Considering how successful the soapsox brand has been so far, it is not surprising that the company has a net worth of around $20 million. However, if the company continues to grow at the current rate, it is possible that by the time 2021 rolls around, the net worth could be much higher. Here are the top three reasons why you should consider investing in the soapsox brand:
Inventor Ray Phillips is a Black American inventor. He is the founder and chief executive of SoapSox, a company that designs washcloths for kids. Phillips’ net worth will increase in 2020-2021.
After seeing the kids cry for the fun of bath time, Ray decided to turn a kid’s stuffed toy into a sponge that holds soap. SoapSox was then created and launched on the show Shark Tank.
After their appearance on Shark Tank, SoapSox began getting serious retailer orders. SoapSox has since gone on to sell to Disney Baby, Nordstrom, and Amazon. SoapSox is now sold in 51 Nordstrom stores across the United States.
Before his appearance on Shark Tank, Ray Phillips was working as the Program Director of a residential treatment facility for traumatized children. He was also working for Hillsides Home for Children. While doing humanitarian work, he noticed that bath time was a big challenge for parents. He figured there were many other parents out there who also struggled.
Ray teamed up with his friend, Alvin Uy, to bring the idea of SoapSox to life. Alvin had experience in product design and was also a father to a young child. They spent two years designing prototypes of SoapSox.
The prototypes were ready to go after two years. The prototypes had a mesh pocket for the soap bar and an antimicrobial sponge inside. They had raised $51,930 through Kickstarter.
The Shark Tank team entered offers of $1 million to buy SoapSox outright and $1 million for a 10 percent stake in the company. Grenier and Herjavec offered $1 million for a 33 percent share in the company. They wanted to take the company public, but Phillips rejected their offer.
Founded by the affable Alvin Uy and his eponymous co-pilot, SoapSox is a nifty little startup whose product line includes the aforementioned Animal Bath Sponge and its unimpressive kin. The company has been in the business for less than a year and has already raised a grandiose sum in the form of $52,000 in the form of pre-seed funding, a hefty sum in the grand scheme of things. Having reached its funding goals, the company will continue to accept investments until the closing date indicated.
Although the company is still in the early stages of development, it has already attracted the attention of retail giants such as Nordstrom and Costco. In short, SoapSox is the next big thing in the bathing business. The company is currently working on two major projects, including a swanky new line of bath products and a revamped website. The aforementioned Animal Bath Sponge will also see the light of day. As a matter of fact, you may have already spotted the aforementioned line at your local Nordstrom. The aforementioned product line will make a splash at your local Costco in the not too distant future.
As of this writing, SoapSox is a well funded company with a sizable customer base. Having snagged the attention of a slew of high rollers, the company will continue to roll out more and better bath products in the coming years. With over 50 retail locations and a healthy product line, the company is sure to earn its keep. Whether or not the company is able to match the lofty expectations of its investors remains to be seen. As of this writing, SoapSox’s product line consists of six different stuffed animals, a full complement of bath products, and a slew of new marketing initiatives.
JPMA innovation award
Earlier this year, SoapSox was awarded the Juvenile Products Manufacturers Association innovation award in Las Vegas. SoapSox is a company that manufactures stuffed bath toys. They have collaborated with Disney Baby and are available in major baby stores. Their products are also available on Amazon and their official website.
SoapSox was started by two Eagle Rock residents, Ray Phillips and Alvin Uy. Ray left his career to focus on his business full time. He and Alvin began testing their product. They developed prototypes using a terry cloth “skin” and a soap bar with an anti-microbial sponge inside. They raised $52,000 on Kickstarter to cover the cost of tooling. They were able to raise more than 600 backers and were able to pay for the costs of certified safety tests.
After their appearance on Shark Tank, the SoapSox team was able to increase their production and distribution. They started receiving orders from major retailers, such as Nordstrom’s. They also increased their marketing efforts. They are on Twitter as @soapsox and have a Facebook page. They have a large social media following, including over 14,000 Facebook likes.
After receiving the JPMA innovation award, SoapSox owners have continued to grow their business. They are also in the process of expanding into new markets, such as Nordstrom’s. They have plans to sell over two million SoapSox in six months. They have lowered their prices because they have made improvements to their manufacturing processes. They also have a Facebook page, and an Instagram account.
Ray and Alvin are not looking to give away their company, but they are looking to get some extra money for manufacturing. They are also hoping that Sharks will help them boost distribution.
Shark tank appearances
Several companies have appeared on Shark Tank and have found success. One of the biggest success stories is the sponge company scrub Daddy. The company has generated $75 million in revenue over the past three years. Another successful product is the Lumio. The company has generated $3 million in sales in the past two months. It has a distribution deal with high-end stores and plans to continue expanding.
Another company that has appeared on Shark Tank is Grace and Lace. This company uses profits to open two orphanages in India. Before appearing on the show, they had sales of $1 million. They are now expecting to make about $6 million this year. They also have an official footwear partner in Xero.
Another product that has appeared on Shark Tank is the Zipadee-Zip, which allows parents to pack a pacifier and a toothbrush in one bag. During the show’s premiere, Daymond John funded the product. This product can be found in stores across the U.S. In addition to its popularity, it’s also a vegan product. It’s also customizable.
Another product that has appeared on Sharks is the SoapSox, a bath toy that’s made of a stuffed animal. The product was created by Ray Phillips, who worked at a residential treatment facility for children. Phillips came up with the idea to create a product that makes bath time more fun. He and his co-founder, Alvin Uy, are fathers. They’re also working on a Kickstarter campaign.
Another product that has appeared on Sharks this year is the Ugly Christmas Sweater Company. This company was originally part of Tipsy Elves, but was sold to Evan Mendelsohn and Nick Morton.
Founded in 2006, Soapsox is a family-owned small business located in Arcadia, California. As the name implies, Soapsox is all about making bathing more fun for parents and kids. They use the latest and greatest materials and manufacturing processes to make their soaps and scrubs, and are known for their quality and service. They have an annual revenue of around $1 million. The company was founded by Ray and his wife, Jennifer. Ray is a former Program Director for 16 years at a residential treatment facility. He is also the author of the best selling book, The Magic of Thinking Big. Among other things, he specialized in program development. This, coupled with his experience in the field of consumer electronics, led him to come up with Soapsox, a kid-friendly line of soaps and scrubs that are as fun as they are useful. Apparently, he was able to find a market for his products in the small but mighty state of California.
It is interesting to note that Soapsox is not the only small business to be found in California. Other notable small businesses include Bumblebee Toys, which manufactures the sexiest teddy bears you will ever see; and, SoapBox Soaps, which manufactures the most awesome soaps you will ever see.