Convincing a child to take a bathe after participating in is hard. Nevertheless what if they might ship their playtime to the bathtub? SoapSox has pretty plush toys with cleansing cleaning soap pockets, so your children may even use them to clean themselves. Founders Alvin Uy and Ray Philips pitched the enterprise on Shark Tank nonetheless didn’t get a deal. As of 2022, SoapSox is value $6.2 million.
In regards to the Founders
Alvin Uy and Ray Philips are every fathers who grew up within the an identical area in Los Angeles, California. Ray graduated from the School of California. Alvin studied paintings at three schools: California State Polytechnic School, Platt College, and ArtCenter College of Design.
Not loads is thought of Ray’s early occupation, except for the reality that he labored at a child remedy facility. However, his enterprise affiliate was pretty busy. Alvin started as a senior paintings director at TLR & Associates.
He later turned the inventive director of DZN-AGI Media and Notion Creative Group, Inc. As a businessman, he based mostly Vinjen Realty, Vinjen Capital, and AARK Investments.
Founding the Agency
At Ray’s job, there was a toddler that refused to scrub for days. Philips requested why he did this, and the child talked about it was because of he couldn’t take his stuffed toy with him throughout the tub. So, Ray made an expensive toy that will keep cleansing cleaning soap to get the kid to clean up.
It labored, and he was happy that this may help completely different dad and mother collectively along with his invention. He partnered with Alvin because of he needed any individual to help him with the product design.
They launched SoapSox in 2013 with seven toy designs. The duo ran a Kickstarter advertising and marketing marketing campaign that raised $52,000 from 624 backers. Six months later, they did $300,000 in product sales and inked a address Nordstrom.
Shark Tank Look
No matter being new to the market, SoapSox already had spectacular product sales. Alvin and Ray appeared on season six of Shark Tank, asking for $260,000 for 10% equity. After making their introduction, they gave each Shark a SoapSox animal that symbolized their personalities. Sadly, the Sharks had been shocked on the hefty margins of the toys.
Daymond John supplied $260,000 for 33%, nonetheless the entrepreneurs didn’t want to give away an extreme quantity of equity. That’s why as well as they turned down Lori Greiner and Robert Herjavec’s present of $1 million to buy your total agency.
After Shark Tank
No matter not getting a deal, Alvin and Ray turned to crowdfunding to spice up money. In 2020, they raised over $1 million on StartEngine at a $6.2 million valuation.
SoapSox at current makes spherical $2.5 million in annual earnings. Some internet sites resembling GoBankingRanking estimate their annual product sales to be $8 million nonetheless there aren’t any sources to verify this.
In 2016, they scored a licensing address Disney and Paw Patrol, which permit them to make plush toys of TV characters that youngsters adore. They’re on the market on SoapSoxKids.com, Walmart, ToysRUs, Amazon, and 50 Nordstrom US outlets.
Many SoapSox toys have 4 to 5-star critiques on Amazon. Children and parents love them and SoapSox is steady to see common progress. The Sharks will regret not offering barely more money to buy them out.