Phonesoap Shark Tank Net Worth 2023
PhoneSoap appeared on Shark Tank in February 2015, with founders Dan Barnes and Wes LaPorte requesting an investment of $300,000 in exchange for a 7.5% equity in the company.
The sharks were interested but did not know what the product would do, so all the sharks backed out except Mark Cuban and Lori Greiner.
Mark offered $300,000 for a 30% stake in PhoneSoap if they cleaned the phone in a minute. Lori Greiner invested $300,000 for 10% equity instead.
As of 2022, PhoneSoap’s net worth is $13.5 million. The founders have a net worth of $12 million USD as of 2022.
What is PhoneSoap? Who is the Founder of PhoneSoap?
PhoneSoap is a device that uses UV-C lights to disinfect cellphones and eliminate potentially harmful bacteria such as E. coli, salmonella, and staph.
When the lid is closed, the lights automatically turn on and off after 10 minutes.
The product was created by Wes La Porte and Dan Barnes, who launched it on Kickstarter in May 2012 and exceeded their funding goal of $18,000 by raising $63,478.
Since then, scientists have confirmed the effectiveness of PhoneSoap, which is currently only available online. Wes and Dan are likely seeking the assistance of a Shark to expand its retail distribution.
PhoneSoap appeared on Shark Tank Season 6 Episode 16 and partnered with Lori Greiner.
After gaining popularity on the show, the product quickly sold out on Amazon in 2020 but is now back in stock.
By placing your phone in the small device, it is exposed to UV-C light, which can destroy up to 99.99% of microorganisms on its surface.
The device has been laboratory tested against common home pathogens, and the manufacturer claims that UV radiation is harmless to the phone and recommends leaving the case on during the sanitizing process.
In addition to cellphones, buyers can also use PhoneSoap to sanitize keys, wallets, headphones, jewelry, and other small items.
Cleaning enthusiasts report using the device regularly and finding it to be a valuable investment.
Phonesoap Shark Tank Pitch
The creators of PhoneSoap showcased their gadget on Shark Tank during Season 6. Their invention utilizes UV-C lights to cleanse your phone, and it also includes a USB port for charging your phone while it is being cleaned.
The developers of PhoneSoap presented their product to the investors on Shark Tank and successfully secured a deal with Lori Greiner.
They credit Lori for being instrumental in the company’s growth, particularly through her involvement with QVC.
QVC has become their biggest partner and continues to expand, largely due to Lori’s guidance in product branding and marketing.
Today, PhoneSoap has expanded its offerings to include a PhoneSoap Polish and a Cleaning Roller that uses a specially formulated TPU gel to clean smudges, making it an ideal solution for those who are on-the-go or pressed for time.
The outbreak of Covid-19 has significantly boosted demand for the PhoneSoap 3, with the product being sold out multiple times in 2020.
The PhoneSoap 3 comes with both USB-A and USB-C charging cords and utilizes UV-C radiation to eliminate 99.99 percent of pathogens. Experts have noted that UV-C light is the most effective method for killing microorganisms.
Phonesoap Shark Tank FAQs
What exactly is PhoneSoap?
PhoneSoap is a plastic case that uses UV light to sanitize phones. The PhoneSoap can also clean other electronics such as your smart watch, as well as anything else you can fit inside, such as keys, earbuds, and credit cards.
How does PhoneSoap?
PhoneSoap is a UV sanitizer that kills bacteria and viruses on your phone.
Choose from conventional, portable, wireless, and oversized PhoneSoaps.
PhoneSoap charger includes a USB connector for charging cables as well as two UV LEDs encased in a reflective interior that practically bakes germs away.
It’s currently unclear if UV Sanitizers and UV-C may destroy Covid-19, but the FDA (Food and Drug Administration) has issued an advisory confirming this.
What was the Phonesoap Shark Tank deal?
Wes Barnes and Dan LaPorte, cousins and co-founders of PhoneSoap, were on “Shark Tank” in 2015, seeking $300,000 in return for 7.5 percent of their phone disinfection firm.
They managed to walk away with a deal with QVC queen Lori Greiner, who promised them $300,000 in return for 10% of the company.
Since the episode, the firm has achieved over $150 million in sales thanks to Greiner’s assistance.
What is the cost of PhoneSoap XL?
It costs $120, comes with a universal charger that fits any tablet, and is selling so briskly that there is a month-long wait before buyers can expect to receive it.
Who are the Founders of PhoneSoap?
Wes La Porte, the creator of PhoneSoap, and his cousin and business partner Dan Barnes are two well-dressed young men from Provo, Utah.
When was the product launched in the market?
In early 2014, the team eventually started selling the PhoneSoap sanitizer online, and demand immediately rose.
What are some other products?
PhoneSoap also sells polish, cleaning wipes, and an ionic silver antimicrobial case in addition to the UV sanitizer.
How was the PhoneSoap Shark Tank Pitch?
Wesley Laporte and Dan Barnes were hoping to succeed on the Shark Tank with PhoneSoap, a phone charger and UV light sanitizer for smart phones.
Dan showed that PhoneSoap could remove 99.999 percent of germs in only five minutes by utilizing UV light to properly cleanse a smartphone.
Mark Cuban claimed that a regular cleaning agent would work just as well, but Dan reminded him that the alcohol in sanitizers would harm a phone by gradually dissolving the anti-stick film that it was covered with.
Dan informed him that it retailed for $59.95 and cost about $20 to produce, however the cost might be cut further if the firm could secure a bargain in the tank.
Finally, Lori made a deal for $300,000 at a 10% stake.
What are The Company’s current financial results?
The company is still in operations as of November 2021, with an annual revenue of $13.5 million.
What’s the deal?
Lori made a deal for $300,000 at a 10% stake.
What are the advantages of ultraviolet disinfection?
UV disinfection equipment and air purifiers have been shown to eliminate 99.99 percent of even the most difficult-to-kill pathogens.
PhoneSoap improves people’s lives by combating the worst germs and pollutants we meet on a daily basis, ranging from dangerous microorganisms on phones and other electronic devices to hazardous viruses and particles in the air we breathe.
What devices am I able to charge?
The PhoneSoap 3 was designed with smartphones in mind, but it can disinfect everything that fits within, including pacifiers, smart watches, headphones, keys, and so on.
Is it compatible with my phone?
Any phone will fit and be charged.
What’s the truth with filthy phones?
Here’s an unappealing truth about your phone: It’s filthy in the sense that it’s considered to be 18 times dirtier than a public bathroom. How can our phones become so filthy?
What happens if your phone is bacteria contaminated?
After 10 minutes, your phone will be as good as new you use PhoneSoap
What are the advantages of utilizing PhoneSoap?
It will offer you piece of mind (particularly if you are germophobic) knowing that you are removing bacteria and viruses from your phone.
What is PhoneSoap 3?
The PhoneSoap 3 is PhoneSoap’s entry-level smartphone UV sanitizer, and it works with all phone models and sizes. It cost $79.95;
What exactly is PhoneSoap 2.0?
PhoneSoap 2.0 is our newest UV sanitizer, and it now fits the iPhone 6/s Plus.