SoapSox Net Worth 2021
SoapSox is a brand of washcloths that are designed for kids. The company has established a partnership with Disney Baby. Its estimated annual revenue is $8 million. In 2014, Ray Phillips and his team pitched the company to Shark Tank investors. John Gibson and Ray Phillips each offered a $260,000 investment and a 33 percent stake, while Grenier and Herjavec each offered $1 million to buy the company outright. However, Phillips turned down these offers. After a series of pitches, SoapSox quickly established a brand partnership with Disney Baby. The brand’s estimated annual revenue is $8 million.
SoapSox is a unique brand of handmade sponges that are aimed at children. In August 2013, Ray and Alvin turned to the crowd funding site Kickstarter to raise the necessary funds to continue production and sell the sponges. They set a goal of $45,000 and received over $52,000 from over 600 backers. After receiving the funds, Ray quit his corporate job and devoted himself to the SoapSox business full-time. By October 2014, the company had received significant attention and was beginning to receive large orders. The business needed additional funding to expand, but Alvin and Ray were able to get the financing that they needed.
During his time at Hillsides, Ray Phillips saw how difficult bath time was for children. So he decided to experiment and pour soap into an old teddy bear. He was able to convince the child to try it out, and the idea quickly gained traction. The pair also partnered with Disney Baby to launch a line of products called SoapSox.
In August 2013, Ray and Alvin approached the Kickstarter crowd funding community to ask for funding for their new soaps. They wanted to raise at least $45,000 to complete certified safety tests, create tools, and more. With more than 600 backers, they were able to raise $52,000. At that point, Ray left his job to pursue their SoapSox business full time. As the company gained more recognition, they began receiving larger orders and needed help with logistics. In October of that year, they appeared on the popular ABC show Shark Tank.
SoapSox’s founder, Ray Phillips, came up with the idea after he was doing humanitarian work. He noticed that parents struggled with getting their kids into the bath. He thought about this problem and asked Alvin Uy to help him bring the idea to life. Together, they raised more than $51,930 through Kickstarter in order to get the company off the ground.
In addition to being a prominent hockey figure, Kevin O’Leary has also achieved success in his business career. He has been a co-founder of SoftKey Software Products, Inc., a company that specialized in educational software. In 1999, the company was acquired by Mattel for $4.2 billion. Following the sale, O’Leary took advantage of the opportunity to cash in on his SoftKey shares. Another successful venture of O’Leary is StorageNow Holdings, which was acquired by Mattel for $110 million.
Initially, O’Leary studied at the University of Waterloo and also obtained an MBA from the University of Western Ontario. While in school, he was active in the sports industry and worked in the television industry.
The net worth of Robert Herjavec is estimated at $200 million. He is a well-known venture capitalist and entrepreneur who built a successful Internet security firm. Born in the former Yugoslavia, Herjavec immigrated to Canada with his family when he was eight years old. His father fled the country after speaking out against Communism, and spent time in jail. The family eventually settled in Toronto.
Herjavec is a frequent guest on TV shows like Shark Tank and Dragon’s Den. He has also invested in numerous companies. His first company, Tipsy Elves, has made over $70 million in sales since its launch. The entrepreneur says that he got his entrepreneurial spirit from his father, who had to struggle to provide for his family. However, he says he achieved success by meeting people at the right time and being open to opportunities that presented themselves.
The invention of the soapsox soap dispenser was an idea that Tiffany Krumins first pitched on “Shark Tank” in 2009. She brought her idea to the show without a patent or mold. After enduring the scrutiny of the Sharks, she was awarded $50,000 in exchange for 55 percent of the company.
In 2010, Krumins was diagnosed with thyroid cancer. She sought support from her family and friends to overcome her disease and to continue to pursue her business idea. Her determination paid off when her product AVA the Elephant was introduced to thousands of stores across the country and recently surpassed $1 million in retail sales. She is now cancer-free and is expecting her second child with her husband.