Highlights
- Amanat Anand and Shubham Issar pitched SoaPen, a fun soap-filled pen for kids, on Shark Tank.
- The product encourages children to wash their hands by letting them draw with soap.
- They started the business with a successful Kickstarter campaign and have been featured in Real Simple Magazine.
Overview
| Category | Details |
|---|---|
| Name | SoaPen |
| Founders | Amanat Anand, Shubham Issar |
| Industry | Personal Hygiene, Children’s Products |
| Product | Soap-filled pen for kids |
| Funding | Accepted $100,000 deal on Shark Tank |
| Investment Ask | $100,000 |
| Equity Offered | 10% |
| Valuation | $1 million (at the time of Shark Tank pitch) |
Amanat Anand and Shubham Issar introduce the Sharks to SoaPen, their soap in a pen like cylinder that makes hand washing fun, in Shark Tank episode 1303. Their mission is to “mission is to make hand washing with soap fun and accessible for kids world over.” They do this with their social mission: with purchase, they donate soap or a percentage of profits to organizations that support children’s’ health and hygiene.
The two Indian born women (now New Yorkers) wanted to make handwashing accesible for young kids. 50% of diseases that kill children can be prevented just by washing their hands. Every year, 1.5 million kids die from infectious diseases and they wanted to create a product that can bring that number down. The young women met at the Parsons School of Design in New York where they studied industrial design. They got their business started with a successful Kickstarter campaign that raised $28,460 back in October, 2017. They eventually shipped the finished product nearly a year later in September, 2018. Since then, they’ve been selling SoaPen on their website and Amazon.
What is it?
The product itself is a soap filled “pen” that lets kids draw all over their hands. Once they’re done drawing, they have to wash off the soap with water. You can tell how thorough they were by checking for left over soap marks. The pens come in three colors: Fresh Pear (green), Berry Blast (blue) and Tangy Tangerine (red). The soap inside is vegan and non toxic. The pens can easily slip in a pocket or purse for bringing them on the go and they contain enough soap for approximately 100 hand washes. A three pack of 1.2 ounce pens will set you back $15.99. They also sell an 8 ounce bottle of hydrating hand sanitizer for $16.99. Amanat and Shubham likely want a Shark’s help with manufacturing and distribution. Will a Shark want to clean up with this business?
Company Information
Video
Posts about SoaPen on Shark Tank Blog
The SoaPen – Soap You Draw With
SoaPen Shark Tank Recap
Amanat and Shubham enter the Shark Tank seeking $100,000 for 10% of their business. They begin their pitch with a mock parent/child argument about hand washing. They give their pitch and tell their back story of how they met. Amanat demonstrates the soap while Shubham talks about how effective hand washing is in preventing infectious diseases. With his sample, Kevin draws a dollar sign on his palm. Lori likes the smell.
The young women tell how they won the UNICEF grant and sold out of their initial 5000 units after being featured in Real Simple Magazine. That brings them to $85,000 in lifetime sales. The feedback they got from those initial sales made them tweak the product to what it is today. They also reveal they raised $225,000 at a $1 million valuation. Each three pack sells for $14.99 and costs $4.30. They are running on 40% margins. Their marketing consists of Amazon ads which have not been successful.
Did SoaPen Get A Deal?
Kevin says he likes the product, but they don’t know how to sell it yet. It’s too early for him to invest, he’s out. Mark essentially says the same thing and goes out too. Robert likes and respects the young women, but he’s out. Lori thinks it’s too early too, she’s out. Nirav says he likes and respects them, but it’s too early. He suggests they find other mentors and goes out.
When the women leave the room, Nirav says aloud, “I think I’ve made a mistake.” Mark tells him to go down the hall. As the women are giving their after pitch interview, Nirav interrupts and says he and his wife can help them. He gives them $100,000 for 10% plus a $1 royalty until he recoups $200,000. They accept and do the deal.
SoaPen Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. In the immediate aftermath of the show, there is no evidence the deal closed and not much news on the company other than the standard “look who got a deal” fluff.
In February, 2022, the company raised $150,000 in a seed funding round from MassChallenge. As of August, 2022, the deal with Nirav did not close. They did open an Amazon store and began offering wholesale product and a teacher’s discount. In October, 2023, they introduced 2 new colors: pink and purple. At this time, reliable revenue figures are unavailable.
By July, 2024, they introduced their first children’s book called Alpy’s Sneeze, a story that teaches kids the importance of handwashing. They also introduced socks to teach kids about matching colors. Annual revenue is less than $1 million at this time.
This page will be updated as new information on Amanat Anand and Shubham Issar & SoaPen becomes available.
See what else is new! View other businesses featured in this episode.
