SoaPen Update | Shark Tank Season 13
Kids don’t like washing their hands. They have to be reminded, and then they don’t wash them for long enough when they do. Even worse, some might not even use soap. Entrepreneurs Amanat Anand and Shubham Issar created a fix for this common problem, with SoaPen, to make washing your hands fun for kids! Will the sharks enjoy this clean deal? Read our
Shark Tank SoaPen Update
- Entrepreneur: Amanat Anand and Shubham Issar
- Business: Soap pen that encourages kids to wash their hands
- Ask: $100,000 for 10% equity
- Result: $100,000 for 10% equity, plus $1/unit until $200,000
- Shark: Nirav Tolia
Amanat Anand and Shubham Issar launched SoaPen right after they got out of college, in response to devastating statistics about children catching diseases because they aren’t properly washing their hands. Each SoaPen is full of pleasantly-scented, kid-friendly hand soap.
Get your kids to wash their hands with our colorful (and stain-free) soap filled pen that they can draw with. With SoaPen, kids draw all over their hands and in removing traces of the drawing they wash their hands properly and for the right amount of time. The best part? The kids enjoy hand washing and you can check if they actually washed their hands by looking for leftover marks!
Kids use the SoaPen to draw on their hands. Afterward, it takes 30 seconds or more for the soap to fully disappear. This way, they have fun writing on themselves and wash their hands with soap for the proper amount of time.
It’s a great idea, and Robert Herjavec wonders why no one has thought of this before. Lori Greiner loves the idea and the scents. A pack of three SoaPens costs just over $4 to make, and they sell for $14.99 retail.
So far, the company has made $85,000 in lifetime sales since its launch in 2019. They haven’t spent a dime on marketing, but they scored an article in a magazine that caused them to sell out all of their 5,000 units within three weeks.
Though they’ve been running ads on Amazon for the last two months, they couldn’t produce any type of return on investment figures when Mark Cuban asks. Kevin O’Leary doesn’t think they understand sales and says they need to reduce customer acquisition costs and do more marketing. He thinks it’s too early for them, so he’s out.
Mark agrees — they don’t know how to sell it, though he doesn’t think they’re necessarily too early. Regardless, it’s not an investment for him, so he drops out as well.
Robert likes the product, but it’s not an investment for him, either. Lori acknowledges that Amanat and Shubham have done a great job, but it’s too early for her to consider investing, so she drops out.
This leaves guest shark Nirav Tolia. He admires their attitude, but it’s too early for investment and they need mentors. Amanat and Shubham walk out of the tank without a deal. However, as they’re doing their post-pitch interview, Nirav tells his fellow sharks that he made a mistake and runs out to catch them.
He makes them an offer right there, for $100,000 for 10% and a $1/unit royalty until $200,000 is paid back. This is a perfect deal because his wife is working with several different hand soap brands, and this could easily fit in there.
They accept his unprecedented late deal. Did Mrs. Tolia’s mentorship help the fledgling soap brand? Stay tuned in to our SoaPen update to find out.
It’s likely that we won’t see ‘the
With the help of Nirav Tolia and his wife, this company is sure to go places!
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