SoaPen Shark Tank Update – SoaPen Net Worth 2024

Most parents can confirm the difficulty of getting their children to wash their hands correctly. Youngsters frequently forget to wash their hands altogether, don’t wash them for long enough, or skip the soap. This can result in illness and the spread of viruses, particularly in settings like schools. 

Entrepreneurs Shubham Issar and Amanat Anand recognized this issue and devised a clever solution: SoaPen. With the help of this vibrant soap pen, youngsters can color their hands while washing their hands, adding fun to the process. Kids can scrub with the soap on for at least thirty seconds, which guarantees good hygiene. 

Amanat and Shubham showcased this inventive invention on Shark Tank with the goal of securing a deal to help scale their business. They asked for $100,000 for 10% equity. Did the entrepreneur get a deal on Shark Tank? Check out our SoaPen update to find out!

soapen net worth 2024

Amanat Anand and Shubham Issar asked for a $100k investment in exchange for 10% equity in their company. This meant they valued their company at $1 million. They made a deal with Nirav Tolia for $100k for 10% equity plus a $1 royalty on each unit sold until $200,000 was repaid.

This new deal maintained the company’s valuation at $1 million. After the show aired, SoaPen saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of SoaPen in 2024 is about $1.46 million.

SoaPen Shark Tank Update

As for the SoaPen update, After their participation in Shark Tank, SoaPen kept expanding. As of today, the corporation is still operating and has been progressively growing among its customers. With more than 10,000 Instagram followers and popular TikTok videos demonstrating their entertaining product, they have established a strong online presence. 

Additionally, SoaPen has been able to keep up a profitable Amazon shopfront, selling more than 200 units a month. With more than 700 reviews, the product has a strong 4.1-star rating. SoaPen has been doing well in the market under the direction of guest Shark Nirav Tolia, who also brought in his wife’s knowledge of the soap business. They are keeping children engaged in the process of practicing good hand hygiene.

Indeed, SoaPen succeeded in securing a deal. Nirav Tolia offered $100,000 for 10% equity in addition to a $1 royalty on each unit sold until $200,000 was repaid. This agreement was accepted by the business owners, thus it was ideal for both of them.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Nirav Tolia	$100,000 for 10% equity + $1 royalty on each unit sold until $200,000 was repaid.	N/A	Yes
Lori Greiner	Out	N/A	N/A
Kevin O’Leary	Out	N/A	N/A
Robert Herjavec	Out	N/A	N/A
Mark Cuban	Out	N/A	N/A

SoaPen Shark Tank pitch

After graduating from college, Amanat Anand and Shubham Issar founded SoaPen. Disturbingly, they discovered that poor hand hygiene causes millions of illnesses in youngsters every year, which gave rise to the idea for SoaPen. One of the simplest methods to prevent illness is to wash your hands, but getting kids to do it correctly can be difficult.

Amanat and Shubham both desired to approach this matter in a way that would be entertaining and interesting for children. But launching a company wasn’t simple. They had to deal with issues including product marketing, production costs, and figuring out how to grow their business on a shoestring. They persisted in moving forward, determined to see SoaPen through to success, in spite of these challenges.

Amanat and Shubham gave an explanation of the SoaPen’s concept as soon as they were in the tank. They explained how their solution was made to address the widespread problem of children not properly washing their hands. Children can use the soap pen to make fragrant, colorful soap on their hands.

Since the soap takes longer to dissolve, this encourages kids to wash their clothes completely. The product costs $4 to create and retails for $14.99, according to the founders. Since their first batch of 5,000 units sold out due to a magazine story, they have achieved $85,000 in lifetime sales without investing in marketing. Keep reading our SoaPen update to see what happens next!

Nirav Tolia questioned about the sales. The founders replied that they did $85,000 in sales and they launched in 2019.

Robert Herjavec asked about the cost and price. The founders replied they sell a pack of three products for $14.99 and it costs $4.30 to manufacture. Their profit margin is 40%. 

Mark Cuban wanted to know how they were selling the product and marketing it. The founders revealed that they are running ads on Amazon. They also disclosed that it’s been just two months so they didn’t get any positive results yet. 

Robert Herjavec questioned why wasn’t this idea considered earlier.  Although it sounds like a straightforward concept, Amanat and Shubham clarified that the biggest difficulty they had was coming up with a recipe that is both enjoyable and safe for children.

Kevin O’Leary asked what’s keeping them from expanding this up yet. They clarified that they hadn’t yet allocated resources to marketing, instead concentrating on making improvements to the product.

Mark Cuban inquired, are their customer acquisition expenses understood?

Mark said that since the business owners had acknowledged that they hadn’t quite figured out their client acquisition expenses, this would be one area in which they needed to make improvements.

Lori Greiner, Although she thought the concept was great, Lori didn’t think the company was ready for her money.

Mark Cuban rejected it because he believed the founders lacked sufficient knowledge on how to grow their business.

Kevin O’Leary felt there wasn’t enough financial stability and that it was too early to invest.

Robert Herjavec was not interested in investing at this time, although he did admire the product.

Nirav Tolia recognized the product’s potential and appreciated their enthusiasm. He didn’t come up with a deal at first, but he soon changed his mind and chased after them, offering $100,000 in exchange for 10% stock and a $1 royalty for each unit until $200,000 was paid back. The business owners accepted this belated offer.

Product Availability

From our SoaPen update research, Right now, you can buy SoaPen from their official website SoaPen as well as Amazon, where they have received a lot of great feedback. Three vibrantly colored, fragrant soaps are included in each pack, which helps kids look forward to washing their hands.

The soaps are available for $14.99 per box of three, and the company still offers wholesale and direct-to-consumer sales. With more than 700 reviews and an aggregate rating of 4.1 stars on Amazon, it is evident that users are finding the product to be satisfactory.

Conclusion 

Shark Tank’s experience for SoaPen was distinct since Nirav Tolia made an unexpected late deal at the end of the show. The invention makes kids enjoy washing their hands, which solves a widespread problem. Since then, social media and online sales have helped the product gain popularity.

Despite initial difficulties, Nirav’s funding and guidance have enabled the company to grow. SoaPen is keeping things clean, one hand at a time, with over 200 units sold each month and an expanding internet presence. We’re eager to see what additional developments and innovations SoaPen will bring in the future as the company develops.