Urban Float Shark Tank Updates 2022: What Happened After $500,000 Shark Tank Deal?

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urban float shark tank

What Is Urban Float?

A sensory-deprivation tank with warm water and Epsom salts is available at Urban Float, where guests can recharge, refresh, and awaken after spending time there (60 minutes). The flotation therapy model serves as the cornerstone of the company. The long-term physical, psychological, and emotional advantages of floating may be unknown to you.

Making the flotation therapy procedure as cozy, peaceful, and enjoyable for visitors as possible is the aim of Urban Float. Whether a person needs pain management, stress reduction, sports recovery, or just a break from a continuously connected world, Urban Float delivers a retreat for everyone. You’re equipped with the best flotation systems for greater safety, comfort, and convenience, so you’ll receive the help you require.

Quick Facts on Urban Float:

Company Name Urban Float
Founder Joe Beaudry & Scott Swerland
Product Float spas with Epsom salts
Investment Seeking $500,000 For a 5% stake in Urban Float
Final Deal $500,000 For 12.5% stake in Urban Float
Shark Matt Higgins
Episode  Episode 10 Season 6
Business Status In Business

 

Who Is the Founder of Urban Float?

urban float shark tank

The businessmen behind the health and wellness company are Joe Beaudry and Scott Swerland.

Urban Float Before Shark Tank

Joe Beaudry, one of the possible co-founders, was searching for techniques to manage stress and boost performance while pursuing a career in technology. It would be the start of something spectacular if he discovered himself floating. As a result of his experiences in life, he concentrated on creating a high-quality floating system.

In 2012, while looking for a business partner to help him realize his vision, Joe met serial entrepreneur and CEO Scott Swerland. While on vacation, Scott and his family made the decision to try it. Lifelong symptoms like arthritis were fully gone after the first four-day float.

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Although the floating experience would substantially enhance what currently available operators provide, many merchants are fixated on the operational specifics. When the first Urban Float was introduced in 2013, the floatation business instantly started to advance and change.

How Was the Shark Tank Pitch of Urban Float?

Scott and Joe intend to invest $500,000 in acquiring a 5% interest in Urban Float. They give the Sharks information about their data and business strategy. The four franchises of the business made $2.5 million in sales in 2017. Only roughly $600,000 worth of cash flow was available at that time. A new franchise must make a 500,000-dollar initial investment to get started.

The Miami Dolphins employ these tanks, as Matt points out, to help wounded players heal. Lori is concerned that the pods may not be hers alone as a result. Mark leaves after learning that they have a $1 million SBA loan; he also thinks the trend won’t last for long. Lori and Daymond leave after Mark does. With $100,000 in investment and $400,000 in a loan, both at 9.5 percent interest per year for 36 months, Kevin offers Sharky a deal in exchange for 15% of the company.

Matt also makes a counteroffer of $500,000 for a 15% ownership in his business. Lori and Daymond believe they’re undervaluing Matt’s experience and they respond with 7.5 percent from Scott and Joe. When the guys increase their counter-offer to 10%, Lori and Daymond become more agitated. Matt consents to a decrease of 12.5 percent, and the transaction is completed.

What Happened to Urban Float After Shark Tank?

urban float shark tank

In the previous two years, Urban Float has expanded significantly. Currently, the business operates out of four locations in Washington: two in Seattle, one each in Tacoma and Vancouver. It also has some operations in other states, including Texas, Delaware, and Ohio.

The business intends to grow by entering other states in the future. What steps must I take to use Urban Float’s services? For pain management and stress reduction, clients float in sensory deprivation tanks filled with water.

Update on The Urban Float Shark Tank:

Recent studies, according to Urban Float, demonstrate the health benefits of floating for the body, mind, and emotions. According to Urban Float CEO Scott Swerland, “being on Shark Tank brought us international exposure.” It enabled us to communicate our mission to make floating a more widely available kind of treatment with a larger audience.

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The organization has access to information on the advantages of flotation therapy and why it is a great option for those interested in pain management and stress alleviation.

Is Uban Float Still Operating?

urban float shark tank

After the episode aired, awareness of Urban Float rose by 60–70%. Additionally, this business was considering franchising potential. A new person joined the group developing franchises. Before the performance, they had agreements in place with thirty additional venues.

During the subsequent due diligence with Matt Higgins’ team, Scott and Joe pulled out of the transaction. The other two franchises are located in Ohio and Delaware. Without a doubt, the Covid-19 pandemic stopped their expansionary intentions.

Franchises need a net worth of $30,000 and liquid capital of $150,000. You need to put down $452,300 as a down payment before you can begin. As of November 2021, Urban Float was still operating and was bringing in over $1 million annually.

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