What Happened To Budsies After Shark Tank?

What Is Budsies?

Budsies is a firm that transforms your artworks into a fully stuffed animal.

You’ve probably wished that your child’s drawings would come to life. A company called Budsies might be able to help.

The Budsies have developed a service that converts drawings into plush animals. 

Budsies Shark Tank Update

Budsies accepts artwork via their website, and their creative minds transform the designs into stuffed animals.

Company NameBudsies
EntrepreneurAlex Furmansky
ProductCreates custom plush animal dolls from kids’ drawings
Investment Asking For$100,000 For 5% equity in Budsies
Final DealNo Deal
SharkNo Shark
Episode Season 6 Episode 24
Business StatusIn Business
WebsiteVisit Website

Who Is The Founder Of Budsies?

Alex Furmansky is the founder of Budsies. He was a scholar before he became an inventor.

He had previously earned a bachelor’s degree in engineering from the University of Pennsylvania.

Additionally, he holds a master’s degree in business administration from Wharton University. He almost certainly used this background to spur his entrepreneurial endeavors. 

He also founded Sparkology, a dating website for young professionals, in addition to Budsies. He now serves as Budsies’ chief executive officer.

Budsies Before Shark Tank

Alex Furmansky is a graduate of the University of Pennsylvania’s School of Engineering and Wharton School of Business.

Budsies was a fortunate break, as are most inventions. Alex discovered his younger sister’s creative side while living with his family. She drew animals.

He founded the Budsies Company in August 2013 when he was still a resident of South Florida. 

Alex Furmansky came up with the idea for Budsies after observing his younger sister drawing frequently but rapidly forgetting the designs.

He also observed that his younger sister loved her stuffed animals, and he created Budsies by combining the artistic drawings and the stuffed animals.

Her sister’s artwork was transformed into an animated video when Alex had a Eureka moment. His family and friends ecstatically received the prospect of manufacturing plush animals. 

They encouraged him to leap, and Budsies was born.

Budsies’ mission is to immortalize children’s artwork by transforming it into plush animals. Children can upload their photographs to the Budsies website, and Alex Furmansky and his crew will stitch and sew a bespoke stuffed animal for them.

He established a website for children to post their artwork. Then he engaged designers who attempted to duplicate the drawings by sewing stuffed creatures.

Even kids with allergies can have a Budsie friend because Alex chose hypoallergenic textiles. 

Budsies was already making sales before his appearance on Shark Tank due to his ingenuity and compassion.

Alex Furmansky is no stranger to entrepreneurship or working for other businesses. He also owns Sparkology, a dating service geared toward young professionals.

Additionally, he has worked with OpenPeak, a company that sells consumer technologies. 

He has also worked at Evercore FinTech M&A, UBS, and Lockheed Martin and consulting for new companies that required his assistance at the time.

How Was The Shark Tank Pitch Of Budsies?

Alex Furmansky appeared on the Shark Tank stage requesting an investment of $100,000 for a 5% stake in Budsies. 

Daymond John states that Alex is asking for an unreasonable offer and believes that Alex is insane.

Daymond John states that the company is not worth two million dollars, and Alex claims he is not even sorry that the Sharks walked away from his business.

Alex states he is willing to accept a deal worth one hundred thousand dollars for a forty percent stake in Buddies.

Robert Herjavec reveals that he wanted to learn more about the future of Alex Furmansky and how he will make it through the next twelve months. Alex thinks Buddies is too broad for him and is out of the company.

Lori Greiner, however, is suspicious of the practical aspects of the idea. She considers the business idea of Buddies very creative. She says she does not believe the company can grow very large.

She does not believe Buddies is scalable and that it is something that Alex Furmansky can do himself. She says that the business is nice and that Alex Furmansky can start independently.

She also stated that she doesn’t see Buddies ever becoming large, which is why she is leaving the show.

Alex Furmansky counters that offer from Daymond John and says that he will be able to take a twenty percent stake in Budsies but will require more than one hundred thousand dollars.

Daymond responds by saying that he will not accept a lower offer from Alex and that he is leaving the show.

Kevin O’Leary stated that he would not offer Alex a lower offer for his company. He says Alex will have to raise the prices people pay for Buddies.

Alex Furmansky says he can increase the demand for Budsies because he has many contacts.

Alex Furmansky said he would not accept an offer to buy fifty percent of his company.

He stated that he would not accept the offer to purchase a one hundred thousand dollar stake in his company.

Alex Furmansky states that the Sharks want him to receive half of his company, but his company is worth a lot more than the money they offered him.

Alex says that he is sorry that the Sharks decided to walk away from him, but he is not sorry at all.

Result: No Deal between Budsies and Sharks.

What Happened To Budsies After Shark Tank?

Alex was not having financial difficulties with his business and did not require a bailout investment. 

He required capital to scale and make Budsies at a reduced cost and a faster rate.

Each Budsies is made in about four to five weeks and has a profit margin of about 50%.

There is no mention of Alex’s items being the greatest or worse on Shark Tank, except for Daymond John’s description of him and his business ideas as ‘crazy.’

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The Sharks were not interested in investing in Budsies because several believed the company was too small and saw no way to profit from their investment.

Budsies Shark Tank Update

Alex has expanded his production by diversifying his company’s offerings. Individuals may order Petsies and Selfies, which are stuffed creatures depicting their pets and selves.

All of his items are available for purchase at www.budsies.com. Budsies has appeared in numerous publications, including BuzzFeed, Hallmark, and CNBC.

Budsies items have a high number of positive reviews on its website, yet on third-party websites such as Yelp, they receive a high number of one-star ratings.

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Many customers claim they received the incorrect order or that their stuffed animal does not match their drawings, despite providing a comprehensive description.

Others have complained about having to wait months for their Budsies to arrive.

Budsies could have benefited greatly from investment to accelerate production and establish their factories, where they could supervise manufacturing, rather than outsourcing to a random facility in China.

Budsies must be struggling with sales since Alex said on Shark Tank that it takes four weeks to manufacture one stuffed animal, but it takes six weeks, according to the Budsies website.

Budsies Shark Tank Update

Budsies is still in business and going strong. In his eighth year of operation, Alex Furmansky, the company’s founder, stepped down in March 2021, succeeded by Scott Meier as the new CEO.

Most of Budsies’ revenue comes from its website, with the core business of translating children’s artwork into plush toys remaining mostly untouched.

Furthermore, you can now design bespoke photo pillows, pet replica plush toys, and stuffed animals that mimic selfies.

Budsies now delivers internationally and recently passed the 100,000 mark for bespoke toys created.

Additionally, Budsies has teamed with children’s hospitals to distribute toys to cancer-stricken youngsters. They also received a promotional endorsement from Walt Disney for Pete’s Dragon.

What Happened To Kalyx After Shark Tank?

Budsies is still in business as of 2022 with annual revenue of $2 million.

Is Budsies Still In Business?

Budsies is still in business as of 2022 and delivers worldwide.

What Is the Net Worth of Budsies?

The valuation of Budsies was $2 million when it appeared on Shark Tank. The net worth of Budsies is $2 million as of 2022.

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