PhoneSoap Net Worth 2022 – What Happened After Shark Tank

PhoneSoap, a phone charger that uses UV light and a bleach solution for those who don’t have access to one. Two cousins developed this concept after discovering that cell phones contained 18 times the number of potentially harmful germs found on any other surface they examined while touring public restrooms across the United States.

Having the opportunity to work from home was a new experience for him. He was given a chance to start his own business and work from the comfort of his own home, which was something he had never considered before!

In addition, determining how much production would cost per unit before entering into discussions about funding sources or other considerations was difficult for him.

Let’s take a look at what the sharks offered and if the deal was a worthwhile investment for both parties here!

PhoneSoap Quick Facts

Name

PhoneSoap

Company Net Worth:

$5 Million – *Estimated

Pitch:

PhoneSoap

Asked for:

$300,000 for 7.5 percent

Deal:

$300,000 for 15 percent

Shark:

Lori Greiner

Monthly Income:

N/A

What is Phonesoap?

When used in conjunction with an oxygen phone charger, such as the Oxygen Phone Charger by PhoneSoap, germs on mobile phones are destroyed using ultraviolet light while the phones are charging.

After discovering that cell phones contain 18 times the amount of harmful bacteria found on any other surface in a public restroom, cousins Barnes and LaPorte developed the device as a means of disinfecting and cleaning the devices.

Who is PhoneSoap?

The company’s flagship product is a phone charger that uses ultraviolet light to kill germs on smartphones, which is the company’s most popular product.

Barnes and LaPorte, cousins, came up with the idea for HandHoneSoap after discovering that cell phones contain 18 times more dangerous germs than any other surface in a public restroom.

What happened during the pitch?

Barnes and LaPorte accepted the offer made by Greiner before Cuban had a chance to reconsider his decision.

People who supported the PhoneSoap were swayed by Greiner’s smaller equity stake and belief in the device as a consumer product. In contrast, those who opposed it were not persuaded by Greiner’s arguments at all.

The Investment

The other partners were enraged that Mark Cuban would even consider taking a 15 percent stake in their company, let alone turn down a $300,000 cash offer from them.

The fact that he had betrayed them, as well as his commitment to upholding a value system that he had previously only partially supported, had left them feeling betrayed and slighted.

Conclusion

Barnes and LaPorte received many bids, many of which included more equity in the company than Barnes and LaPorte’s. They ultimately chose Shark Lori Greiner’s offer of $300,000 over the other offers brought forth to them that day.