Pursecase Shark Tank Pitch
Pursecase is a mobile phone case that doubles as a purse! Ladies can keep their essentials in their phone case, complete with a bracelet handle mirror, and place for credit cards, cash and ID.
Jenn and Kelly never want to leave their smartphones, and they need a solution to keep everything they need in one place. The backside of the Pursecase is the purse, and comes in a variety of colors. The front side has your phone screen.
Jenn and Kelly are hustlers and they are ready to make your money back immediately. Robert said he came back from Europe and he sees them all over, but they don't have the pockets on the back of the phone.
In the first three months they have $30,000 in preorders. They project $240,000. Cost to manufacture is $4.42, and wholesales for $15 with retail price at $38 retail with 88% margin selling online. Kevin thinks they should be selling for $19.95 and they would sell ten times more.
A logistics company came to them and wants to make a deal for 15% with a million dollar credit line. They can have cases in forty-five days. They are using the money to create more molds for new phones.
Kelly and Jenn own Melrose PR, but they need help with sales and getting into retailers.
Pursecase Episode Data
- Company: Pursecase –Website
- Entrepreneur: Jenn Deese and Kelly Coughlan
- Ask: $55,000 for 12% equity
- Episode Season 5 Episode 510
- Companies in this episode:
- Grace and Lace
- Drop Stop – Featured Update
- First Aired: 11/22/2013
- Deal: Lori Greiner $55,000 for 15% equity
What do the Shark Tank Investors say about Pursecase?
- Mark Cuban – is not a fan of the technology accessory business, and it is on a whim. He is out.
- Barbara Corcoran – thinks the design is adorable and very chenille, she would like to see is a change purse and no flap. It is not for her and she is out.
- Kevin O'Leary – likes them and what they brought to the table is unique. He offers $55,000 for a $1 royalty until he gets his money back. Then the royalty drops to $.75 per unit for perpetuity.
- Lori Greiner – says she sells something very similar. The minute they walked in she sees a Super Hero. She loves it. She's sold hundreds of thousands of something similar and she can do it with this too. $55,000 for 15% equity.
- Robert Herjavec – admires the work they have done, but he spent two weeks looking at something like this on every street corner.
Pursecase after Shark Tank
In Beyond the Tank, Kelly Coughlan Weaver reaches out to Lori Greiner for help because her partner, Jenn Deese left the company after sales went down in 2014. After Shark Tank the company did $416,000 in business. But, the business ended up overwhelming and a barrier happened, changing the relationship. Lori and Kelly ended up buying Jenn's shares out of the business.
Pursecase introduced new lines and began promoting the designs, working to get them into retail. Kelly is working to bring her cross body chain purse into stores.
The company struggles with the Android market because the body of the phone changes too many times, unlike the iPhone body that stays consistent over time.
Lori Greiner suggests creating new products for Pursecase that goes beyond the mobile phone, giving them more revenue sources and options. They look to building a PurseCase with a charger built into their product.