Soapsox Net Worth: What Came next after “Shark Tank” In 2022?

SoapSox is a soft toy that comes equipped with a special compartment for bar soap or liquid soap.

Kids can use it instead of a washcloth or sponge by simply soaking it in water and working up a lather. This makes taking a bath more enjoyable, so there are fewer complaints when it’s time to clean up.

Soapsox Net Worth

Prior to “Shark Tank,” SoapSocks

Both Alvin Uy and Ray Phillips are natives of the Eagle Rock area of Los Angeles. They didn’t hang out as kids, but after Alvin married Ray’s high school pal, the two became fast friends.

Ray, who was also a father, was the Program Director at a residential treatment centre for troubled kids. Thirteen years of experience taught him that bath time could be a stressful ordeal for the children in his care.

One boy in particular was hesitant to enter the water, so Ray talked to him as he held onto his stuffed animal for comfort. The kid was afraid his beloved stuffed animal would get wet, so he refused to let go of it. The idea struck Ray at that moment, and he stuffed a sponge into a second stuffed animal. He found that the boy really enjoyed his new sponge toy, and that he was much more enthusiastic about taking baths as a result.

Seeing the success of his idea and knowing that millions of other parents could benefit from it, he teamed up with his friend and fellow father of young children, Alvin. To Ray’s delight, Alvin was the head honcho at a firm that did nothing but design and develop products. The businesspeople came up with the idea for SoapSox and spent the subsequent two years developing, testing, and finally mass-producing the product.

Ray and Alvin followed in the footsteps of other Shark Tank entrepreneurs by turning to the Kickstarter crowd funding community in August of 2013. Their well-publicized and impressive campaign garnered the necessary $52,000 from more than 600 backers to cover the costs of filing for patents, running certified safety tests, and developing and manufacturing tools.

Ray left his job to devote himself fully to growing the SoapSox company, and the company soon gained widespread recognition. The company’s ability to fulfil orders was severely tested when it began receiving larger orders from major retailers. They went on Shark Tank in October 2014 seeking financial and logistical backing.

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The SoapSox Pitch on “Shark Tank”

The company needed $260,000 in funding and was offering 10% ownership for only $10,000. The sponge had an antimicrobial surface that was both safe and effective for cleaning. Over $550,000 has been made in sales this year, and over $2,000,000 is expected to be made in sales next year. Daymond proposed an exchange of $260,000 in cash for 33.3% ownership in SoapSox. Kevin O’Leary informed the business owners that $20 was too much.

Soapsox Net Worth

Without Daymond’s retail expertise, they might fail miserably due to their expensive retail price. Enterprise run by Ray and Alvin to produce soap. Lori and Robert proposed a $1 million purchase price to Ray and Alvin for the business.

Who Owns It?

Ray Phillips, a volunteer at a centre that helps troubled kids, was the inspiration for the project.

If he wanted to get the kid to cooperate with getting washed, he had to sneak a sponge into a child’s toy and bring it into the bathroom with him. Then he had an epiphany: many parents will appreciate plush bath toys, which will reassure their children that they aren’t abandoning their beloved stuffed animals when they jump into the tub.

Ray teamed up with his product designer friend Alvin Uy to make the idea a reality.

Now, in 2022: Soapsox’s Progress Report Following “Shark Tank”

Even though they were unable to secure funding from the sharks, the duo has continued to make progress with their business. After the episode aired, they were honoured with an Innovation Award from the Juvenile Products Manufacturers Association (JPMA). Additionally, production was increased to meet the new demand.

The SoapSox collection was also made available in more than fifty Nordstrom stores across the country. After hearing the shark’s advice, they adapted their manufacturing processes and consequently lowered their prices.

Disney Baby became part of their licencing agreement in 2016. They were able to use this to create Disney characters’ likenesses on plush toys for the bathroom. Also, they made a similar deal with the kid-favorite Paw Patrol.

It is 2022 and the company is still going strong. We last heard that they were pulling in $2.5 million a year in revenue, making them a very successful business.
More than 30 varieties of cuddly washroom companions are currently available. Bestsellers include characters like Skye Paw Patrol, Marshall Paw Patrol, Chase Paw Patrol, Hendrix and Hedgehog, and the entire Shark family (Daddy, Mommy, and Baby). They also come in multipacks with multiple SoapSox. A River Pack, which includes a hippo, an alligator, and a frog, can be purchased for $29.99, as just one example. If you buy more than two items, shipping is on the house.

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There are also slippers and hooded bath towels with animal designs for sale, as well as the plush toys. In addition, for the low, low price of $12.99, you can purchase an educational and entertaining set of jumbo animal alphabet and number blocks. Not only are they washable in the machine, but a mesh bag toy organiser with suction cups is included so that none of the toys will get lost.

Those who are curious can learn more about the company’s offerings by visiting their website. Alternatively, you can purchase them from a store in your area (you can use the store locator feature to find the closest location near you).

If you’d like to take advantage of Amazon’s speedy shipping, you can find them there as well. Judging by the reviews, customers seem to be pleased with their purchases. The general consensus seems to be that it is a good time for kids and washes clean.

Keep in mind that you can always get the most up-to-date information about the company by following them on social media. Twitter and Instagram users should follow @soapsox to keep up with the band. And with over 14,000 likes, their official Facebook page is a must-follow as well.

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Net Worth

To get things rolling, the two ran a successful Kickstarter campaign, raising over $51,000.

When the company appeared on Shark Tank a few years ago, its leaders thought they were worth $2.6 million. Now a days, platforms like Owler bring in around $8 million a year in revenue.

Frequently Asked Questions

What percent of Shark Tank companies fail? Shark Tank’s failure rate is around 6%, which is much lower than the estimated 70% business failure rate.

Is There a Shark with the Worst Track Record?

During the eleven seasons of Shark Tank, Barbara has made fewer than twenty deals. A similar number of deals, per Forbes, have fallen through. Her $80 million in wealth makes her the second-poorest of the major sharks, so her reluctance to invest is understandable.

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