Oogiebear Shark Tank Episode 1 Update | Season 14

Oogiebear Shark Tank Episode 1 Update | Season 14

Oogiebear made its appearance on Shark Tank Season 14 Episode 1 when Sina and Nina Farzin presented their innovative baby care product to the sharks. The entrepreneurial duo sought $400,000 in exchange for 5% equity, valuing their company at $8 million.

With their unique product designed to help parents safely and effectively clear their babies’ noses and ears, the Farzins hoped to capture the interest of the sharks.

The product line includes the original Oogiebear nose picker, a lighted version, a toothbrush/teether, and an aspirator ball.

Update Since Shark Tank

Following their appearance on the show:

• Successful Deal: The Farzins secured a deal with Barbara Corcoran and Robert Herjavec for $600,000 in exchange for 10% equity. This partnership has helped to elevate the brand’s visibility and market reach.
• Sales Growth: Since launching in 2015, Oogiebear has sold over 15 million units, with total sales reaching approximately $15 million by 2022. After appearing on Shark Tank, the company saw its monthly sales increase from an average of $174,000 to around $400,000, totaling about $4.8 million in sales over four months.
• Retail Expansion: Oogiebear products are now available in major retail chains, including Walmart, Target, Nordstrom, and buybuyBaby. The partnership with Barbara has opened doors to these new retail opportunities.
• Product Development: The company continues to innovate, focusing on creating additional baby care products that address common parental challenges.

Current Status and Net Worth

As of October 2023, Oogiebear is estimated to have a net worth of around $4.5 million. The brand has successfully established itself in the baby care market, leveraging the exposure from Shark Tank and the support from its investors to drive growth and expand its product offerings.

The positive reception of their products has led to strong customer loyalty and ongoing sales success.

What Is Oogiebear? How Does It Work?

Oogiebear is a company that specializes in creating innovative baby care products designed to help parents care for their children’s delicate nasal and ear hygiene. The flagship product, the Oogiebear Booger Tool, is designed to safely remove sticky and dried boogers from babies’ noses, as well as earwax. The product is carefully crafted to be gentle yet effective, featuring:

• Soft, Premium Rubber: The tool is made from soft, non-toxic, and BPA-free materials that are gentle on babies’ sensitive skin.
• Dual-Function Design: The tool has a loop and scoop design, making it easy to clear both boogers and earwax without causing discomfort.
• Patented Bear Head Design: The bear-shaped head prevents the tool from going too far into the nose or ear, ensuring safety during use.

In addition to the booger tool, Oogiebear offers other products like the Oogiebear Chestrub, bulb aspirator, and teething toothbrush, all designed with the same focus on safety, comfort, and effectiveness.

Oogiebear Shark Tank Full Episode: What Happened at the Pitch?

Sina and Nina Farzin entered the tank with confidence, asking the sharks for $400,000 in exchange for 5% equity, giving the company a valuation of $8 million.

 They shared their personal story and how the need to care for their own children led to the creation of Oogiebear. Nina, a pharmacist, and Sina, a periodontist, explained that their product was designed to solve a real problem for parents and had already proven to be successful in the market.

Key points from their pitch included:

• Cost per unit: Around $3
• Retail price: Between $12.99 and $24.99
• Sales figures: Over 1 million units sold, generating more than $15 million in gross revenue since 2015

These impressive figures, along with their projected $1 million net profit for 2022, caught the sharks’ attention. However, the Farzins acknowledged a significant challenge: 76% of their sales came from Amazon, with limited success on their own e-commerce platform.

Offers and Negotiations

• Kevin O’Leary offered $400,000 for 10% equity.
• Lori Greiner proposed $400,000 for 12% equity and invited Mark Cuban to join her, but he declined unless the equity increased.
• Barbara Corcoran offered $400,000 for 10% equity and sweetened the deal by offering to return half the equity if certain milestones were met.
• Robert Herjavec decided to join Barbara in her offer.

After some negotiation, Nina countered with an offer of $600,000 for 10% equity, which Barbara and Robert accepted, finalizing the deal.

Oogiebear Shark Tank Pitch Summary

What Happened to Oogiebear After Shark Tank?

Following their successful pitch on Shark Tank, Oogiebear saw a significant increase in visibility and sales. The partnership with Barbara Corcoran and Robert Herjavec provided valuable mentorship and financial backing, helping the company to scale its operations and expand its online presence.

Business Growth and Achievements

• Revenue: The company was on track to achieve $5.4 million in revenue by the end of 2022, with a projected $6.5 million in 2023.
• Product Availability: Oogiebear products are now available at major retailers such as Amazon, Walmart, Buy Buy Baby, Target, and Nordstrom.
• E-commerce Focus: With guidance from their new investors, the Farzins have focused on strengthening their direct-to-consumer sales through their own website, reducing dependency on third-party platforms like Amazon.

Customer Reception

Customers have responded positively to Oogiebear’s products, particularly the Booger Picker, which remains a bestseller on Amazon with over 85% of buyers giving it a 5-star rating. The product is praised for its effectiveness, safety, and ease of use, making it a must-have for parents with young children.

How Much Is Oogiebear Worth?

As of 2023, Oogiebear is estimated to be worth $4.5 million. The company’s impressive growth trajectory, combined with its strong sales figures and expanding product line, suggest that it will continue to increase in value.

Is Oogiebear Still in Business?

Yes, Oogiebear is still in business and thriving as of April 2024. The company continues to innovate and expand its product offerings, focusing on creating high-quality, safe, and effective baby care products that address real needs for parents and their children.

Oogiebear has successfully transitioned from a small startup into a major player in the baby care industry, thanks to its unique product offerings and the strategic partnership with Barbara Corcoran and Robert Herjavec.

With continued growth and innovation, Oogiebear is well-positioned to remain a trusted brand for parents seeking effective solutions for their children’s health and hygiene needs.