Shark Tank is where innovation meets opportunity; only the most ingenious ideas survive. Among the select few privileged to be on this show was SoapSox, a brand that would redefine bath time.
So, what is the latest SoapSox Shark Tank update? Well, after Shark Tank, this company has thrived spectacularly. Their innovative products have taken the market by storm. You can now find them on Amazon. They have also expanded to grace the digital shelves of other leading online retailers.
Below, we dive deep into the SoapSox update. We will focus on a recap of their product, the deal they got, and their post-Shark Tank journey. So read on to uncover how SoapSox has beat all the odds to become a favorite of many.
SoapSox Shark Tank Profile
Here is an overview of SoapSox company:
| Company Name | SoapSox |
| Founders | Ray Phillips and Alvin Uy |
| Founded | 2013 |
| Product | Plush washcloth animals for kids |
| Investment Asked For | $260,000 for 10% equity |
| Final Deal | No deal |
| Sharks | None |
| Shark Tank Episode | Season 6, Episode 3 |
| Air Date | October 3, 2014 |
| Business Status | In Business |
| Website | SoapSox Website |
| Estimated Sales (2023) | Between $5 million to $25 million |
| Buy Product | Buy on Amazon |
| Watch On | Amazon Prime |
SoapSox Before Shark Tank
Now you already know the answer to, was SoapSox on Shark Tank? But do you know how the company was founded? Before this venture made a splash in Shark Tank, it had humble beginnings in 2013. Its founder, Ray Phillips, was on a mission to make bathing fun for kids.
His idea was to transform an ordinary bathing routine into an extraordinary adventure. He ended up with a line of plush, cuddly stuffed animals that could be used as washcloths. This made bathing time exciting and interactive for children as the washcloths were in the form of a toy.
Ray’s journey took a significant turn when he partnered with Alvin Uy. Uy was a fellow entrepreneur who was actively involved in designing the first product. With a clear vision and a prototype design, they embarked on a Kickstarter campaign to fund the dream.
They aimed to raise $45,000 to propel the company to new heights. However, the response from parents and supporters was nothing short of phenomenal. The campaign not only met its funding goal, but it hit $51,930 by November 2014.
SoapSox on Shark Tank
This company made a memorable appearance on their season 6’s SoapSox Shark Tank episode. Their mission was to get mentorship and funding to transform the bathing experience for children and parents.
Alvin and Roy stepped into this show seeking $260,000 in funding in exchange for 10% equity. The sharks were immediately intrigued by the concept. However, their business minds had questions and wanted to delve into numbers. At this point, SoapSox had been in the market for six months and had impressive gross revenues.
The sharks were impressed by the innovation. However, they had concerns about its price point. Each unit cost $3.66 to make and was sold for $19.95. The margins were reasonable, but there were concerns that this could be beyond the budget of average families.
One by one, the sharks bowed out of the deal. First to bow out was Mark Cuban, followed by Kevin O’Leary and then Robert Herjavec. Daymond John, however, saw potential and proposed 33% for $260,000. The founders countered with $350,000 for 15%, but Daymond held his ground.
Before the founders could develop a new deal, Lori and Robert joined forces and offered to buy the whole company for $1 million. The founders declined all the offers and chose to walk out without a deal.
What Happened to SoapSox After Shark Tank?
Despite not bagging a deal, SaopSox’s journey never ended after Shark Tank. Their pitch was engaging and highlighted the child-friendly designs of their products. This resonated with a lot of audiences.
As such, they expanded to broader markets. Their products became available on popular e-commerce sites like Amazon. This made them accessible to the audience they had appealed to during their Shark Tank demonstration.
And they never stopped on online stores. They also made their products available in physical stores. One such store is Target, which increased its visibility and made it reach many families in the US.
Regarding product development, SoapSox has been innovating new ideas like bath towels and sandals. They have introduced new designs and characters. They have also expanded their line of washcloth animals to cater to diverse preferences. These additions have attracted lots of parents, pushing forward the company’s sales.
SoapSox Net Worth
At the time of their appearance in the show, the company was to be bought at $1 million by the sharks. We can assume that this was their estimated net worth in October 2014.
Since then, it has experienced growth and success. Their products are popular and have a market presence online and in physical retail stores. This means that their net worth must have also increased.
As of 2023, almost a decade later, SoapSox today could be worth much money. However, we do not have the exact net worth figures.
SoapSox Sales Data
Before appearing on Shark Tank, this company had impressive sales within six months of being in the market. SoapSox generated over $250,000 in gross revenue for those months.
However, beyond the initial six months, the sales data for SoapSox after Shark Tank is unavailable. As SoapSox expanded to reach more markets online and offline, it’s reasonable to speculate that their sales figures are high.
According to estimates from Owler, a business intelligence platform, this company’s sales are currently between $5 million and $25 million.
Is SoapSox Profitable Now?
As mentioned earlier, we cannot access SoapSox’s current financial records. However, we can speculate about their profitability based on general business principles.
Their profitability depends on several factors. These include their manufacturing costs, selling price, and overall sales volume. As mentioned earlier, their manufacturing costs a decade ago were $3.66, and the selling price was $19.96. This means they had an impressive $16.29 profit per unit.
Fast forward to 2023, manufacturing costs are high. And a spot check shows that they have reduced their prices to $11.99. This means that their margins are now low. However, with the reduced price, they can appeal to many audiences, pushing their sales further.
Based on our rough estimates, this company has the potential to be profitable. However, keep in mind that other costs like operating expenses, marketing, distribution, and overhead influence their overall profitability.
As we explore the world of creative bath products and educational solutions, let’s delve into the latest updates on Notehall in our Notehall Shark Tank update. Discover how this company is revolutionizing education. Additionally, for those interested in unique skincare products and entrepreneurship, don’t miss our Angels and Tomboys Shark Tank update, where we share insights into the latest developments in this creative venture.
Conclusion
The above SoapSox Shark Tank update shows the power of innovation and adaptability. Ray’s ingenious plush washcloth animals captured the hearts of many. And this can only mean one thing – more sales.
Although this company never got a deal, their appearance on Shark Tank was pivotal. It exposed them to the national audience, showcasing their product to a broad audience. It also inspires upcoming entrepreneurs that they do not need to bag good deals to become successful.
