Earlier than Its Splashy Tremendous Bowl Advert, Cleaning soap Startup Dr. Squatch Constructed A $100 Million Enterprise
DR. Squatch founder Jack Haldrup
KC Alfred / TNS / Newscom
I love it or hate it Dr. Squatch made a splash last night with its Super Bowl ad for male men.
But before the TV ad, founder Jack Haldrup, a 33-year-old entrepreneur, had a $ 100 million direct-to-consumer business for Dr. Squatch’s soaps, hair products and deodorants built from viral YouTube videos.
Haldrup, who has a Bachelor in Finance and a Masters in Information Systems from Indiana University, founded the company in 2013 with the basic idea of natural soap for men. In a 2018 interview with the San Diego Union-Tribune, Haldrup said he suffered from psoriasis and had searched farmers markets for soap that would not irritate his skin. But he wanted to sell to men who would never go to farmers’ markets – and didn’t want to smell of lavender. “Our customer is not the type who already buys at Whole Foods WFM WFM and uses Dr. Bronner’s soap,” he told the newspaper at the time.
There is a large, underserved market for selling soaps and other toiletries to men. And Dr. Squatch – named after the mythical character Sasquatch – raised $ 100,000 for its natural shampoos and conditioners on the Kickstarter crowdfunding platform in December 2016.
But Dr. Squatch only started when Haldrup was developing advertisements for the Raindrop Marketing brand agency in 2017. With videos with comedian James Schrader, Dr. Squatch said more than 120 million views and 100,000 shares on YouTube and Facebook a case study of raindrops, according to YouTube. According to the marketing agency, sales increased thirty-fold to over $ 100 million.
Thanks to these viral ads, Haldrup was able to build its business with minimal borrowing. According to the venture capital database PitchBook, the company raised just $ 1.3 million in seed capital, valued at $ 4.3 million, in its last fundraiser in 2019. But it’s certainly worth a lot more now.
Next, Haldrup informs Forbes via email that he wants to expand into stationary retail. “We are excited to expand Dr. Squatch’s mission – to inspire and educate boys to be happier and healthier,” he says. “The Super Bowl marks the beginning of us doing that on a larger scale.”
This story was updated at 12:01 PM on February 9, 2021 to include a comment from Dr. Squatch CEO Jack Haldrup to add.