Phone soap was introduced as a smartphone sanitizer that kills harmful bacteria and viruses (including Covid-19 virus) that are stacked into your smartphone, it acts as an ultraviolet light sanitizer that uses a tough and unbreakable plastic case.
Typical phones have staph, E. Coli, and MRSA bacteria growing on them, therefore, they hope to clean smartphones from these bacteria with their combination of phone charger and UV light sanitizer inside Phone soap.
Phone Soap at a glance
|Wesley Laporte and Dan Barnes
|$300,000 for 7.5% of equity.
|$300,000 for 10% of equity.
|Buy on Amazon
Phone soap is founded and developed by 2 entrepreneurs Wesley Laporte and Dan Barnes from Provo, Utah. The idea to develop this product is found by Dan after reading an article about microorganisms on a cell phone, they found that on an average, a cell phone contains 18 times more harmful bacteria than then any average public restroom, Dan was surprised after this information and wants more information in this issue.
Dan also asked Wesley to help in determining if Dan’s phone was that amount of germ-ridden at the time, as when Wasley was working in a lab at the time. Dan and Wes were both surprised by the claims of the magazine, but after checking both of their phones, he founds that a thick layer of bacteria is present all over the cell phones.
After conducting a series of tests on various other people’s smartphones, he discovered a more clear and sharper picture of that truth. They discovered that at least one in every six phones had major bacteria present on their screens, which are associated with major health risks which are unknown to the general population.
Both of them decided to find a solution that can be used to clean phones. They found that UV rays are used for many years in industries for removing bacteria and microbes by utilizing Ultra Violet light technology. Therefore a prototype sanitizer was developed to sanitize smartphones which began successfully and they got their product.
They launched a Kickstarter campaign in May 2012 to raise $18,000 to test their business idea. Kickstarter campaign was a huge success for him, after a month, 1,200 backers had pledged more than $63,000, and they begins to develop their products and started selling them.
Did Phone Soap get a deal on Shark Tank?
They introduced their product on ABC’s famous reality show Shark Tank for an investment of $300,000 in exchange for 7.5% of this company.
They informed sharks about major health problems that cause by various harmful bacteria’s also the fact that more than 18 times in a general restroom, bacteria are found on a smartphone that can cause these health diseases. They told about their product and their working functions, also how they work to remove those microbes from smartphones.
They presented their samples to sharks and told about their sales figures, like 5 months before the show they reached over $537,000 in sales. Also, they raised $800,000 for 16% of their company at a valuation of $12.8 Million. Sharks found the product interesting but they don’t predict the uses and areas of operations of their product therefore all sharks are backed themselves, except Mark Cuban and Lori Greiner.
Firstly Mark offers him $300,000 for 30% if they clean the smartphone in a minute. Lori rushes in with a counteroffer of $300,000 for 15%. She wishes to take this product to QVC, Mark believes a premium can be charged with commercial sales. But the owner demands a higher valuation than Lori says she’ll go up to 10% of equity if they agree immediately, They accepted Lori’s offer, and here is how they get a deal on Show.
What happened to Phone-Soap after Shark Tank?
After the show, they receive massive popularity, and the demand for their sales increased as in just a year after the show they reached over, $9 Million in sales. Further, they also introduced 2 new lines of their product as Phone soap “Polish” and “Magical” cleaning rolls that sold for $15 and $20 respectively, they work similarly to a lint brush but contain a special type of TPU gel which helps in removing microbes and smudges too.
Grown from just 12 employees they grew up their business up to 5 times as in December-21 they have annual sales of $13.5 Million. Today they are available in above 1500 retail stores throughout the country.
Competitors of Phone Soap
Phone soap is a new product in the market but there is some area where they face competition their top rivals are Homedics and CureUV.com. The following table shows the difference between their revenue and employees.
|Approx. $435 Million
|Approx. $10 Million
Net Worth of Phone Soap:
The company is valued at $3 Million during the Show which becomes $13.5 Million now, its valuation increases 5 times when it appears in the show.
Did Phone Shop is still in Business?
Phone Soap is still in Business and doing great as its sales and reach to various markets is increasing company is also elaborating their business areas.
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What is Phone Soap?
Phone soap was introduced as a smartphone sanitizer that kills harmful bacteria and viruses (including Covid-19 virus) that are stacked into your smartphone, it acts as an ultraviolet light sanitizer that uses a tough and unbreakable plastic case
Who founded Phone Soap?
Phone soap is founded and developed by 2 entrepreneurs Wesley Laporte and Dan Barnes from Provo, Utah.