Convincing a baby to take a shower after taking part in is difficult. But what if they might deliver their playtime to the bath? SoapSox has lovely plush toys with cleaning soap pockets, so your youngsters may also use them to clean themselves. Founders Alvin Uy and Ray Philips pitched the enterprise on Shark Tank however didn’t get a deal. As of 2024, SoapSox is price $6.2 million.
About the Founders
Alvin Uy and Ray Philips are each fathers who grew up in the identical space in Los Angeles, California. Ray graduated from the University of California. Alvin studied artwork at three faculties: California State Polytechnic University, Platt College, and ArtCenter College of Design.
Not a lot is thought about Ray’s early profession, apart from the truth that he labored at a baby remedy facility. However, his enterprise associate was fairly busy. Alvin began as a senior artwork director at TLR & Associates.
He later turned the inventive director of DZN-AGI Media and Insight Creative Group, Inc. As a businessman, he based Vinjen Realty, Vinjen Capital, and AARK Investments.
Founding the Company
At Ray’s job, there was a child that refused to wash for days. Philips requested why he did this, and the kid mentioned it was as a result of he couldn’t take his stuffed toy with him within the bathtub. So, Ray made an opulent toy that might maintain cleaning soap to get the child to clean up.
It labored, and he was satisfied that this might assist different mother and father together with his invention. He partnered with Alvin as a result of he wanted somebody to assist him with the product design.
They launched SoapSox in 2013 with seven toy designs. The duo ran a Kickstarter marketing campaign that raised $52,000 from 624 backers. Six months later, they did $300,000 in gross sales and inked a cope with Nordstrom.
Shark Tank Appearance
Despite being new to the market, SoapSox already had spectacular gross sales. Alvin and Ray appeared on season six of Shark Tank, asking for $260,000 for 10% fairness. After making their introduction, they gave every Shark a SoapSox animal that symbolized their personalities. Sadly, the Sharks have been shocked on the hefty margins of the toys.
Daymond John provided $260,000 for 33%, however the entrepreneurs didn’t wish to give away an excessive amount of fairness. That’s why additionally they turned down Lori Greiner and Robert Herjavec’s provide of $1 million to purchase your complete firm.
After Shark Tank
Despite not getting a deal, Alvin and Ray turned to crowdfunding to lift cash. In 2020, they raised over $1 million on StartEngine at a $6.2 million valuation.
SoapSox at the moment makes round $2.5 million in annual income. Some web sites reminiscent of GoBankingRanking estimate their annual gross sales to be $8 million however there are not any sources to confirm this.
In 2016, they scored a licensing cope with Disney and Paw Patrol, which allow them to make plush toys of TV characters that youngsters adore. They can be found on SoapSoxKids.com, Walmart, ToysRUs, Amazon, and 50 Nordstrom US shops.
Many SoapSox toys have 4 to five-star critiques on Amazon. Children and oldsters love them and SoapSox is continuous to see regular progress. The Sharks will remorse not providing barely more cash to purchase them out.
