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

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    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.