PhoneSoap is a pretty interesting concept that was introduced on Shark Tank’s 16th episode of the 6th season.
How is this phone sanitizer company doing currently? Is it still in business? How much is it making? Let’s look into the details.
As of 2022, the net worth of PhoneSoap is $13.5 million. When the pitch was presented on the show back in 2015, it was valued at $3 or $4 million.
It started with 12 employees, and just like the valuation, that number has increased to about five times the original.
Quite interesting for a phone sanitizer and universal charger, wouldn’t you think? Let’s see how that success came to be.
Quick Facts (At a Glance)
- Dan Barnes and Wesley LaPort are collaborative cousins.
- PhoneSoap sold more than $537 thousand worth of products before featuring on Shark Tank.
- Mark and Lori had a fierce fight over who gets to grab PhoneSoap.
- PhoneSoap was able to grow up to five times in profits and company size.
Dan Barnes is your average innovative entrepreneur. He had an idea he believed in, and he went to his cousin, Wesley LaPorte to verify it.
LaPorte had been working in a lab, and he could verify the claim that our phones are up to 10 times dirtier than toilet seats.
With that in mind, they started working on a phone case that cleaned your phone. A lot more convenient than using conventional cleaning tools, right? It maximizes practicality by charging your phone as well.
The case uses UV light to break down nucleic acids and the DNA of germs, keeping you healthy by decreasing the number of bacteria you’re exposed to.
PhoneSoap and Shark Tank
When the pitch was on Shark Tank, Mark and Lori were competing to grab it. So, what are the reasons it made their eye spark?
Initially, Dan LaPorte asked for $300 thousand for 7.5% equity in the company. It ended with him accepting a deal from Lori for $300 thousand for 10% equity after turning down Mark’s offer for the same money in exchange for 15% equity.
Lori was so keen on the company because it sold more than $537 thousand worth of products before they even got on the show. The numbers served to show how much of a hit this innovative case is.
PhoneSoap After Shark Tank
Naturally, the brand’s name and sales skyrocketed after PhoneSoap was on Shark Tank. They expanded their product range to include a PhoneSoap Polish and a “magical” Cleaning Roller.
The roller is similar to a lint brush and serves to remove any smudges off your phone when you’re on the go. It does so with a TPU gel that’s specially formulated for this purpose.
As of now, PhoneSoap products are available in more than 1500 stores all over the U.S.A.
This story of a collab between two cousins is quite an interesting one. With Barnes’ appetite for innovation and LaPorte’s scientific knowledge, they were able to cook something helpful and convenient that made their success multiply up to five times in a matter of seven years or less.