Buzzy Shark Tank Update

Is your child scared of getting vaccinated due to bad experiences with needle pains? Do you want to have a fixed solution to numbing all needle pains?

Well, Buzzy is here with its bee-shaped products to BUZZ your pain away!!

Buzzy at a Glance:-

IdeaSpecialized cold pad device to soothe injection pains
FoundersDr. Amy Baxter
Asked For$500,000 for 5%
Accepted DealNone
SharksNone
Business statusIn Business
Episode No.Season 5, Episode 18
Buy on AmazonBuy Now!

Index:

What is Buzzy?

Buzzy is a pain-blocking device developed by Dr. Amy Baxter that aims to take away the stings of immunizations or injections.

Buzzy, as the name suggests is shaped like a bee and applies the method of cold concentration and vibrations to soothe the pain from getting a shot.

Buzzy can be used by both children and adults alike to soothe any kind of needle pain. The product can also be used for allergies, Dermatology, Diabetes, IVs, and much more. It works on the “Gate Control Theory” to soothe the pain.

Founder Story:

Dr. Amy started her venture Buzzy after her young son had to go through severe pain while getting his routine immunization.

This experience compelled her to find a solution to this problem and hence she discovered that a combination of cold and vibrations might help numbing the injection pains.

Dr. Baxter launched the product in 2009 with grants from the May Fund, the National Institute for Health, and Kimberly Clark. Dr., Baxter is also known to be listed as one of Inc. Magazine’s Top Women in Tech to Watch.

Did Buzzy get a deal on Shark Tank?

Dr. Amy entered the tank seeking an investment of $500,000 in exchange for 5% of the company.

She then proceeded to explain the concept behind her product and also said that her product was clinically approved. It is known to reduce pain between 50-80% and is already available in 1200 hospitals and clinics.

She claimed her sales to be $1 million for the current year and projected the next year’s sales to be $2.5 million. 30,000 products were sold till the date of airing and she had managed to clear $660,000 in gross profit and $270,000 in net profit.

The sharks liked the product but were unsure of the valuation that Amy asked. Kevin also points out that she is asking for a valuation that is greater than her net profit of the year, he was also unimpressed by the lack of sales strategy.

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Lori also opted out since she had already climbed a mountain with Ava, one of her investments. The sharks also condemned her wish to venture into the big-box market.

Even with the various flaws, O’Leary offered Amy $500,000 for 20% which is then joined by Robert. Mark is also willing to make the same offer. Dr. Amy thinks that the valuation is too low and hence ends up rejecting all the deals, walking empty-handed out of the tank.

What happened to Buzzy after Shark Tank?

Even though Dr. Amy turned down the offers at Shark Tank, she continues to run her business by selling Buzzy directly to families, clinics, and hospitals. Her product has been estimated to reach around 5,000 hospitals and clinics.

Buzzy is still making sales but without the proper sales plan and advertisement, the product is struggling to scale in both sales and profits.

With the owner continuing her full-time medical practice along with the business, the reach and sales of the product remain limited. The business has now been rebranded to Pain Care Labs and the product is now available in 700 CVs nationwide.

Product Details:

  • Buzzy is a specialized cold pad that helps in numbing the injection or IV pains.
  • It uses a technique of alternating between cold concentrate and mild vibrations that helps in blocking the pain.
  • It can be used for diabetes, allergies, dermatology, etc. as well.
  • The bee-shaped device consists of detachable “wings ” that can be stored in refrigerators.
  • Vibracool compression wraps are the newest addition to the business. These come in four styles: for the wrist, elbow, and ankle, for the knee, calf, and hamstring, and back, hip, and foot.

What’s the net worth of Buzzy? 

The company entered the tank with an ask of $500,000 in exchange for 5% equity, evaluating $10 million, and walked away with no deal from the Tank.

As of April 2023, the company is in business with an annual revenue of $5 million. Buzzy has been estimated to reach a Net Worth of around $15 million.

Is Buzzy still in business?

Buzzy is still in business as of January 2022. They have not only increased their profit margins and sales figures but have also introduced various new product lines such as VibraCool cryotherapy and DistrACTION devices to treat knee pain, tendinitis, and various other chronic pain conditions.

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FAQs:

What is Buzzy?

Buzzy is a pain-blocking device developed by Dr. Amy Baxter that aims to take away the stings of immunizations or injections.

What's the net worth of Buzzy?

Buzzy has been estimated to reach a Net Worth of around $15 million.

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