Looking for a unique and innovative way to improve your sleep? Look no further than HugSleep, the groundbreaking product that took the Shark Tank by storm. Designed to provide unparalleled comfort and support, HugSleep is the ultimate solution for those seeking a better night’s rest.
Whether you struggle with insomnia, snoring, or simply want to elevate your sleep game, HugSleep has got you covered. Join us as we dive into the world of HugSleep and discover how this revolutionary product is changing the way we sleep.
Hug sleep is the creation of the parent company that creates sleep pods. These blanket-like pull-ups will use their calming pressure to comfort you snugly into the sleeping bag. The pressure will help you be fast asleep and for long hours into the night. The company started in 2019. The product range of this company is Sleep pod move which comes in three different sizes.
- The kids (7 to 10)
- The tween (10 to 14)
- The adult ( S, M, L, XL)
Hug Sleep at a glance:
| EPISODE NO | Season 12 Episode 3 |
| BUSINESS IDEA | Blanket-like pull-ups that will use their calming pressure to comfort |
| FOUNDERS | Angie Kupper And Matt Mundt |
| ASKED FOR | $150,000 For 10% |
| ACCEPTED OFFER | $300,000 For 20% |
| SHARK | Mark Cuban And Lori Greiner |
| BUSINESS STATUS | In Business |
| WEBSITE | Hugsleep |
| Buy on Amazon | Buy Now! |
Index:
Who is the Founder of Hug Sleep?
The company was started by Angie Kupper and Matt Mundt. That had an investment of just $2500 from their creators. The company was formerly known as Hatch sleep.
Matt Mundt: The innovator and inventor of Sleep pods. He has done graduation from the Stanford Ignite program initiated by the School of Business at Stanford. He has done his mechanical engineering and is a design engineer.
Did Shark Tank invest in Hug Sleep?
Matt and Angie sought an investment of $150.000 for 10% and got the deal at $300,000 with 20 % equity from the sharks’ Mark Cuban and Lori Greiner.
What Happened to Hug Sleep after Shark Tank?
The duo came out of the shark tank deal and the very next week they were flooded with new orders due to the marketing and reviews of the product. The products were delivered on time and profits. Their cost price is $22.50 and the selling price is $99.99, which allowed them good margins. The two of them got these orders from their own website and Amazon.
The main revenue stream that the product is sold from is the internet i.e. Amazon. They started the business in 2019 and found that in 16 months they made a profit of $ 490,000, each costing $69.99.They now only sell on their website and the cost for one is $110. Post the shark tank deal the company with an investment of $300,000 for a 20% stake reached a valuation of $1,500,000 in 2020.
According to Matt Mundt, the founder of Hug Sleep, the sales of the company skyrocketed to $4 million after their product, Sleep Pod, was featured on ABC’s Shark Tank. The episode, which aired in October, resulted in a $300,000 investment in exchange for a 20% stake in the company.
The sales of Hug Sleep’s entire inventory of 50,000 units were sold out within a few weeks of the episode’s broadcast. Sleep Pod, a lightweight blanket that imitates the sensation of a weighted blanket, had sold between 2,500 and 5,000 units since the company’s inception.
However, the episode’s broadcast generated a significant surge in sales, resulting in orders equivalent to “34 football fields” worth of product by the end of 2020. According to Mundt, this was not just a simple doubling or tripling of their company overnight, but a genuine 10x growth, which was a great problem to have.
Hug Sleep Product analysis:
It is researched by the Sleep foundation that 30% of the US population has a problem when getting sleep and or staying asleep, which was one of the main drivers of Mundt’s idea to discover Hug Sleep.
Matt Mundt tried weighted blankets that were not washable but allowed him to squash like a Panini, he said. He couldn’t take the blanket with him when he traveled. He preferred the normal blanket and thought that it was rather comfortable.
The new innovation had one challenge which was the pressure due to the sleep pod was to be handled. Matt is a design engineer with a degree of B.S. in mechanical engineering, He has graduated from the Stanford Ignite program at Stanford university graduate school of business. The blanket has scientific benefits like:
- The body switches from fight or flight to rest and digest mode.
- Your heart rate slows
- Muscles relax
- Circulation works well
- Chemicals for happiness start flowing through the body like (Oxytocin, Endorphins, Dopamine, and Serotonin.)
The fabric is a duo of fibers namely: Lycra cool- 11 %, and Polyester – 89 %. The sleep pod extends this fabric and returns back to its original size. The product is Lightweight, Portable, and Machine washable.
Sleep pod move:
- A fabric that has gentle compression and a four-way stretch.
- Lightweight and breathable.
- Washable in machine
- Made by hand in the USA
Sleep pod kids:
- A fabric that has gentle compression and a four-way stretch.
- Allows for mobility and full feet freedom
- Lightweight and breathable
- Washable in the machine.
- Made by hand in the USA
Hug Sleep net worth:
Hug Sleep was valued at $1.5 million at the time of the shark tank appearance after their deal with Mark Cuban And Lori Greiner. According to Matt Mundt, the founder of Hug Sleep, the sales of the company skyrocketed to $4 million after their product, Sleep Pod, was featured on ABC’s Shark Tank.
Interesting aspects of Hug Sleep :
- Sleep Hug – the idea of a pod from nature to create a revolutionary pod-like blanket cocoon.
- The science of deep touch pressure, lets your body relax and release tension.
- It’s also user-friendly. It’s also breathable, and machine washable.
Considering the current COVID pandemic this product can let their customers get the most wanted natural and relaxed sleep to recover faster.
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What is Hug Sleep?
Hug Sleep is a blanket-like pull-up that uses calming pressure to comfort you snugly into the sleeping bag. The pressure will help you be fast asleep and for long hours into the night
Who founded Hug Sleep?
Hug Sleep was started by Angie Kupper and Matt Mundt. That had an investment of just $2500 from their creators. The company was formerly known as Hatch sleep.