Nirav Tolia inks $100K plus royalties deal with SoaPen out of 'Shark Tank', here's why
If the pandemic has reinforced any habit among people across the globe, it would have to be that of washing hands. Now more than ever, people have to be careful about their sense of hygiene, as it is an integral part of staying healthy. However, the true challenge comes when it boils down to getting children to wash their hands. While kids are increasingly aware of hygiene these days, making sure they wash thier hands thoroughly is clean.
To make the process fun and simple, SoaPen has the solution. With their marker style soaps, kids can now turn the simple act of washing thier hands into a fun one, encouraging them to do so more often. While SoaPen has been making waves with kids, will it be able to wow Mark Cuban, Lori Greiner, Kevin O'Leary, Robert Herjavec and Nirav Tolia? Let's find out!
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Amanat Anand and Shubham Issar of SoaPen were hoping to bag a $100,000 deal for 10% equity in their company. Having graduated from Parsons School of Design, the duo went on to create SoaPen which won the The UNICEF Wearables for Good Challenge. So far, they have made $85,000 in sales and have managed to raise $250,000. However, what seems to be lacking for them is their marketing. After an initial print article that resulted in them selling out 5,000 units, the duo seems to be struggling within the space, as the sharks pointed out.
While all the sharks loved the product, they all seemed to drop out almost instantly, as they believed the company had come to them at too early a stage. Both Cuban and O'Leary stated that they need to be more on top of their marketing and that they should be on every platform, pushing out content relentlessly. It finally boiled down to Tolia, who was all praises for what the women had achieved, however, he too felt as though it was a little too early for him to invest just yet.
As Anand and Issar walked away, Tolia seemed to have a change of heart. He quickly stopped him outside as they were doing their post pitch bites, much to their surprise. He explained that he saw great potential in them and that he and his wife might be able to help them. Tolia's wife, Megha, is the Vice President, Strategy and Ecommerce at method products pbc, which functions under SC Johnson. He explained that along with her, they can offer SoaPen the right kind of mentorship to grow further.
He made them a deal of $100,000 for 10% equity, along with 1% royalty, until $200,000 was recouped. Anand and Issar were excited to work with Tolia and Megha and fans were thrilled to see them bag an investor. "I'm so glad @niravtolia went after the @mysoapen ladies. That's a product that is so needed. However Talk about a shark! not only is he making double on his $100k but then he’s going to make another 10% on all the rest of their sales!! wow #SharkTank #soapen" tweeted a fan. "#SharkTank So cool that the new Shark realized he may have lost an opportunity to help a child soap company. So glad he caught up w/them to make an offer!" added another. "WOW, @niravtolia's wife sounds very impressive (and you can tell how supportive he is, too!). Let's get her in the @ABCSharkTank #SharkTank" stated a fan.
I'm so glad @niravtolia went after the @mysoapen ladies. That's a product that is so needed. However Talk about a shark! not only is he making double on his $100k but then he’s going to make another 10% on all the rest of their sales!! wow #SharkTank #soapen
— trader j (@tradejas) October 30, 2021
#SharkTank So cool that the new Shark realized he may have lost an opportunity to help a child soap company. So glad he caught up w/them to make an offer!
— Maureen 'mo' Amos (@ldydemon) October 30, 2021
WOW, @niravtolia's wife sounds very impressive (and you can tell how supportive he is, too!). Let's get her in the @ABCSharkTank#SharkTank
— Novafan23 (@Novafan23) October 30, 2021
Catch the latest episode of 'Shark Tank' Season 13 on Fridays, from 8 pm ET to 9 pm ET. Missed an episode? Been wanting to catch up? Episodes can also be viewed the next day on demand and on Hulu. Not just that, you can also watch old seasons and episodes on Amazon Prime Video and iTunes.
Catch the latest episode of 'Shark Tank' Season 13 on Fridays, from 8 pm ET to 9 pm ET. Missed an episode? Been wanting to catch up? Episodes can also be viewed the next day on demand and on Hulu. Not just that, you can also watch old seasons and episodes on Amazon Prime Video and iTunes.