BuggyBeds – Bed Bug Glue Trap
DEAL
EPISODE SUMMARY
🕓 Air Date: September 14, 2012
Asking For:
$125,000 for 7%
Investor:
Mark Cuban, Daymond John, Kevin O’Leary, Barbara Corcoran, Robert Herjavec (5)
Deal:
$250,000 for 25%
PRODUCT SUMMARY
BuggyBeds is a bedbug glue trap designed as an early detection system to attract and trap bedbugs, providing peace of mind for users.
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Background Story
Maria Curcio and Veronica Perlongo, partners of 15 years, created BuggyBeds to address the growing bedbug epidemic. Recognizing the need for an early detection system, they developed BuggyBeds as a solution. Their combined expertise in entomology and dermatology, along with extensive testing, led to the creation of a non-toxic, pesticide-free product. They strategically targeted big box and retail distribution channels for expansion.
The Product
BuggyBeds is a non-toxic, pesticide-free bedbug glue trap designed for early detection. It can be easily placed between box springs, mattresses, or under couch cushions. The product is tested and proven, with endorsements from entomologists and dermatologists.
It is available in travel packs for hotel use and is patented in multiple countries. The suggested retail price ranges from $6.99 to $8.99 for a 2-pack, with a manufacturing cost of $1.35 per unit.
How It Went
The company’s position before Shark Tank
BuggyBeds has achieved notable success since its launch, securing partnerships with major retailers like Home Depot and Burlington Coat Factory. They’ve experienced rapid sales growth, with $150,000 in revenue and $100,000 in profit over six months. Manufacturing is brought in-house for cost-effectiveness. The company’s valuation is based on its strong sales performance and potential for further expansion into retail markets.
The Negotiations:
The Sharks were impressed by BuggyBeds’ performance and the potential for retail expansion. Barbara initially offered $150,000 for 15% but withdrew her offer after a lengthy negotiation. Eventually, all five Sharks came together to offer $250,000 for 25% equity, emphasizing their collective value in securing retail partnerships and supporting the company’s growth. Despite initial hesitation, Maria and Veronica accepted the deal, marking a historic moment with all five Sharks investing together.
