SoapSox Shark Tank Net Worth.
SoapSox is a plush bath toy with a soap pocket founded by Ray Phillips and Alvin Uy. The company was pitched on Shark Tank in 2014, but the founders did not get a deal.
After appearing on Shark Tank, SoapSox raised over $1 million on StartEngine at a $6.2 million net worth. As of 2023, SoapSox is estimated to be worth $6.2 million, and it makes around $2.5 million in annual revenue.
Other websites such as GoBankingRanking estimate their annual sales to be around $8 million. Despite not getting a deal from Shark Tank, the company still benefited from the exposure and has experienced tremendous growth and success since then.
What is SoapSox? Who is the Founder of SoapSox?
SoapSox is a line of washcloths featuring a variety of adorable characters, such as colorful marine creatures, ducklings, and baby dragons, all of which are equally soft and fuzzy. The inside of each SoapSox is made of an antimicrobial sponge, while the exterior is crafted from the softest terry cloth.
Once completely soaked, each character can be loaded with a bar of soap or liquid soap and lathers up beautifully.
Each SoapSox is not only a bath toy but also a washcloth and a plush toy. They are conveniently machine washable, making them perfect for young children. The inspiration behind SoapSox is Tiffany Krumins’ AVA the Elephant.
While working at a children’s residential treatment center, Ray Philips encountered a child who was afraid to take a bath because he didn’t want to get his stuffed animal wet. In response, Ray took another stuffed animal, removed the stuffing, and filled it with soap. When the child saw the soap bubbles, he was no longer afraid and happily took a bath.
After two years of development, the first SoapSox prototypes were created. The final products consist of plush toys with an antimicrobial sponge and terry cloth exterior. Each SoapSox also features a mesh pocket for holding a bar of soap.
Compared to other “stuffed animal washcloths” on the market, SoapSox stands out as a superior product. This is evidenced by the success of their Kickstarter campaign, which raised $51,930 to complete their designs, perform safety testing and certification on prototypes, and establish a production line.
Ray Philips and Alvin Uy are the founders of SoapSox.
SoapSox Shark Tank Pitch?
During their appearance on Shark Tank season 6 episode 3, Ray and Alvin were seeking $260,000 for a 10% stake in SoapSox, which implied a valuation of $2.6 million. They showcased seven distinct product designs and highlighted that SoapSox contained an antimicrobial sponge covered in terry cloth, resulting in a safe and durable product. Ray mentioned that they had generated $300,000 in sales in six months and expected $2.4 million the following year.
During the pitch, the sharks raised concerns about the patent status and the selling price, with Mr. Wonderful objecting to the price point. Although Daymond offered $260,000 for 33% ownership, Lori expressed concerns about the patent and Robert inquired if they could reduce the price to $2.50 per unit, which the founders could not do.
After a commercial break, Daymond refused the founders’ counteroffer of 15% for $350,000 and Lori and Robert made an all-cash offer of $1 million to buy the business outright, but the founders declined both offers.
Despite not making a deal with the sharks, SoapSox went on to win a Juvenile Products Manufacturers Association (JPMA) innovation award and secured licensing agreements with Disney Baby and Paw Patrol. They also reduced their prices and expanded their sales channels, including availability on Amazon and Target. As of August 2021, the company continues to operate with an annual revenue of $2.5 million.
SoapSox Net Worth
As of 2021, its net worth is estimated at around $5 million.
SoapSox Competitors
Land of Nod, Little Giraffe, The Woombie, aden + anais, Organic Cotton, Happiest Baby, ApplePark, Wee Boutique, and Hip Little Bubba are among SoapSox’s main rivals.
SoapSox FAQS
What is SoapSox?
The SoapSox is a line of washcloths that has an array of lovely characters, from vibrant marine creatures to ducklings and infant dragons, all of which are equally fuzzy.
The interior is made of antimicrobial sponge, while the exterior is made of the softest terry fabric.
Each character receives a bar of soap or a liquid soap in their mouth and lavishly lathers up once completely wet.
Who is the founder of SoapSox?
Ray Philips and Alvin Uy are the founders of SoapSox.
How much were they asking in the Shark Tank?
They were seeking $260,000 investment for 10% stake in their Company.
How much did they received in the Shark Tank?
They did not receive any investment from the Sharks.
Is SoapSox still in business?
As of August 2021, it is still in business and thriving with yearly sales of $2.5 million.
Is SoapSox a good investment?
They believe SoapSox is a wise investment not just because of its unique competitive advantages, rising retail presence, innovative collaborations, or huge growth prospects, but also because of their purpose to provide a safe environment for children.
Is SoapSox patent?
They are utility patented in the United States, Canada, and the European Union, and design patented and trademarked in China.
What is the cost of SoapSox?
They sell SoapSox at an exceptionally low price, beginning at $9.99.
Where are SoapSox found?
They are sold at various online retailers, including Nordstrom, BuyBuy Baby, Target, Walmart, Amazon, and QVC.
Which materials are SoapSox made of?
The interior is made of antimicrobial sponge, while the exterior is made of the softest terry fabric.
Who uses SoapSox?
Kids of all ages love SoapSox. They are perfect for use in the bath or shower.
What size are SoapSox?
SoapSox come in several sizes, with a range of 3 to 6 inches in length and 2 to 3 inches in width. The smaller characters have about 1 ounce of weight, while larger characters have about 2 ounces of weight.
Are SoapSox machine wash?
SoapSox are machine wash and dry, but they cannot be placed in the dryer.
What colours are SoapSox?
SoapSox come in various colours and styles. They now come with a range of vibrant marine creatures, ducklings, infant dragons and many more.
Where are SoapSox made?
SoapSox are made in the USA.
Are SoapSox are BPA free?
Yes, the interior of SoapSox is made of BPA free materials.
Do SoapSox make noise?
No, SoapSox do not make noise. They do not squeak or squeal like rubber duckies or squeaky toys.
How can they contact SoapSox?
They can call them at +1 855-762-7769.
What are strengths of SoapSox?
They are Washable and reusable and antimicrobial sponge inside for effective cleaning
What are weaknesses of SoapSox?
Needs to be washed in a machine after each use.
What is the net worth of Ray Philips?
Unknown.
What is the net worth of Alvin Uy?
Unknown.
