SoapSox is a company that is growing. It is the best-stuffed toy for children to hold onto while taking a bath. It is a favorite of both kids and adults. Since it is one of the most successful companies, it makes sense that everyone wants to know about it, including how much money it has. So, what does it cost?
There is no information about how much SoapSox is worth. The only thing you can find on the internet about the company is that it was on a show for entrepreneurs called “Shark Tank,” which airs on ABC. It’s hard to find information about anything else about it.
If you haven’t heard of SoapSox before but are interested because you saw something about it on TV or bought something for your kids, this post will tell you more about the company.
SoapSox Before Shark Tank
Ray Phillips and Alvin Uy, who both grew up in the same Eagle Rock neighborhood in Los Angeles, started SoapSox. When they were younger, they didn’t know each other. They became good friends after Alvin married Ray’s high school friend.
Ray Phillip has a son, and he was the Program Director at a residential treatment center for children who had been hurt. He had been around children all his life, so he knew a lot about them, including the fact that bath time was thought to be one of the scariest things for kids. Ray once met a little boy who was really afraid to take a bath. Ray tried to talk to him while he held on to his stuffed animal for support. The boy was attached to the stuffed animal and didn’t want to give it up. Not only that, but he didn’t want it to get wet or fall into the water.
Ray got an idea from what happened when he met that little boy. The man took a sponge and put it inside another stuffed toy. He then came to the conclusion that the boy liked the new sponge toy and that taking a bath was no longer scary because of it.
"It's #bathtime🛁💦 !!
A so #cute novelty from #SoapSox🐋!! A #plush friend to #soap up while having #fun🙌!! Oh yes😍! We LOOOOOOVE it💛!!" – @charlotteetcharlie via IG pic.twitter.com/S18G5Y6fPJ— SoapSox (@SoapSox) January 12, 2021
Ray Phillips then got together with his friend Alvin Uy. He knew that the stuffed toy is fun and that both kids and adults love it. Alvin was also a father to young children, just like Ray. He was the CEO of a company that worked on designing and making new products. Ray was looking for him. Then they both came up with the idea for SoapSox. They worked on it for the next two years, designing everything and making the first prototypes.
SoapSox Shark Tank Recap
Ray and Alvin start with an “at home” segment in which they say they need to grow quickly. When they get into the Tank, they talk about how hard it is to bathe small children. Then, they show the Sharks how the product works and give them SoapSox. They want $260,000 for 10%. They talk a little bit more about how SoapSox came to be and say that they’ve made $300,000 in sales in 6 months and expect to make $2.4 million next year.
Mr. Wonderful doesn’t like the price, and then Mark just leaves. Lori asks if they can lower the price, and Robert asks if they can get it down to $2.50 per unit. To get that price, they would have to buy 600,000 units. Still, Mr. Wonderful doesn’t like the price, so he leaves. Then, Daymond offers him $260K for 33%.
Lori thinks it’s a good idea, but the patent is still up in the air, so she’s not in. She’s afraid someone will copy it, so she’s out. Daymond says that he wants to be one of their “Three Musketeers.” The guys don’t know what to do, so Mr. Wonderful brings them back on track by telling them they’re making a mistake by not making a deal with Daymond.
The SoapSox guys ask Daymond to go to 15% for $350K after a commercial break. Daymond says that he should use soap to clean their mouths for that counter. Then Lori and Robert offer $1 million to buy the whole company. They don’t want to let anyone else know. They decide to turn down BOTH deals, leaving them with NO DEAL.
SoapSox Shark Tank Update
The Shark Tank Blog always has news and updates about entrepreneurs who have been on the TV show Shark Tank. Since the show aired, SoapSox won an innovation award from the Juvenile Products Manufacturers Association (JPMA) in Las Vegas. They also started selling there. They listened to what the Sharks said and lowered their prices, which was mostly due to better ways of making things.
#SoapSox is the next gen of #washcloths 4 #kids! Plush friends that kids can take from #playtime 2 #bathtime! New characters announced soon! pic.twitter.com/RAOoseHasA
— SoapSox (@SoapSox) October 25, 2016
In February 2016, the company made a licensing deal with Disney Baby that let kids play in the tub with their favorite Disney characters. A deal was also made with Paw Patrol. Soap Sox can be bought at Target or ordered from Amazon. In May of 2020, they did an equity crowdfunding round on StartEngine and raised $1,064,966 at a $6.2 million valuation. As of August 2022, the company is still in business and makes about $8 million a year, according to estimates.
Also, People Ask
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What Is Soapbox?
Each SoapSox product is a plush toy with a special pocket for soap, either in the form of a bar or as a liquid.
