What Happened to SoaPen After Shark Tank?
What is a SoaPen?
SoaPen is a set of three scented pens that discharge colored soap on children’s or caretakers’ hands while they draw. Green, orange, and blue soap-pens are a gentle alternative to hand sanitizers and ordinary soaps.
The gadget is intended to teach young children about basic hand washing as they rinse away their colorful drawings with water.
SoaPen co-founders Amanat Anand and Shubham Issar grew up in India but met at Parsons School of Design in New York.
After receiving BFA degrees from Parsons in 2015, they won the UNICEF Wearable for Good competition. In 2016, Anand and Issar were also finalists for the James Dyson Award.
Who is the founder of SoaPen?
SoaPen was founded in 2019 by Amanat Anand and Shubham Issar, who met at Parsons School of Design in New York. Anand was born in India, as was Issar. Both are textile designers with a background in design.
Anand earned a BFA from the School of Visual Arts in New York and a master’s degree in design from Parsons School of Design in 2015. Issar earned an MBA from Babson College, an MA from The State University of New York at Buffalo, and a degree in film production from New York University.
SoaPen was developed by Amanat Anand and Shubham Issar shortly after they graduated from college in response to alarming data about children developing illnesses as a result of incorrect hand washing.
Using the winning money from the UNICEF Challenge, Amanat and Issar funded the early research and development for SoaPen. SoaPen will be available on Amazon in early 2018 thanks to a successful Kickstarter campaign that rose over $28,000.
What Happened to SoaPen’s pitch on Shark Tank?
Amanat and Issar showcase their firm Soapen on Shark Tank episode 4 of Season 13. They are seeking for a Shark to help them expand their business.
Amanat and Issar entered the Shark Tank pitch, seeking for $100,000 in return for a 10% stake in their business, worth $1 million.
They talked about their products while giving the Sharks samples. The Sharks were impressed by the two little females. Shark asked each question one at a time.
It’s a wonderful idea, and Robert Herjavec was baffled as to why no one else has thought of it.
Lori Greiner enjoys the concept as well as the fragrances. A pack of three SoaPen costs about $4 to make and retails for $14.99.
The company has made $85,000 in lifetime sales since its launch in 2019. They didn’t spend a dime on advertising, but thanks to a magazine story, they sold out all 5,000 copies in three weeks.
When Mark Cuban investigated, they were unable to give any type of return on investment statistics despite having run advertising on Amazon for the previous two months.
Kevin O’Leary argues that they do not understand sales and those they should reduce customer acquisition costs and increase promotion. He thinks it’s too early for them, so he exits.
Mark confesses that they have no idea how to promote it, but he doesn’t think they’re too early. Regardless, it’s not a good investment for him, so he exits as well.
Robert appreciates the products, but he would rather go out than invest in them.
Lori recognizes Amanat and Shubham efforts, but it is too early for her to contemplate investing, so she goes out.
Nirav Tolia, the guest shark, is the final one standing. He admires their attitude, but it is too early for them to invest, and they need mentors.
Amanat and Shubham leave the tank without striking a deal. During their post-pitch interview, however, Nirav admits to his other sharks that he made a mistake and rushes out to fetch them.
He instantly gives them $100,000 in exchange for 10% equity shares and a $1/unit royalty until the $200,000 is returned.
That was a great deal because his wife works with a variety of hand soap brands, and this could easily fit in. They accept his unusually late offer.
What Happened to SoaPen After Shark Tank?
Following the late deal struck by Nirav and the two females following the program, the deal with Nirav was finalized. This venture is guaranteed to prosper with Nirav aiding his wife. As of January 2022, SoaPen is available for purchase in over 100 retailers and boutiques, on Amazon, and at soapen.com.
Soapen has a slew of rivals on the market. KlientBoost, INFUSEmedia, DashClicks, CIENCE, WebFX, OpenMoves, CloudTask, and SmartSites are among them.
SoaPen’s Net Worth
During and after the pitch, the firm was valued at $1 million. The company has a net worth of $1 million as of January 2022.
How Do You Use SoaPen?
First, wet the pen in water. Press the pen on paper or fabric to draw, leaving colorful designs behind. Then, wipe away the drawing and colors with water.
What Is SoaPen Made Of?
SoaPen are made of colored glycerin, non-toxic dye, and water.
Where Is SoaPen Derived From?
SoaPen are derived from the ancient custom of soaping one’s hands prior to eating.
What Can SoaPen Do?
SoaPen can be used to create colorful and fun designs on almost any surface.
What Color Is SoaPen?
All SoaPen are colorless when dry and become a different color when wet! They’re made of food-grade ingredients, so they’re completely safe to eat, but they don’t recommend eating their pen.
When Was SoaPen Invented?
SoaPen were invented by Amanat Anand and Shubham Issar of Parsons School of Design. They joined forces with the Bath & Body Works team to develop and launch SoaPen in summer 2019.
When Will SoaPen Be Available?
SoaPen are now available on Amazon.com. Customers can also join the waitlist to get early access at soapen.com!
How Do You Get SoaPen?
To get SoaPen, head to soaplesshop.com and preorder a pack of three for $4.99.
Does SoaPen Work on Every Surface?
SoaPen work on most surfaces, including walls, windows, paint, clothing (e.g., t-shirts or hats), tile, plastic cups and plates.
How is SoaPen Made?
SoaPen are made by the Bath & Body Works team, a team of artists who use their expertise to create original designs.
Does SoaPen Change Color in the Washing Machine?
Yes! SoaPen change color when wet, and soap off using your normal washing process.
How Many Do I Need?
To use one pen on average per person per day, they’ll need three pens for a pack of three pens.
Can SoaPen Be Recycled?
Yes! SoaPen are made of food-grade ingredients, so they’re completely safe to eat. However, they don’t recommend eating their pen.
Is SoaPen Safe for Children?
Yes! SoaPen are perfectly safe to use by children and can be used in their bedrooms at night without worrying about any harmful chemicals in the product.
Does SoaPen Have Any Dye?
No! SoaPen are made of glycerin, which is used to make soap. The hair colorant dye is FDA-approved and safe to use in every household.
Does SoaPen Contain Acrylic Acid?
Yes! SoaPen contain the same food-grade ingredients used in most other colored products on the market today, including food coloring. But again, they don’t recommend eating their pen.
19. How Long Does SoaPen Last?
SoaPen lasts for about a week.