SoaPen On Shark Tank Season 13 | Shark Tank Updat
Featured on Shark Tank
SoaPen On Shark Tank Season 13
SoaPen is an innovative hygiene product designed to make handwashing fun for kids. The product is a soap-filled pen that allows children to draw on their hands before rinsing off the soap, making the handwashing process enjoyable. Founders Amanat Anand and Shubham Issar secured a deal with guest shark Nirav Tolia, who offered $100,000 for 10% equity plus a $1/unit royalty until $200,000 is repaid.
Summary:
- Company Name: SoaPen
- Founders: Amanat Anand, Shubham Issar
- Founded: 2015
- Product: Soap-filled pen for kids
- Asked For: $100,000 for 10% equity
- Final Deal: $100,000 for 10% equity plus $1/unit royalty until $200,000 with Nirav Tolia
- Season/Episode (Shark Tank USA): Season 13, Episode 4
- Business Status: In Business
- Headquarters: New York, New York, USA
- Lifetime Worth (Sales): Estimated $300K
- Investor: Nirav Tolia
- Go To Amazon: Buy Now
- Watch On: Amazon Prime
Shark Tank Pitch
- Satisfaction Guaranteed
- No Hassle Refunds
- Secure Payments
Description
SoaPen Shark Tank Update – Shark Tank Season 13
Here is SoaPen update after their appearance on Shark Tank Season 13:
SoaPen on Shark Tank
- Entrepreneurs: Amanat Anand and Shubham Issar
- Product: Soap-filled pen that encourages kids to wash their hands by letting them draw on their hands with the soap
- Ask: $100,000 for 10% equity
- Shark Reactions: The Sharks were impressed by the product concept, but had concerns about the founders’ lack of marketing and sales expertise. None of the main Sharks made an offer.
- Deal Made: However, guest Shark Nirav Tolia made a last-minute offer of $100,000 for 10% equity, plus a $1 per unit royalty until $200,000 was repaid. The founders accepted this deal.
SoaPen After Shark Tank
- Sales Boost: After the episode aired, SoaPen saw a significant sales spike, selling out of their initial inventory.
- Product Expansion: In addition to the original soap pen, SoaPen has introduced a kid-friendly hand sanitizer gel.
- Retail Expansion: The company has expanded its sales channels, including opening an Amazon storefront and offering wholesale and educator discounts.
- Funding: In 2022, SoaPen raised $150,000 in a seed funding round from MassChallenge.
- Shark Tank Deal: However, the deal with Nirav Tolia ultimately did not close as of August 2022.
- Current Status: As of 2023, SoaPen continues to operate, selling its products directly to consumers through its website and Amazon. The company is focused on expanding its product line and sales channels.
