturbing depth about the bed bug issue and how widespread it has grown in the United States and across the globe. In recent years, bed bug infections have risen by a startling 500 percent. If you are not aware of their existence, a single female bed bug may lay up to 500 eggs, resulting in huge outbreaks with thousands of insects.
Barbara started by requesting a demonstration of the product. BuggyBeds is a glue-based device that attracts, captures, and kills bed bugs before they can become a full-fledged infestation. BuggyBeds is free of pesticides and contains no harmful chemicals, making it safe to use and keep in your home. The monitor will notify you if bed bugs have entered your house, allowing you to act quickly before your bed gets infected. BuggyBeds are ready to use right out of the box, and a handy portable pack enables you to take it with you on the road and use it wherever you sleep.
The two entrepreneurs intended to extend their retail distribution by selling BuggyBeds throughout the country, with the ultimate aim of reaching a worldwide audience, Maria told the judges.
The Sharks were all taken aback by how widespread the bed bug issue is all across the globe. Kevin questioned whether BuggyBeds was successful in eliminating bed bugs. Maria said that the invention is a first-of-its-kind early detection monitoring gadget that may be used to prevent infestations before they start.
Is it truly effective? Barbara wanted to know whether Veronica and Maria’s statements were based on facts or if they were just sharing their own experiences. Maria informed the panel that they had conducted testing on BuggyBeds in collaboration with dermatologists and other scientific experts.
BuggyBeds retailed for between $6.99 and $8.99 for a two-pack, with production expenses of $1.35 for each unit. Veronica said that their current sales were $150,000, with a profit of $100,000, and that Home Depot was willing to offer BuggyBeds at 60 of their shops throughout the United States. The business was valued at $1.75 million by the two. The panel was blown away.
Maria said that they were offered $5 million for the company’s trademarks and patents before they even launched BuggyBeds. The Sharks were stunned to learn that the two had turned down such a substantial deal.
The male panelists agree that the women would bring substantial value to BuggyBeds when Kevin invites them to leave for a minute, but Barbara voiced a desire for a larger role in the activity.
With Veronica and Maria back in the Tank, Kevin proposed a proposal in which he would spend $250,000 in exchange for a 25% ownership stake, although he expressed reservations about competing with his other Sharks on this offer since they were all enthusiastic about the idea. Daymond said that he agreed. When Veronica confesses that the equity stake is more than they are prepared to give up, Kevin offers to help get BuggyBeds into Walmart shops, and Daymond offers to get them into 7/11 stores all over the globe. It was now the turn of Veronica and Maria to be amazed.
Barbara went off the reservation and made Veronica and Maria a separate offer of $150,000 in exchange for a 15% ownership stake in BuggyBeds, but they had to accept it right now. Barbara retreated as the duo became quiet.
Mark proposes that all of the Sharks join forces with BuggyBeds in a cooperation agreement, including giving Barbara a chance to return. Barbara rejected the invitation to return, but Robert was all in, believing that each of the Sharks could contribute significantly to making BuggyBeds a global success. The four male Sharks make one final push to persuade Barbara to join their cause, and after a few beats of thought, she agrees to return. Veronica and Maria think over the transaction for a minute before agreeing to close the first deal in Shark Tank history to include all five members of the panel.
BuggyBeds Following The Success Of Shark Tank
The BuggyBeds brand was significantly impacted by a landmark transaction struck on Shark Tank. BuggyBeds were sold at over 350 Home Depot stores and every Burlington Coat Factory shop in the country after their nationally broadcast premiere. BuggyBeds is now available for purchase online and delivers to over 40 destinations around the globe.
BuggyBeds was, without a doubt, one of the most successful business endeavors in Shark Tank history.
Royal Pitch is not connected with BuggyBeds, Shark Tank, or any of its companies, and the information given in this article is only for educational purposes.
Visit the rest of the site for more articles.