CaddySwag Net Worth 2021 – What Happened After Shark Tank
Entrepreneurs and golf enthusiasts Ben and Melissa Fossey made their pitch to the Sharks for Caddyswag, the cooler that fits inside a golf bag.
They went in, music and guns blazing, asking for $60 000 in return for a 20% share of their business.
Unfortunately, the Sharks gave the pitch a cool response and no deals were offered, however the company gained good exposure and continues in business today with a net worth of over $500k.
What Is CaddySwag?
Caddyswag manufactures and markets the Par-6, a golf bag cooler. The cooler fits inside the shoe compartment of a golf bag and can keep 6 beverage cans (or other food and drink items) cold for 18 holes of golf.
No ice is needed as the Par-6 comes with re-freezable gel packs. The cooler itself is insulated.
Caddyswag offers to brand the Par-6 with company logos or wording on request and ships for free if ordered online from their website.
Caddyswag is approved by Golf Digest.
Who Are Ben And Melissa Fossey?
Ben and Melissa Fossey are the husband-and-wife co-founders and managing partners of Caddyswag. Ben describes himself as a logistics expert and an E-commerce player.
They started Caddyswag after the idea to develop something to keep their own drinks cool and save money on the golf course, was bounced around with friends one evening in the hot tub!
What Happened During The Pitch?
The pitch made by Ben and Melissa Fossey played like a fast-talking commercial, where demo Caddyswag coolers were handed to the Sharks as gifts.
The Fosseys made it clear that Caddyswag was ideal for the kind of golfer who plays for fun and wants to avoid hefty charges for beverages sold by golf courses.
They asked for $60,000 in exchange for a 20% equity stake. Their implied valuation of the business was $300,000.
The Sharks were quick to pick up on the etiquette and ethics involved as golf courses frown on golfers supplying their own beverages.
The Sharks were dubious from the start, claiming the product was trivial, small business, and more suited to marketing on the Golf Channel.
All the Sharks emphatically declined and declared out. Check out the Shark Tank Report Card here.
Ben, in a rather surprising move, took the gift coolers away from the Sharks saying they could pay full price for beer on the course.
Biz Coach reacted to the Caddyswag pitch and his critique explains all the things the couple did wrong, focussing on the dodgy ethics of the product. Watch this analysis of the full show here.
Caddyswag continues to be marketed online and is a successful business that focusses on creating custom cooler bags for companies, celebrities and other promotional events.
Caddyswag offered Tiger Woods a $1 million sponsorship that has not been accepted or rejected.