UrbanFloat is the sensory deprivation tub that appeared on Shark Tank season 10. After blowing sharks away with their pitch, they landed a deal. But, things didn’t exactly go as planned. Find out what exactly happened below, and how they managed to stay afloat since the show.
1) CEO Scott Swerland and former COO Joe Beaudry appeared on Shark Tank‘s tenth season to pitch. At the time, Joe was the COO and co-founder; Scott remains the CEO and founder. Their pitch caught the attention of guest shark Matt Higgins.
2) So, just what was their pitch? The pitch was about their hydrotherapy spa pod, which allows the user to float for 60 minutes in epsom salt-infused water. Scott and Joe went into the tank asking for $500,000 for 5%. Now, before you jump to any conclusions, they did have sales to back that up. From the year prior to Shark Tank, they did $1.1 million; their goal was to expand their franchise.
3) According to Shark Tank Tales, they made a deal with Matt for $500,000 for 12.5%. But, they walked away from the deal, according to Shark Tank Blog. Even still, the show’s exposure provided significant brand awareness. This led to a big sales boom, which in turn, allowed them to open more locations.
4) As of 2020, there are many locations. 4 in Seattle, 1 in Tacoma, and another in Vancouver, WA. There are other operations in Ohio and Delaware. Sadly, there Texas location closed in 2021; a new location is coming soon to Orange County, CA, however. Their annual revenue is still around $1 million.
5) Scott said that the best part about being on the show was that it reached internationally, allowing for lots more people to understand the product benefits. From reducing pain, relieving stress, and improving sleep, there’s a ton of pros to floating for an hour in epsom salt water.
Shark Tank season 13 premieres October 8 at 8 PM on ABC. Catch up on old episodes via Hulu or on demand.
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