SoaPen Shark Tank Update: How is the Company Doing Currently?
SoaPen appeared in Shark Tank for a decent amount of investment from the Sharks to expand their business.
So, what is the latest SoaPen Shark Tank update? Since its Shark Tank appearance, the company has diversified its products and now offers various colors for a broader audience. They also have started selling socks. And that’s not all, they also got a significant boost of $150,000 in funding from MassChallenge.
This write-up will dive deep into the SoaPen update to uncover their latest development. We will also give you a recap so it can serve as a refresher for you. Read on to be inspired by SoaPen’s remarkable story of entrepreneurship.
SoaPen Shark Tank Profile
So, you know the answer to, was SoaPen on Shark Tank? But do you know the specifics about this company? Well, here is a table to give you a glimpse:
| Company Name | Soapen |
| Founder | Amanat Anand and co-founder Shubham Issar |
| Founded | 2015 |
| Product | Innovative soap-filled pens for kids |
| Asked Investment | $100,000 for 10% equity |
| Final Deal | $100,000 for 10% equity and $1 royalties till $200,000 |
| Sharks | Nirav Tolia |
| Episode | Season 13, Episode 4 |
| Air Date | October 29, 2021. |
| Business Status | In Business |
| Website | Soapen |
| Headquarters | 26 Broadway, New York, NY 10004, USA |
| Buy Product | Purchase on Amazon |
| Watch Episode | Watch on Amazon Prime |
SoaPen Before Shark Tank
SoaPen was founded by Amanat Anand and Shubham Issar. The inception of their idea was a response to a critical issue: the lack of accessible and engaging hand wash solutions for kids.
Recognizing that 50% of diseases affecting children can be prevented by proper handwashing, the duo embarked on the journey to make a difference. The idea was to have a soap-filled pen to make hand washing fun and interactive for children.
That’s how they turned to Kickstarter for funding in October 2017. The result was an impressive $28,460. After a year of hard work, they debuted in September 2018. The market reception was positive, and they sold 5,000 units quickly.
SoaPen on Shark Tank
This venture entered the Shark Tank on Season 13, Episode 4. The two founders entered this stage with a clear mission of securing funding that would propel their brand to new heights. Their pitch began with a playful, mock parent-child argument about handwashing and how kids disliked it. This was a clever way to introduce their concept.
They showcased how SoaPen’s unique and fun approach to handwashing was a game changer. The soap-filled pen allowed kids to draw on their hands, tuning a mundane chore into an enjoyable activity. After their artistic creations, they would simply need to wash off the soap with water.
This concept impressed the sharks. Even Kevin drew a dollar sign on his palm using SoaPen. Lori, known for her keen sense of consumer products, appreciated the product’s scent.
Each of their products sold for $14.99, with a manufacturing cost of $4.30. Hence, their margins were about 40%. This intrigued the sharks, and negotiations followed with a rollercoaster of excitement.
The founders were seeking $100,000 in exchange for a 10% stake. However, Kevin and Mark were skeptical about the potential of the product. Robert and Lori, too, exited, citing the product was still in its early stages of business.
The duo left the SoaPen Shark Tank episode without any deal. However, the unexpected happened, and Nirav, one of the sharks, had a change of heart. He believed he could help them succeed, offering $100,000 for 10% plus a $1 royalty fee until he recouped $200,000. The founders sealed the deal, and this was their turning point.
What Happened to SoaPen After Shark Tank?
After their successful appearance on Shark Tank, SoaPen has been building on the momentum generated by the show. Here are some key updates post-shark Tank:
- Expanded product line: This company has made significant developments to expand its offerings. They have introduced three colors to their pens to ensure all the audiences are covered. They have also started selling socks with the same colors as their pens.
- Increased funding: In February 2022, SoaPen received a boost in seed funding. MassChange, a prominent startup accelerator, invested $150,000 in the company. This gain enabled SoaPen to scale its operations further and invest in strengthening its market presence.
- Marketing strategy change: This firm has adapted its strategies in response to technology adoption. They have a presence on various online platforms, such as Amazon. They also have affiliate marketing for content creators.
SoaPen Net Worth
As of their Shark Tank pitch, this company was estimated to have a net worth of $1 million. Since then, they have gotten seed funding and struck a deal on the show. They have continued to improve their offerings and push their marketing.
Hence, it is safe to say the company is worth more than $1 million as of 2023. The exact current net worth is not publicly available. However, we all know that successful startups usually see their value increase once they become successful.
SoaPen Sales Data
Before appearing on Shark Tank, this brand made significant strides in its sales. They had sold 5,000 units and generated $74,950, with each product priced at $14.99.
Since then, they have improved their marketing and negotiated with various entities and partnerships. They could be selling lots of products. Their sales data is unavailable online, so we can’t tell you exactly how much they sell yearly.
Is SoaPen Profitable Now?
This venture has all the potential to be profitable. During their starting years, they had a profit margin of 40%. This 40% would cater to the distribution of office workers and so on.
Fast forward to 2023, the cost of the product is higher. That means their margins are low. But a spot check shows they have also increased their prices to $19.99. Since their sales data is not publicly available, we can speculate that the SoaPen today is still profitable in 2023.
As we continue our journey through innovative bath products and unique bathroom solutions, let’s explore the updates on IllumiBowl in our IllumiBowl Shark Tank update. Discover how this practical and fun product is changing the way we experience nighttime bathroom visits. Additionally, for those with a love for snacks and sustainability, don’t miss our Pipcorn Shark Tank update, where we share insights into the latest developments in this tasty venture.Conclusion
The above SoaPen Shark Tank update should have answered all the questions about their post-Shark Tank journey. Since leaving the show, this venture has evolved to become better. They have received further funding, added more products, and adopted a dynamic marketing approach.
Although their sales data and financials are not publicly available, the company is doing well. It is still in business and focused on its core mission. We hope the future will see them evolve and target more markets in and outside the country.
