SoapSox Net Worth 2022 – Shark Tank Update
Bath time with toddlers isn’t always as easy as it seems! Ray Phillips and Alvin Uy took it upon themselves to create one of the most versatile bathtime toys. Let’s take a look!
What Is SoapSox?
SoapSox is an antibacterial, cuddly bath toy that injects fun and imagination into your toddler’s daily bath routine.
Your kid will have a fun playmate in the bathroom with SoapSox. But that’s not all! SoapSox was designed so that it even has a little pocket for the bar of soap, making it multi-functional.
It is the perfect all-in-one to make bath time that much more fun!
SoapSox didn’t invent itself. Ray Phillips, one of the founders of the business, came up with the idea when he was doing his humanitarian work at a traumatized children’s treatment facility.
During the outreach, Ray had to think on his feet and turn a kid’s toy into a sponge to get one of the young children into the bath.
The child was too worried about getting their toy wet that they didn’t want to bathe! Ray then realized that there are probably many parents with the same struggle – kids always want to take their favorite toys into the bath!
Ray took this idea to Alvin Uy, who helped him bring the idea to life!
SoapSox Net Worth and Overview
Company Name |
Soapsox |
Owners |
Ray Phillips and Alvin Uy |
Shark |
No shark |
Equity |
Asked for $260 000 for 10% equity |
Investment |
N/A |
Location |
Pasadena, California |
Networth (2022) |
$8 million |
Shark Tank appearance: Did it go through?
There were a few sharks ready to take the bait when it came down to it, but Ray and Alvin weren’t budging.
Entering the show, the business duo was looking for $260 000 for 10% equity. While Lori, Daymond, and Robert showed significant interest in the business, the pair were unwilling to back down.
They were looking for more of a partnership rather than someone to take over the business. After some consideration, they turned down Lori and Daymond’sDaymonds’ offer of $1 million straight, said their thank you’s, and left the tank empty-handed.
SoapSox 2022 Net Worth
Ray and Alvin were determined to make this idea successful, and statistics prove that they made it come to life.
In the beginning, the pair used a Kickstarter campaign to raise capital, which helped them get over $51 000.
The company was worth $2.6 million a few years ago when it appeared on Shark Tank. Today, e-commerce platforms like Owler rake an estimated $8 million annually.
Where is Soapsox company today?
The two didn’t get a deal with the sharks, but they’re still making progress with their company.
Soon after the episode aired, SoapSox earned a JPMA Invention Award for best industry innovation.
SoapSox is currently sold in over 50 Nordstrom stores nationwide and also made it their mission to update their production procedures to lower the prices and meet the demand for the product.
In 2016, they partnered with Disney Baby. This allowed Disney plush bath toys to become a hit among all kids. They also secured a deal with the kid-favorite Paw Patrol.
The company still exists and makes an estimated $2.5 million a year! Over the years, the company has added multiple other items to its inventory, including slippers and animal-themed hooded bath towels.
Conclusion
Ray and Alvin are determined to continue developing their company and evolving their cuddly plush toy collection.
Although the company is well-known for its bathtime plush toys, they have a wide range of other products sitewide. Visit www.soapsoxkids.com for more information.
