PhoneSoap is dirtier than a restroom, and one in six phones has fecal matter. Dan and Wesley came up with the solution. It is PhoneSoap. It charges your phone and kills 99.9% of all bacteria.
Dan and Wesley have $537,000 in sales in the first six months. Staples also sells PhoneSoap for $59.95.
PhoneSoap uses Ultraviolet light to clean your phone while charging.
They have raised $800,000 from a local investor and gave up sixty percent of PhoneSoap. They have a vast market in hospitals and schools.
Entrepreneur: Dan Barnes and Wesley Laporte
Ask: $300,000 for 7.5% equity
Companies in this episode: Victoria's Kitchen, GreenBox, Tycoon Real Estate, PhoneSoap
Season: Season 6 Episode 616
Sharks: Mark Cuban, Barbara Corcoran, Kevin O'Leary, Lori Greiner, Robert Herjavec
First Aired: 01/30/2015
Deal: Lori Greiner $300,000 for 10% equity
What do the Shark Tank Investors say about PhoneSoap
Mark Cuban is interested when I learned that hospitals are interested in PhoneSoap. He thinks any healthcare organization would be an excellent market for the product. He will make him an offer of $300,000 for 20% contingent on lowering the charge time and price.
Barbara Corcoran believes it is too bulky to carry around, and she thinks Mark Cuban is overly optimistic on this deal. She objects that as a sanitizer it is easy to use a baby wipe. She is out.
Kevin O'Leary doesn't think this is a proven device in the market. He is making an offer of $300,000 and gets $6 a unit until he recoups the $300,000 and then he gets $3 per unit until $1.2 million. Kevin goes out because they don't accept it fast enough.
Lori Greiner watched Dr. Oz talking about what is on phones. She offers $300,000 at 15%. There is no contingency. Lori Goes to 10%, but they had to take the offer immediately.
Robert Herjavec does not see PhoneSoap is a viable deal. He doesn't need a tanning bed for his phone. He is out.
Phone Soap after Shark Tank
Lori Greiner put PhoneSoap on QVC, and they grew to over five million dollars in sales by 2016. They have PhoneSoap for cameras and are pursuing commercial applications.