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OogieBear, a company that creates innovative and smart baby care products, was featured on season 14 episode one of Shark Tank in 2022. The brand even got an offer for $600K for 10% equity from sharks Robert Herjavec and Barbara Corcoran. OogieBear was founded by Nina Ferzin, a Doctor of Pharmacy, in 2015, when she only had $22,000. Ferzin is also the CEO and President of Oogie Solutions, LLC, the company's parent brand.
The goal of the brand was to create products to help babies and young children breathe freely. Nina managed to generate $15 million in 2022, according to a survey conducted on Shark Tank. Her product dealt with the issue of baby boogers, which as it turns out is a huge problem.
The product, which is the only one in the market, has seen huge growth since it was featured on Shark Tank. Additionally, Nina also feared that the products would be copied by competitors and has kept utility patents and design patents for all her products.
The product is available on several websites, including Amazon, Walmart, Buy Buy Baby, Target, and Nordstrom. As much as 76% of the total sales of the product were solely attributed to Amazon, as per a Shark Tank talk from September 2022.
OogieBear negotiated a deal when they appeared on Shark Tank
During their appearance on season 14 episode 1 of Shark Tank, OogieBear asked for a 5% equity for $400,000 at an $8 million valuation. Later, the husband and wife pair Sina and Nina Farzin shocked everyone with their deal. The making and landing costs for the product were estimated at between $2 and $4 while selling prices are between $12.99 and $24.99.
Shark Kevin O'Leary offered $400k for 10% equity at a $4 million valuation while Daymond John didn't make an offer as he said he had no expertise in the field.
Lori then offered $400k in exchange for 10% equity. This was followed by a request for Mark to join the offer. Barbara Corcoran also offered $400k in exchange for 10% equity. Robert became more interested in Barbara's deal as the episode progressed, he joined her. Nina ended up settling with Robert & Barbara for $600k for 10% equity.
How much is OogieBear's net worth?
According to reports from Shark Tank talks, OogieBear has a net worth of $4.5 million based on successful business. Since its launch in 2015, the brand has reached a total revenue of $15 million.
According to the OogieBear website, Nina said that she got the idea for the company when she realized the discomfort her children felt when they were sick. She added that she wasn't unhappy with all the options that were available to help the children feel relief when their noses were blocked with boogers.
In addition, it mentioned:
“Nose breathing is so important to health, and the breathing habits we develop as children often stay with us our entire lives — this was a problem I just had to address. So I invented oogiebear — a revolutionary new product that helps children (and parents!) breathe more easily.”
The Shark Tank product has also received good reviews from Amazon customers and has good ratings. The headquarters of the company is situated in Rockville, Maryland, where 11-50 employees work for it.
ABC will broadcast Shark Tank season 14 episode 20, on Friday, April 14, at 8 pm ET.
