It’s hard to convince kids to take a bath after playing. But what if they could bring playtime to the tub? SoapSox has adorable plush toys that come with soap bags inside, so your kids can use them for bathing, too. Founders Alvin Uy and Ray Philips pitched the company on Shark Tank, but no deal was struck. As of 2024, SoapSox has a market cap of $6.2 million.
About the Founder
Alvin Uy and Ray Philips are both fathers, and both grew up in the same area of L.A. Ray graduated from the University of California, while Alvin studied art at three schools: California State Polytechnic University Pomona, Pratt Institute, and Art Center College of Design.
Little is known about Ray’s early career, except that he worked at a children’s therapy facility. However, Alvin started out as a senior art director at TLR & Associates. Later, he became the creative director of Insight Creative Group, Inc. As a businessman, he founded Vinjen Realty, Vinjen Capital, and AARK Investments.
Founding SoapSox
There was a kid at Ray’s job who went days without a bath because he couldn’t take his favorite stuffed animal into the bathtub. So Ray made a stuffed animal that could hold soap, and it worked so well. Believing it could help other parents, he teamed up with Alvin to design the product.
SoapSox launched in 2013 with seven toy designs. The duo launched a Kickstarter campaign, raising $52,000 from 624 backers. Six months later, they had $300,000 in sales and signed a deal with Nordstrom.
Shark Tank Appearance
Although SoapSox is new to the market, sales are already strong. Alvin and Ray appeared on Season 6 of Shark Tank seeking $260,000 for a 10% stake. After the introductions, each shark was given a SoapSox animal that represented their personality. Unfortunately, the sharks were surprised at how profitable the toys were.
Daymond John offered $260,000 for 33% of the shares, but the entrepreneurs were reluctant to give up too much of their shares, so they rejected Lori Greiner and Robert Herjavec’s offer of $1 million to buy the entire company.
After Shark Tank
Despite not closing a deal, Alvin and Ray turned to crowdfunding to raise money. In 2020, they raised over $1 million on StartEngine at a valuation of $6.2 million. Currently, SoapSox has an annual revenue of about $2.5 million. Some sites such as GoBankingRanking estimate their annual sales at $8 million, but no source can confirm this.
In 2016, the startup struck licensing deals with Disney and Paw Patrol to make plush toys of kids’ favorite TV characters. The products are available at SoapSoxKids.com, Walmart, ToysRUs, Amazon and 50 Nordstrom U.S. stores.
Many of the SoapSox toys have 4 to 5 star reviews on Amazon. Kids and parents love them, and SoapSox continues to see steady growth. The Sharks will regret not spending a little more on them.
Categories: Shark Tank
Source: dut.edu.vn
