BuggyBeds founders Veronica Perlongo and Maria Curcio initially resisted entering The Shark Tank when producers of the show approached them in season 4. Today, they have no regrets after becoming one of the show’s biggest success stories, making history in the process.
The two entrepreneurs created BuggyBeds when they realized the epidemic bed bug problem developing in homes throughout the world. Bed bugs multiply rapidly, and once they get into homes, it is not long before a full infestation takes hold. One of the most significant issues in controlling bed bug infestations was that there were no products on the market designed to detect bed bugs before they got out of control.
BuggyBeds is an innovative detection system that will alert you of the presence of bed bugs. The monitoring device is placed underneath all four corners of your mattress, so you don’t even know it’s there. Merely checking the systems regularly, and it will let you know if bed bugs are present before a full infestation can take hold.
Veronica and Maria initially refused the offer to appear on Shark Tank. However, eventually, they realized it was worth discovering what kind of a deal they may be offered that could utilize the capital, skills, and contacts of the panel to take BuggyBeds to the next level.
BuggyBeds Makes History in the Shark Tank
Shark Tank Season 4 Episode 1
The two smart and savvy businesswomen got right to business when they hit the stage. Veronica told the judges that they were proposing a $125,000 investment with 7% equity in BuggyBeds.
Maria then explained in unsettling detail the problem with bed bugs and how pervasive they have become throughout the United States and around the world. Bed bug infestations have dramatically increased a disturbing 500% in recent years. One single female bed bug can lay up to 500 eggs, meaning large outbreaks with thousands of insects can form rapidly if you are not aware of their presence.
Barbara began by asking to see the product. BuggyBeds is a glue system that attracts, traps and kills bed bugs before a full infestation can form. There are no toxic substances used, and BuggyBeds is entirely free of pesticides, making it safe to use and have in your home. The monitor will alert you that bed bugs have entered your home so you can take swift action before your bed becomes infested. BuggyBeds come ready to use, and a convenient portable pack allows you to take it on the road to use wherever you sleep when you travel.
Maria let the judges know that the two entrepreneurs wanted to expand their retail distribution into selling BuggyBeds nationwide with the ultimate goal of reaching a global audience.
The Sharks were all quite taken back by the pervasiveness of the bed bug problem around the world. Kevin wondered if BuggyBeds actually succeeds in getting rid of bed bugs. Maria replied that the product is an early detection monitoring device, the first of its kind that can be used to head off infestations before they begin.
Does it really work? Barbara wanted to know if there was actual data to support Veronica and Maria’s claims or if they were merely presenting their own observations. Maria told the panel that they had worked with dermatologists and other scientific specialists to run tests on BuggyBeds.
The retail price for a two-pack of BuggyBeds was between $6.99 and $8.99, with manufacturing costs at $1.35 to produce. Veronica said that their current sales were $150,000, with $100,000 profit, noting that Home Depot was prepared to sell BuggyBeds in 60 of their U.S. stores. The pair’s valuation of the company totaled $1.75 million. The panel was duly impressed.
Maria explained that before BuggyBeds was even launched, they were offered an incredible $5 million for the company’s trademarks and patent. The Sharks were knocked off their fins to discover that the two turned down such a lucrative offer.
After Kevin asks the ladies to step out for a moment, the male panelists agree they would add considerable value to BuggyBeds, though Barbara expressed a desire for a more significant part of the action all for herself.
With Veronica and Maria back in the Tank, Kevin laid out a deal that would invest $250,000 with a 25% equity share but stated that he was uncomfortable competing with his fellow Sharks with this deal, as they were all on board with the product. Daymond said that he was on board. When Veronica admits that the equity share is higher than they were willing to give up, Kevin said that he could help get BuggyBeds in Walmart stores, and Daymond could get them in 7/11 stores around the world. Now it was Veronica and Maria’s turn to be impressed.
Barbara went rogue with a separate offer of $150,000 in return for a 15% equity share in BuggyBeds but told Veronica and Maria they would need to accept it on the spot. The pair stood silent, and Barbara withdrew.
Mark suggests that all the Sharks partner in a partnership deal with BuggyBeds, including offering Barbara a chance to get back in. Barbara declined the offer to return, but Robert was entirely on board, agreeing that each one of the Sharks could offer substantial input to help make BuggyBeds an international success. The four male Sharks make one last push to convince Barbara to join their efforts, and after thinking it over for a few beats, she agrees to come back. Veronica and Maria take a moment to ponder the deal before deciding to complete the first deal ever in the show’s history to involve all five members of the Shark Tank panel.
BuggyBeds After Shark Tank
Striking a historical deal on Shark Tank had a significant impact on the BuggyBeds brand. The success of their nationally televised debut led to BuggyBeds being sold in over 350 Home Depot locations and every Burlington Coat Factory store in the country. BuggyBeds now ships to over 40 countries around the world and is available for purchase online.
Without a doubt, BuggyBeds wound up being one of the most successful business ventures in the history of Shark Tank.
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