Highlights
- Melissa and Ben Fossey asked for $60,000 for 20% of Caddyswag, their golf-bag cooler company.
- The Sharks declined the investment, doubting the product’s market appeal.
- Despite no deal, Caddyswag thrives, selling between $900,000 and $1 million annually as of 2021.
Overview
| Category | Details |
|---|---|
| Name | Caddyswag |
| Founder | Melissa and Ben Fossey |
| Industry | Golf Accessories |
| Product | Par Six cooler – golf-bag cooler |
| Funding Sought | $60,000 |
| Investment Ask | $60,000 |
| Equity Offered | 20% |
| Valuation | $300,000 |
Melissa and Ben Fossey come to the Shark Tank in episode 205, with their idea for a golf-bag cooler, the Caddyswag. The idea was birthed in a hot tub one evening while friends relaxed together the evening before a golf tournament. They wondered if there was a way to keep beverages cold on the course, without waiting for the drinks cart to come around and pay high course prices.
Within a year, they were ready to take their idea to market. The first run of 2,000 units sold out in 60 days. The Fosseys come to the Shark Tank looking for backers to help them produce and distribute their product, taking the Caddyswag to a new level in marketing. Will the Sharks play through, or will the Fosseys hit this one into the rough?
Caddyswag Shark Tank Recap
The Fosseys are seeking $60,000 for 20% of their company. They roll into the Shark Tank with a souped up golf court, blasting music and clearly enjoying themselves Melissa Fossey explains that there are two types of golfers; those who take the game seriously and work hard to improve and shave a swing or two off their score, and those who she calls the “Caddyswag” golfer, who comes to the course to socialize and have a good time.
Ben describes the “Par Six” cooler, which fits neatly into the shoe bag. Each cooler comes with a strip of gel freezer packs, which slips neatly into the side, keeping the beverages cold throughout the 18 holes of play. The Fosseys present the Sharks with coolers emblazoned with the Shark Tank logo. With word-of-mouth sales only, the couple has managed to sell $15,000 a year in product.
Daymond John is out immediately, stating he’s not a golf “aficionado.” Robert Herjavec plays golf, but he doesn’t believe there are courses that will allow players to bring their own beverages.
Kevin Harrington wants to know what they’d use the money for. Ben explains that they would order 10,000 units at $3 apiece. They would then put the rest of the money into a marketing campaign to build brand recognition among potential customers.
Harrington doesn’t believe the product has “enough punch to it to get the phone to ring.” He’s out.
Robert Herjavec doesn’t believe the product brings enough value, and he doesn’t believe it will sell. He’s out.
Barbara Corcoran disagrees. She thinks there’s a need for the product, but she believes it’s a small business, not investment worthy. She’s out.
Kevin O’Leary doesn’t believe he can make money on the product. The final Shark is out.
In a surprising twist, Ben Fossey reclaims the Shark Tank promotional coolers from the Sharks before leaving the stage.
Caddyswag Shark Tank Update
Despite the Shark’s disbelief, the product appeared on several talk shows, and is still available for sale online. While the Par Six cooler wasn’t a hit with the Sharks, it has sold enough units to keep Caddyswag alive and to become a booming business. By getting into the promotional business, and creating custom cooler bags for companies, promotional events, and even celebrations like weddings, Caddyswag has carved a niche for itself in the golf market among those golfers who care more about a relaxing afternoon on the course than getting the best score at the end of the day. They also sell their product on Amazon.
As of November, 2021, the company is still in business and has between $900,000 and $1 million in annual revenue.
Posts about Caddyswag on Shark Tank Blog
Shark Tank Entrepreneurs Caddyswag FollowUp
Caddyswag Company Information
Caddyswag is still here to save on Beer! Our 2016 model is the best version yet! Bigger, More Insulation & a New Zipper! Check it out for yourself at http://www.caddyswag.com
Check out Caddyswag Radio Live every Wednesday Night 8:30 cst on sianetradio.com
Do you still have the smaller version (prior to 2016) available for purchase? What are the demensions?
Check Amazon
I love it! Just saw shark tank and I ordered
It for my hubby! Great idea. Those sharks tanked
In this one.