Convincing a child to bathe is one of the most challenging times parents get in nurturing their wards. Most kids can now bring their play toys into the bathtub. In such a situation, Alvin Uy and Ray Philips saved the day. With the introduction of Soapsox, it is now easy for every child to get their bath quickly.
Contents
What is Soapsox?Masterminds of SoapsoxFounding of SoapsoxShark Tank PitchedFollowing Shark TankNet WorthFrequently Asked Questions
SoapSox has adorable plush toys with soap pockets, which allow kids to use them to wash themselves. As a kid’s favorite, SoapSox has generated a good fortune. In this exploration, we will highlight everything about Soapsox, from its founders to its pitch on Shark Tank.
What is Soapsox?
SoapSox is a line of quirky, cuddly, and vibrant characters that simplify bath time for parents while adding enjoyment to children’s bath time. SoapSox is designed with an antimicrobial sponge interior and a soft terry cloth exterior. They can be worked into a lather for an enjoyable bathing experience when filled with soap and water.
Masterminds of Soapsox
Soapsox was founded by Alvin Uy and Ray Philips, both fathers who grew up in the same area of Los Angeles. Ray graduated from the University of California. Alvin studied art at California State Polytechnic University, Platt College, and ArtCenter College of Design.
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Not much is known about the early lives of the founders. Ray worked at a child treatment facility. His business partner, though, was very busy. Alvin began his career with TLR & Associates as a senior art director. He became creative director at Insight Creative Group, Inc., and DZN-AGI Media. As a businessman, he established Vinjen Capital, AARK Investments, and Vinjen Realty.
Founding of Soapsox
One child at Ray’s job would only take a shower for a short time. The child explained to Philips that he couldn’t bring his stuffed animal into the bath when Philips asked him why he did this. Ray created a plush toy that could hold soap to get the child to wash up.
He was convinced his invention could benefit other parents after it proved effective. He teamed up with Alvin because he needed assistance with the product design. With seven different toy designs, they introduced SoapSox in 2013.
Together, the two raised $52,000 from 624 backers through their Kickstarter campaign. They signed a contract with Nordstrom and made$300,000in sales six months later.
Shark Tank Pitched
SoapSox was a relatively new product but already had good sales. Shark Tank’s sixth season featured Alvin and Ray, who requested $260,000 in exchange for 10% equity. Following their introductions, they presented each shark with a SoapSox animal, representing their personalities.
Regretfully, the large margins of the toys caught the sharks off guard. Daymond John made a $33,000 offer, but the business owners were reluctant to give up too much ownership. For the same reason, they declined Robert Herjavec and Lori Greiner’s $1 million offer to purchase the entire business.
Following Shark Tank
Alvin and Ray used crowdsourcing to raise money despite being unable to negotiate a deal. At a $6.2 million valuation, they successfully raised over $1 million on StartEngine in 2020. At the moment, SoapSox brings in about$2.5 million a year.
They don’t have any sources to back up the $8 million annual sales estimate made by some websites, like GoBankingRanking. In 2016, they signed a licensing agreement with Disney and Paw Patrol, allowing them to create plush toys based on popular TV characters. SoapSoxKids.com, Walmart, ToysRUs, Amazon, and 50 Nordstrom US stores sell them.
On Amazon, many SoapSox toys have received 4 to 5-star ratings. Children and parents adore them, and SoapSox’s popularity is growing steadily. The Sharks will be disappointed that they did not offer slightly more money to buy them out.
Net Worth
SopaSox has generated massive success since its appearance on The Shark Tank. Although they didn’t secure any deals, SoapSox has made a considerable fortune from its appearance on the show. As of 2024, SoapSox is valued at an estimated net worth of $6.2 million. They successfully raised over $1 million on StartEngine in 2020, at a valuation of $6.2 million. Right now, SoapSox earns approximately$2.5 million annually.
Frequently Asked Questions
Q. Who founded SoapSox?
A. SoapSox was founded by Alvin Uy and Ray Philips.
Q. In which was SoapSox founded?
A. SoapSox was founded in 2013.
Q. Is SoapSox still in business?
A. Yes, they are still in business.
Q. How much is SoapSox estimated to earn annually?
A. SoapSox earns 2.5 million annually.
