We all are familiar with different kinds of treatments to cure aches, stress, or pain. Joe Beaudry aspired to try a novel endeavor in 2011 and ended up learning the meditative technique of floating. The therapy creates a haven for every customer.
Urban Float premiered on Shark Tank America in March 2016, season 10 episode 16. However, the sharks found it difficult to believe the alleged worth of the two companies despite their demonstration of their relaxation-focused flotation modules.
What strategy will the owners apply to convince the Shark? Find out!
About the Founder
Joe Beaudry, one of the partners, was on the hunt for techniques to manage anxiety and boost effectiveness while seeking an occupation in it. In 2012, Joe joined hands with the CEO and seasoned businessman, Scott Swerland while looking for a collaborator who could assist him in achieving his vision.
Together they introduced Urban Float in the market in 2013 and instantly started to advance and change.
Founding the Urban Float
While on vacation, Scott with his loved ones decided to try floating. Surprisingly, lifelong ailments like arthritis disappeared after a brief four-day float. After this experience, he along with Joe decided to create something that would cure pain by floating.
A sensory-deprivation pot with lukewarm water along with Epsom salts for relaxation is offered by Urban Float, a company, and can assist guests in feeling renewed, refreshed, and revived within one hour.
Shark Tank Appearance
Joe and Scott believed they could convince the sharks to pour money into them. With this confidence, they offered $500,000 for a 5% ownership stake.
They stated that the cost of one relaxing treatment is roughly $45. A monthly limitless subscription costs $150, which is almost triple. The firm earned a yearly net profit of around $600,000 and an overall profit of roughly $2 million during the latest fiscal year.
Making the business owners provide monetary assistance was not something Mark Cuban seemed eager to do. He stepped aside because he saw numerous unanswered issues regarding the need for this sort of calming therapy. The other two Sharks, Daymond John and Lori Greiner subsequently withdrew as they had little interest in funding a business that was so indebted.
Kevin O’Leary decided to provide $500,000 in exchange for 15% shares. 20% will be involved by direct means; while the remaining 80% will become a credit with a 9.5% interest rate. Matt Higgins, a special visitor shark was likewise ready to accept the offer. Matt decided to provide $500,000 for 15% ownership without any loan conditions.
In the end, Joe and Scott were able to reach an agreement with Matt. The last offering that went through consisted of $500,000 for 12.5% ownership.
After Shark Tank
Following the company’s debut on Shark Tank, Urban Float’s prominence soared. In recent times, it has experienced tremendous growth.
Along with the four primary locations in Texas, Ohio, and Delaware, there are additional activities in Tacoma, Vancouver, and Washington.
The valuation of Urban Float was $10 million during its Shark Tank debut. However, As per the 2022 update, Urban Float has a total estimated wealth of $1 million.
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