Highlights
- SoapSox, a stuffed animal washcloth, was pitched by Ray Phillips and Alvin Uy on Shark Tank.
- The product features an antimicrobial sponge and a soap pocket to make bath time fun.
- They left without securing a deal.
Overview
| Category | Details |
|---|---|
| Name | SoapSox |
| Founders | Ray Phillips, Alvin Uy |
| Industry | Children’s Products, Bath Toys |
| Product | Stuffed animal washcloths and bath toys |
| Funding | Raised $51,930 on Kickstarter |
| Investment Ask | $260,000 |
| Equity Offered | 10% |
| Valuation | $2.6 million (at the time of Shark Tank pitch) |
Ray Phillips and Alvin Uy hope to clean up in Shark Tank episode 603 and get an investment for SoapSox, a stuffed animal that’s also a washcloth and bath toy. The two men designed SoapSox to “ease the challenges of bath time with kids.” Each SoapSox is a plush toy or stuffed animal that’s also a bath toy and wash cloth; they’re machine washable.
The real inspiration for SoapSox takes a page from Tiffany Krumins’ AVA the Elephant. Ray was working in a residential treatment facility for kids when he encountered a child who was afraid to take a bath because his stuffed animal would get wet. Ray took another stuffed animal, took out the stuffing, and put a bar of soap inside. When the child saw the bubbles from the soap, his fear went away and he took his bath!
After two years at the drawing board, the first SoapSox prototypes were ready to go. The final product is a line of stuffed toys with an anti-microbial sponge inside and a terry cloth “skin.” There’s also a mesh pocket in each product so a bar of soap can go inside.
Other “stuffed animal wash cloths” out there don’t measure up to Soap Sox, so the guys think they’re on to something. Apparently the Kickstarter community does too: the pair raised $51,930 to finalize their designs, conduct safety testing & certifications on prototypes, and set up tooling for their manufacturing line.
They’re likely looking to the Sharks to help boost distribution and get some extra cash for manufacturing. Does SoapSox clean up in the Shark Tank or will the pitch be a washout?
SoapSox Shark Tank Recap
Ray and Alvin open with an “at home” segment while explaining they need to scale up fast. When they get in the Tank, they explain the pain points of bathing small children, then they demonstrate the product and hand out SoapSox to the Sharks. They’re seeking $260K for 10%. They give a bit more history about the creation of SoapSox and reveal they’ve done $300K in sales in 6 months with projections for $2.4 million next year.
Mr. Wonderful balks at the price, then Mark abruptly goes out. Lori asks if they can get the price down and Robert asks if they can get it to $2.50 per unit; they need to buy 600,00 units to get that price. Mr. Wonderful still doesn’t like the price and he goes out. Daymond then offers $260K for 33%.
Lori thinks it’s smart, but the patent is still unsure so she’s afraid they’ll get knocked off, so she’s out. Daymond says he wants to be the “Three Musketeers” with them. The guys waffle and Mr. Wonderful gets them refocused, he says they’re making a mistake to NOT do a deal with Daymond.
After a commercial break, the SoapSox guys ask Daymond to go to 15% for $350K. Daymond says he should wash their mouths out with soap for that counter. Lori and Robert then offer $1 million to buy the company outright. They don’t want to give it away. They decide to decline BOTH offers and they leave with NO DEAL.
SoapSox Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. Since airing, SoapSox won a Juvenile Products Manufacturers Association (JPMA) innovation award in Las Vegas. They also launched in Nordstrom’s. They took the Sharks’ advice and lowered their prices, largely due to improved manufacturing processes.
In February, 2016, the company did a licensing deal with Disney Baby which let kids play with their favorite Disney characters in the tub. They also did a deal with Paw Patrol. You can order Soap Sox on Amazon and you can find them in Target. In May, 2020, they did an equity crowd funding round on Startengine and raised $1,064,966 at a $6.2 million valuation. By March, 2023, they were no longer in Target but they’re in over 400 mom and pop stores and hospital gift shops. As of March, 2024, the company is still in business with an estimated annual revenue of $8 million.
Posts About SoapSox on Shark Tank Blog
Soap Socks Stuffed Animal Washcloth
SoapSox Information
Video
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