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SoaPen Shark Tank Update

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SoaPen is a fun soap pen to play with and clean your hands. Soap pens kill bacteria with fun. Soap comes in a pen-like shaped glass through which kids draw different things on their palms and then, after drawing, they do the hand wash which removes all the bacteria from their hands. SoaPen comes in three colors: Green (Fresh Pear ), Blue ( Berry Blast ), and Red ( Tangy Tangerine ).

The soap inside a SoaPen is non-toxic and vegan, which means it has no side effects on kids. Soap is very easy to carry in a pocket or purse and can do up to 100 washes. SoaPen has also made a Kickstarter campaign that raised $28,460 in 2017. SoaPen also sells a hand sanitizer pack. SoaPen provides fun in the hands of kids, not germs. Soap is a kid-friendly brand that is free from parabens, SLS, EDTA, phthalates, and animal products.

Soapen at a Glance:-

IdeaColorful Soap filled pen, Hand wash, and Sanitizer
FoundersAmanat Anand and Shubham Issar
Asked For$100,000 For 10%
Accepted Deal$100,000 For 10% plus $1 royalty per unit
SharksNiravTolia
Business statusIn Business
Episode No.Season 13, Episode 4
WebsiteSoaPen
Buy on AmazonBuy Now!

Index:

Who are the founders of SoaPen?

Amanat Anand and Shubham Issar are the founders of an amazing pen-like hand wash branded as SoaPen. As per research, it is shared that each year 1.5 million kids die due to diseases and that inspired them to create something that will lower these numbers. SoaPen was created with a mission to make hand washing more fun and protective.

They donate a specific portion of their profits to support children’s health and hygiene, which must be appreciated. Amanat and Shubham met each other at Parsons School in New York, where they studied industrial design. The idea was put into action and that’s how Soapen came into the market to wash out its competitors and diseases.

Did SoaPen get a deal on the Shark Tank?

Amanat and Shubham arrived at the shark tank seeking an investment of $100,000 for an exchange of 10% equity. They started the pitch by demonstrating a parent and child fighting about hand washing. Amanat then shared. They both met and all this started. Amanat asked about what the soap is and Shubham asked how effective it is against bacteria.

They hand over the samples to Sharks. Lori loved the smell, while Kevin drew a $ symbol on his palm for fun. They revealed that they had already raised $225,000 at a valuation of $ 1 million. Founders shared that they had won a UNICEF contest and they sold an initial 5,000 units, which generated revenue of $85,000. Kevin O’Leary (Mr. Wonderful) was first to go out as he loved the product but shared that Amanat and Shubham don’t know how to sell it and it’s too early stage to invest in Soap.

Mark agreed with Kevin and went out. Robert also liked the entrepreneur but, for a reason, he went out. Lori and Nirav also said it was too early to invest their money and take a big risk, so they went out. No deal was offered and Amanat and Shubham went out with some suggestions. Then something unexpected happened! Nirav loudly said he and his wife could help them out and then called them back and gave an offer of $100,000 for 10% equity at $1 royalty per unit. Soap accepted the deal and took their checks.

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What happened to SoaPen after Shark Tank?

After the show, it was clear whether the deal made on the show was closed or not as no related updates had been mentioned on the website. Once the show aired, the awareness spread and traffic was generated on their website. They were feeling successful on the journey so they made various additions to their product line. Soap was used to create hand sanitizers, hand wash, and soap before.

After the show, it launched a friendly hand sanitizer gel. Market hand gel is too tough. Soap kids hand gel is manufactured with the addition of Vitamin E which moistures kids’ palms after cleaning. After the show, they still donate free soaps or a part of the profits to the community.

During the pitch, Soapen asked for a valuation of $1,000,000. Before coming to the show, they had already raised funds at the same valuation of $1,000,000. By the end of the pitch, Nirav gave an offer at a valuation of $1,000,000, which was asked by Amanat and Shubham, but they wanted a $1 royalty per unit.

Soap comes in three variations in colors and a pack of three is sold for $14.99 and its production cost is $4.30. They have a margin of 40% at this price. The 8-ounce hand sanitizer bottle is sold for $16.99. The price for the pack of three on Amazon is $17.99 currently.

Soap is no longer a bar product they have converted into a complete pen where kids remove a cap, draw whatever they want, and wash their hands. In 2018, after a Kickstarter campaign, they got a license to sell it on Amazon, but it didn’t seem very successful after a few years.

Competitors of SoaPen:-

  • Infuse media
  • Science
  • WebFx
  • Cloud Task
  • Smart Sites
  • Klient Boost

What is the net worth of SoaPen?

The valuation at the time of the show was $1,000,000. Before that, Soapen had already raised investment at the same valuation and, luckily, shark Nirav gave Soapen an offer of the same valuation demanded. Whether it is closed is not identified. The estimated net worth of Soap is 1 1 million as of 2021.

Is SoaPen still in business?

Soapen is still in business and operating. After getting the Amazon platform in 2018, they did well. Later, In 2019, Covid came and was a booster for Soapen to sell their hand sanitizer and hand wash on the market. As of 2021, they are still available on Amazon and their website for order placements and queries.

SoaPen social links:

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FAQs:

What is SoaPen?

SoaPen is a fun soap pen to play with and clean your hands. Soap pens kill bacteria with fun. Soap comes in a pen-like shaped glass through which kids draw different things on their palms and then, after drawing, they do the hand wash which removes all the bacteria from their hands. SoaPen comes in three colors: Green (Fresh Pear ), Blue ( Berry Blast ), and Red ( Tangy Tangerine ).

Who founded SoaPen?

Amanat Anand and Shubham Issar are the founders of an amazing pen-like hand wash branded as SoaPen. As per research, it is shared that each year 1.5 million kids die due to diseases and that inspired them to create something that will lower these numbers. SoaPen was created with a mission to make hand washing more fun and protective.

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