Before its Splashy Super Bowl ad, soap startup Dr. Squatch created a $ 100 million business
Love him or hate him, Dr. Squatch caused a stir with his Super Bowl commercial aimed at manly men last night.
But before the TV commercial, founder Jack Haldrup, a 33-year-old entrepreneur, had already started a $ 100 million direct-to-consumer business for Dr. Squatch’s soaps, hair care and deodorants from viral videos. Youtube.
Haldrup, who holds a bachelor’s degree in finance and a master’s degree in information systems from Indiana University, started the company in 2013 with the basic idea of natural soap for men. In a 2018 interview with the San Diego Union-Tribune, Haldrup explained that he suffered from psoriasis and that he bought soap from farmers’ markets that did not irritate his skin. But he wanted to sell to men who would never go to the farmers’ markets and didn’t want to smell the lavender. “Our customer is not the guy who already does his shopping at Whole Foods
and use Dr. Bronner’s soap, ”he told the newspaper at the time.
There is a large and underserved market for the sale of soaps and other toiletries to men. And Dr. Squatch, named after the iconic character Sasquatch, raised $ 100,000 in funding for his all-natural shampoos and conditioners on the Kickstarter crowdfunding platform in December 2016.
But Dr Squatch didn’t really take off until Haldrup crafted ads with branded agency Raindrop Marketing in 2017. With videos featuring comedian James Schrader, Dr Squatch has racked up over $ 120 million. views and 100,000 shares on YouTube and Facebook, according to a case study by Raindrop. Sales have increased thirty-fold, to more than $ 100 million, according to the marketing agency.
Thanks to these viral ads, Haldrup was able to grow his business with minimal outside funding. The company raised just $ 1.3 million in seed funding for a valuation of $ 4.3 million in its last fundraiser in 2019, according to venture capital database PitchBook. But it’s certainly worth a lot more now.
Then Haldrup tells Forbes by e-mail, plans to expand into traditional retailers. “We’re excited to expand Dr. Squatch’s mission – to inspire and educate guys to be happier and healthier,” he says. “The Super Bowl marks the start of our action in a more important way.”
This story was updated on February 9, 2021 at 12:01 p.m. to add a comment from Dr. Squatch CEO Jack Haldrup.