Are you a new parent who is worried about developing the habits of hygiene in your kid?
Or, Is your kid afraid of bathing due to the unwelcoming experience it offers?
Fret Not, because SoapSox is here to rid you of all these worries with its unique playtoy that offers a practical solution by tucking away a soap pouch in a cutely-shaped cuddle toy!
SoapSox at a Glance:-
| Idea | Kid-friendly Animal-shaped washcloth |
| Founders | Ray Philips and Alvin Uy |
| Asked For | $260,000 for 10% |
| Accepted Deal | None |
| Sharks | None |
| Business status | In Business |
| Episode No. | Season 6, Episode 3 |
| Buy on Amazon | Buy Now! |
Index:
WhatisSoapSox?
SoapSox is a unique and fun line of bathing products that combine the practicality of a soap pouch with the fun of a stuffed toy.
SoapSox offers an animal-shaped toy that contains a special compartment for soap or body wash. It gives the child a cuddling companion which also gets converted to a sponge during bathing.
SoapSox is a sincere attempt to teach kids to be aware of hygiene in a comfortable and fun environment by Ray Philips and Alvin Uy.
Both of them having nurtured fatherhood, know what it is like to teach kids about such essential topics while maintaining a playful atmosphere and hence, created SoapSox to ease the process.
Founder Story:
Ray and Alvin, the founders of SoapSox have had various experiences with kids. Not only due to their fatherhood but also because both of them have a rich child-care background.
Philips worked as a director for a residential treatment facility in California, this is where the idea of SoapSox was first rooted.
He noticed that many children brought their toys while bathing because that made them comfortable in their surroundings.
Since none of those toys were made for water contact, the children had usually ended up ruining them, Philip decided to make a 2-in-1 product, that was a toy when with the kid but became a sponge while bathing.
Did SoapSox get a deal on Shark Tank?
Ray and Alvin entered Shark Tank with their company SoapSox and asked for $260,000 in exchange for 10% equity.
The founders then continued with their presentation stating the purpose and working of their product. They demonstrated how the toy gets converted to a sponge in contact with water.
In terms of finance, the company had done around $80,000 in sales mostly from their own website or boutique stores.
Even though sharks appreciated the product and the problem it solved, they were dicey about the contrast between sales numbers and their valuation. Due to this, sharks like Kevin, Mark, and Robert decided to drop out of the deal.
Shark Daymond John, however, believed in the founder’s aim and saw potential in the product. He offered them a deal of $260,000 for 33% equity in the company.
Ray however was not comfortable in letting off a large chunk of equity quite early in their business and hence, they left the tank without accepting any deal.
What happened to SoapSox after Shark Tank?
As an after-effect of their presence on the show, SoapSox experienced a major surge in their sales and revenue.
The company won a Juvenile Products Manufacturers Association innovation award in Las Vegas. They also decided to lower their selling prices drastically, which led to a further increase in their sales.
In February 2016, the company cracked a deal with Disney Baby, where they were licensed to manufacture Disney characters for their products. They also struck a similar deal with Paw Patrol.
The products are now available on Amazon and various retail stores such as Nordstrom. As of 2023, the company remains in business with an annual revenue of $8 million.
Product Details:
- SoapSox features a plush animal character that gets converted to a sponge while bathing.
- It is made of soft terry cloth that makes it skin soft for your children.
- On the inside, SaopSox features a soapy chamber that can be filled with soap or body wash.
- It also has built-in finger pockets in order to make gripping easier.]
- The products have a price point of around $20.
What’s the net worth of SoapSox?
The founders entered the tank with an ask of $260,000 for 10% equity, valuating the company to $2.6 million.
The deals offered on Shark Tank, however, could not appeal much to the founders and they decided to leave empty-handed.
As of 2023, the company is doing an annual revenue of $8 million with an estimated Net Worth of around $15 million.
Who are the competitors of SoapSox?
The major competitors of SoapSox are:
- Valoreo
- Floyd
- Dropps
- Land of Nod
- Little Giraffe, and many more.
Is SoapSox still in business?
Yes, SoapSox is still in business and is in fact in a highly flourishing phase.
The company continues to offer unique designs in their practical solutions to attract children and provide them with a fun bathing experience.
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FAQs:
What is SoapSox?
SoapSox is a unique and fun line of bathing products that combine the practicality of a soap pouch with the fun of a stuffed toy.
What's the net worth of SoapSox?
As of 2023, the company is doing an annual revenue of $8 million with an estimated Net Worth of around $15 million.
