SoaPen Net Worth 2023: What Happened After Shark Tank?

SoaPen Net Worth After Shark Tank: Most children dislike having to wash their hands. They need prompting to take a shower, don’t scrub long enough, and may not even bother with soap. Amanat Anand and Shubham Issar, two entrepreneurs, developed the SoaPen to address this issue and make hand washing enjoyable for children. Will this season’s “sharks” approve of this squeaky-clean deal? Find out in our latest SoaPen update.

What Is SoaPen?

The SoaPen is a multicolored soap-filled pen that kids may use to draw on their own hands and bodies. Using the SoaPen, youngsters can draw funny pictures on their hands before rubbing them together and washing them. 

Assuring that children are washing their hands for the recommended time of 20–40 seconds is a priority in the development of the formula.

Pros

• These soap pens fit in your bag.
• Non-toxic soap is safe for kids.
• Three fresh fruity scents: Fresh Pear, Berry Blast, Tangy Tangerine

Cons

• The soap stain is hard to remove.
• The soap lacks lather and cleansing power.

Who Is The Founder Of SoaPen?

Amanat Anand and Shubham Issar, both originating from India, founded the company “SoaPen Inc” in New York.

Know About the SoaPen Shark Tank Update

SoaPen secured an investment in Shark Tank and received high praise from all the sharks, who also provided valuable support. Nirav acquired a 10% ownership stake in this company. Following its appearance on Shark Tank, this company experienced significant growth in sales. 

SoaPen Shark Tank Update

Company Name	SoaPen Inc.
Founder	Amanat Anand and Shubham Issar
Founded	2015
Product	make hand washing fun for kids
Asked For	$100k for a 10% equity
Final Deal	$100K for a 10% equity + a $1 royalty for every unit sold until $200K is paid
Shark	Nirav Tolia and his Wife
SoaPen Shark Tank Episode	S13 E4
Air Date	Oct 29, 2021
Business Status	In Business
Headquarters	New York, NY, United States
SoaPen Instagram	View Profile
GO TO AMAZON	View Product

SoaPen on Shark Tank Pitch

Amanat and Shubham ask Shark Tank for $100,000 for 10% of their firm. They start their presentation with a simulated parent-child debate about hand washing. In their pitch, they share their background and how they met. 

Amanat demonstrates soap, and Shubham discusses the need for hand washing to prevent infectious illnesses. 

Kevin paints a dollar sign on his palm using his sample. Lori likes the smell of it.

After appearing in Real Simple Magazine, the young women received a UNICEF grant and sold out of their initial 5000 units. 

Their lifetime sales are $85,000. The original sales comments influenced the product’s current form. They stated they raised $225,000 at a $1 million valuation. Three packs cost $14.99 and $4.30.

Their profit margin is 40%. Their marketing strategy includes unsuccessful Amazon advertising.

Kevin likes the product, but they can’t sell it. His investment is untimely. Therefore, he’s out. Mark says very similar things and leaves. Despite his admiration for the young women, Robert is out. 

Also, Lori thinks it’s too early. Nirav expresses liking and respect, but it’s too early. He proposes to find other mentors and leaves.

After the women leave, Nirav adds, “I guess I’ve made a mistake.” Mark directs him down the hall. Nirav stops the women presenting their post-pitch interview to offer assistance to his wife. 

He provides them $100,000 for 10% and a $1 royalty till he recovers $200,000. Accept and complete the deal.

SoaPen After Shark Tank

Although it is unknown as of January 2023 whether or not guest shark Nirav Tolia has concluded a deal with SoaPen, the company appears to be doing well. 

MassChallenge, an investor, provided SoaPen with a $150,000 investment in February 2022. 

Sales did grow after Amanat Anand and Shubham Issar appeared on Shark Tank, but at some point, they may feel the “shark tank impact.” 

There was a complete disappearance of SoaPen soaps from the company’s online store after the airing of the show. The creators have not only increased manufacturing rates but also restored the full inventory of their popular soaps. Furthermore, the company has released a new $25 bundle that features a SoaPen along with a potty-training book. 

There isn’t much new to report in the year 2023, but Anand and Issar still appear to be working with Nirav Tolia and his wife. Having said that, new developments could be on the way.

SoaPen Net Worth After Shark Tank

The company unveiled its sales report during its appearance on Shark Tank, and the report indicates that the business has not performed well despite its extended tenure. Based on the sales statistics of Shark Tank, we estimate the value of SoaPen to be between $0.1 million and $0.3 million. 

Is SoaPen Still In Business?

Yes, SoaPen is still in business. They did quite well in 2019 after they joined the Amazon platform. 

Covid entered the market in 2019 and immediately became an important factor in the success of Soapen’s hand sanitizers and hand washes. As of the year 2021, you can still purchase orders and ask questions on their website or on Amazon.

SoaPen Competitors

• WebFx
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