Buderflys Technologies, Inc set out to radically change the fit, comfort level, and engagement of the smart earbud to coincide with the huge growth curve in the high-end, wireless earbud market. In doing so, they created a defensible wedge into the $30B, high margin (80%) smart earbud industry. The industry has had little innovation around fit/comfort in over a decade. Buderflys has developed a patented comfort technology that allows the earbud to flex with the ear as it moves, eliminating the top pain point in the industry affecting 87% of users.
Today, Buderflys is opening a capital round to replicate their success on a large scale. The earbud company based in Colorado targets “long-term comfort for the heave earbud users,” and believes its patented technology solves a problem that has gone unheard by earbud companies for far too long. We sat down with founder and CEO, Shea Gerhardt, to discuss the earbud industry as a whole, where Buderflys sees itself within that industry, and the message they want to send to potential investors.
What Makes Buderflys a Unique Opportunity for Investors?
Shea: “The wireless earbud industry is a $30 billion industry and it is expected to grow to $152 billion by 2030. The lack of innovation around fit within the earbud industry has forced customers to accept the status quo: an uncomfortable earbud that causes ear pain and fatigue after wearing them. Listeners have been stuck with the same earbud design for the better part of two decades. The current industry solution to ear fatigue, soreness, and earbuds falling out is a little rubber/foam ear-tip that does little to solve the listeners’ pain. We’re here to change that.”
Shea continued, “in addition to our in-ear comfort technology, we are launching the first proprietary AI based on-the-go productivity integration (SaaS subscription) that combines the best of Evernote, Goodreads, and Otter-io on a smart earbud. In a world that has become more flexible and mobile, we thought it was important to meet our users’ needs and build a platform for today’s fast-paced lifestyle.”
A recent USB Global industry study predicted the earbud will replace the brick cell phone as computing power and AI technologies advance. With an eye towards the future of the industry, Gerhardt said Buderflys “wants to address the market needs that major players have neglected and overlooked while building the earbud platform of the future to coincide with the huge growth in the industry ($152B by 2030 USB Global Research).
Why Are You Seeking Funding for Buderflys?
Shea: “We sold close to $500,000 exclusively on our website in close to four months. Demand has consistently exceeded supply and we have validation around both the product-market-fit and our go-to-market fit. We have a unique go-to-market strategy that unapologetically contradicts the current market narrative and we’re looking for investors to add fuel to our already proven strategies and accelerate growth.”
What Is Buderflys’ Long-Term Goal?
Shea: “The $30B market is fractured, with the largest player owning only 34% of the market. There is plenty of room for new, user-focused innovation. We envision a future where earbuds replace brick cell phones. Without our patented material design, earbuds aren’t comfortable enough for long-term usage and the potential of the industry can’t become a reality.”
Is there a Specific Message You Have for Potential Investors?
Shea: “We raised prices by $100 and sales increased, which suggests an inelastic demand for our product. 14% of our total sales are repeat purchases, which displays customer loyalty. Our goal is to raise a capital of $5-7 million to repeat this success on a large scale. We’ve made large strides with relatively limited funding over a short duration and we’re excited to partner with investors who share our vision.”
The team at Buderflys comes from a diverse set of backgrounds in the earbud industry, with experience at notable companies such as Harman Kardon, Motorola, Ultimate Ears, Jaybird, and SOL Republic. Doug Mendic, a current investor, said of the Buderflys team, “Gerhardt has assembled a team of experts who have proven they can accomplish their mission to deliver an earbud that will replace the cell phone brick with a device of the future.”
If you’re interested in learning more about Buderflys’ mission to become the world’s most comfortable earbud, visit their website at Buderflys.com.