|
Urban Float Net Worth |
More than $4 million |
|
Founders |
Joe Beaudry and Scott Swerland |
|
Year Founded |
2012 |
|
Country |
United States of America |
|
Location |
Seattle, United States of America |
|
Products |
Sensory deprivation tanks |
|
Business Status |
In-Business |
|
Shark in Charge |
Matt Higgins |
|
Episode |
Episode 10 season 6 |
|
Investment Seeking |
$500,000 for a 5% stake in Urban Float |
|
Investment Received |
$500,000 for a 12.5% stake in Urban Float |
Urban Float is a sensory deprivation tank company founded in Seattle in 2012 by the entrepreneurs Joe Beaudry and Scott Swerland.
The company basically provides a sensory deprivation tank that is designed to refresh and rejuvenate its users, who spend around a minute inside the tank. The tank is filled with 1,200 pounds of Epson salt immersed in about 200 gallons of warm water.
Urban Float Net Worth
The net worth of Urban Float is estimated to be more than $4 million.
Urban Float Before Shark Tank Deal
In 2011, Joe Beaudry was looking for better ways to handle and treat stress, while also ensuring that performance at work was enhanced.
The idea of floating struck his mind and Joe Beaudry wanted to develop a professional way to float to relieve stress.
In 2012, as Joe Beaudry was seeking a partner to assist him in bringing the idea to life, he scheduled a meeting with entrepreneur and Chief Executive Officer, Scott Swerland.
Both the entrepreneurs decided to give the idea a try and, upon having developed and tested the sensory deprivation tank, they found it to be extremely relieving.
Urban Float Growth
Joe Beaudry started working full-time at Urban Float and the first salon had a pod that served customers twenty-two hours a day. Urban Float opened up in two other locations in 2016 and annual revenue amounted to up to $1.1 million in 2018. Urban Float has managed to flourish and stay in business since then.
Urban Float During Shark Tank
Entrepreneurs Joe Beaudry and Scott Swerland entered Shark Tank, seeking $500,000 in exchange for a 5% stake in the firm.
This indicated that the entrepreneurs valued the business at $10 million. After negotiations, Matt Higgins agrees to offer $500,000 in exchange for a 12.5% stake in the business. This valued the company at $4 million.
View this post on Instagram
What happened to Urban Float After Shark Tank Deal?
The Shark Tank deal proved to be a success for Urban Float as it thrived following the deal. Not only did the company get exposure, attracting new customers, but its profile also increased.
There has been an increase in franchise development staff and franchises as well, with spas fully operational in Seattle, Tacoma, Ohio, Texas, Delaware, and Vancouver, Washington