SoapSox Net Worth 2023 – What Happened After Shark Tank
Do all parents look forward to bath time with toddlers? Definitely not!
SoapSox Net Worth: Some kids simply hate getting clean and two entrepreneurs saw that as a gap in the market.
Did their SoapSox impress the Shark Tank sharks and the general public enough to make their fortune?
Find out how they have generated a net worth of an estimated $15 million today.
SoapSox Quick Facts
Name |
SoapSox |
Company Net Worth: |
$15 million – Estimated |
Pitch: |
Plush bath toy with soap pocket |
Entrepreneur: |
Ray Phillips, Alvin Uy |
Asked For: |
$260 000 for 10% equity |
Deal: |
None |
Shark: |
None |
What is SoapSox?
Each SoapSox item is a plush toy with a dedicated pocket for soap—bar soap or liquid soap.
Dunk it in water, work up a lather and you have a cute bathtime friend that kids can use in the place of washcloths or sponges. This makes bath time more attractive, resulting in fewer complaints when it’s time to get clean.
Who is the Owner?
The idea came from Ray Phillips who volunteered at a traumatized children’s treatment facility.
He had to modify a child’s toy to contain a sponge and allow the child to take it with him into the bath before the kid would willingly get washed. He realized many parents can find plush bath toys helpful too, if kids feel they’re taking their favorite toys into the water.
Ray partnered with a friend who was involved in product design—Alvin Uy—to bring the idea to life.
What is its Net Worth?
The pair used a Kickstarter campaign to get the ball rolling, collecting over $51 000.
A few years ago, at the time the company visited Shark Tank, they estimated their value at $2.6 million. These days, platforms like Owler report their annual revenue at around $8 million.
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Shark Tank Appearance
On the show, as reported by WatchMojo, the pair hoped for $260 000, while willing to part with 10% of their company.
This was a company the investors could immediately see the value of, with multiple offers coming their way. Some sharks—Lori Greiner and Robert Herjavec—were even willing to purchase the entire company for $1 million.
What Happened on the Show?
In a surprising turn of events, the entrepreneurs turned down all the lucrative offers.
They were dream chasers who wanted a partnership, not part with their company or even lose too much of its equity.
Where is the Company Today?
This brand’s online store is going strong, so it’s clear they didn’t really need a shark to get them to realize their dream.
Also, you can purchase the toys from popular online platforms and brick-and-mortar stores.
Disney Connections
A huge boost was collaborating with Disney Baby as mentioned on gobankingrates.com.
On the company’s website, you’ll find multiple designs with new ones coming onto the market at times. This now includes Disney characters and Snow Patrol figures.
Conclusion
Want to taste success like these guys did, even without the support of a shark?
What daily tasks can you simplify for households? It may be the key to your fortune.
This article was first published here.
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