Convincing a child to take a bathe after collaborating 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 kids 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 worth $6.2 million.
Regarding the Founders
Alvin Uy and Ray Philips are every fathers who grew up within the similar house in Los Angeles, California. Ray graduated from the Faculty of California. Alvin studied art work at three colleges: California State Polytechnic Faculty, Platt College, and ArtCenter College of Design.
Not lots is considered Ray’s early occupation, apart from the reality that he labored at a child remedy facility. Nonetheless, his enterprise affiliate was pretty busy. Alvin started as a senior art work director at TLR & Associates.
He later turned the inventive director of DZN-AGI Media and Notion Ingenious Group, Inc. As a businessman, he primarily based Vinjen Realty, Vinjen Capital, and AARK Investments.
Founding the Agency
At Ray’s job, there was a toddler that refused to clean for days. Philips requested why he did this, and the child talked about it was on account of he couldn’t take his stuffed toy with him throughout the tub. So, Ray made an expensive toy that may preserve cleansing cleaning soap to get the kid to clean up.
It labored, and he was happy that this may help totally different dad and mother collectively along with his invention. He partnered with Alvin on account of he needed someone 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 deal with 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 complete 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 web pages resembling GoBankingRanking estimate their annual product sales to be $8 million nonetheless there aren’t any sources to substantiate this.
In 2016, they scored a licensing deal with Disney and Paw Patrol, which permit them to make plush toys of TV characters that kids 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. Kids and folks love them and SoapSox is steady to see common progress. The Sharks will regret not offering barely extra cash to buy them out.