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Plunge Shark Tank Update

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The plunge is a large bathing tub. Plunge can adjust cold water temperature and arrange for the perfect bath that a human aspires to take. Cold water baths benefit our health system a lot. It is known to reduce stress and depression with the added benefit of filling the user with freshness. Plunge helps an individual to get that fresh feeling.

The temperature can be set at 93 degrees to get that most-needed cold plunge and even to 103 degrees to get that hot bath that they might crave at the end of the day. Plunge can be ordered and set up at home, in gyms, or in spas. One unit of Plunge consists of a skimmer, cell phone holder, hose filter, cover, and instructional videos. Each plunge comes with a warranty of one year. A regular plunge costs $4999. The XL version, which is 1.5 inches wider, 3 inches taller, and 6 inches longer, costs $6990.

Plunge at a Glance:-

IdeaPlunge:- The Cold Plunge
FoundersMichael Garret and Ryan Duey
Asked For$1.2 million for 5%
Accepted Deal$1.2 million for 12% + $1.2 million as a loan
SharksRobert Herjavec
Business statusIn Business
Episode No.Season 13, Episode 21
WebsitePlunge

Index:

Who are the founders of Plunge?

Michael Garret and Ryan Duey are the founders of Plunge. Michael and Ryan are old friends and both own their Float spas. Michael was the owner of Reboot Float and Spa, whereas Ryan is the owner of Capitol Floats. When the pandemic came, their float and spa businesses flooded. Both Michael and Ryan decided to start something fresh as they were fans of cold plunging.

Michael came up with the idea of cold plunging. As per his research, it was too expensive. Michael decided to build one by himself and, with the help of his father, he made one that was affordable in comparison to other market alternatives. When Ryan came on board with Michael, things started to settle down quickly. They set up a large tub with cooling filtration, tested by themselves and among potential customers.

Did Plunge get a deal on the Shark Tank?

Michael Garret and Ryan Duey came on the show seeking an investment of $1.2 million for 5% equity in the business. The duo’s pitch shocked all the sharks as the valuation was too high. Michael shared that cold plunging is now becoming a global trend. They asked Robert Herjavec to give a test and share his experience of it. Robert plunged into a 55-degree plunge tub and started screaming.

Mark Cuban made fun of him and asked him to scream louder. Robert shared that it’s not bad to plunge. When Kevin O’Leary asked about the sales, they shared that they had sales of $4.9 million in one year. All the sharks were impressed by the figures, whereas Mark was concerned that people would be in a rush to buy them and then, finally they would get off the market sooner or later and, therefore, he went out. Lori Greiner agreed to Mark’s opinion and went out too. Kevin O’Leary gave an offer of $1.2 million for 18% equity in the business.

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Barbara Corcoran also gave an offer of $1.2 million for 20% equity and half of the investment will be credited as the loan amount. Robert Herjavec offered $2.4 million for 20% equity, to which $1.2 million will be credited as a loan amount. Mark Cuban jumped in and gave a clear offer of $1.2 million for 15% equity in the business. Founders of Plunge gave a counteroffer to Robert Herjavec offer to go with the same deal for 10% equity. Robert Herjavec lowered the request for equity to a 12%  stake. Plunge accepts the deal with Robert Herjavec for $2.4 million in exchange for 12% equity, out of which $1.2 million will be shared as a loan amount.

What happened to Plunge after the Shark Tank Show?

On the show, a deal was made between Plunge and Robert Herjavec but was never closed after the show. They just appeared on the show a few months back. As of September 2022, the deal has not been closed yet. After the airing of the show, Plunge seemed to be gaining popularity in the market. Robert Herjavec is becoming as his trial video got viral where he seemed to be screaming. 

During the pitch, they came up with a valuation of $24,000,000, which sounded crazy for a few sharks, but, Robert still gave a valuation offer of $10,000,000 along with an additional $1.2 million investment as a loan. It’s been a while since their appearance on the show, so there are not many updates about the Plunge.

Plunge land costs $2400 including shipping charges, whereas the model on the sets costs $4800. Every unit plunge comes with a pack of skimmers, a hose filter, a cell phone holder, instructional videos, a cover, and a one-year warranty period. They have a total of three plunge models. The normal one costs $4999.0, the XL one costs $6999.0 and the hot and cold option costs $8499.0. 

As of 2022, they hope to get a deal closed made on the show. Further updates will be made soon.

Competitors of Plunge are:-

  • Blue Mail Media 
  • Acxiom
  • Webbula
  • The Knot Worldwide
  • Deer Flowers

What is the net worth of Plunge?

The estimated net worth of Plunge during the show was $24 million which Robert Herjavec brought down to $10 million.

Is Plunge still in business?

Plunge just appeared on the show a few months back. As of September 2022, they are in hope of getting the deal closed. The plunge is in operation and will do great in the future.

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FAQs:

What is Plunge?

The plunge is a large bathing tub. Plunge can adjust cold water temperature and arrange for the perfect bath that a human aspires to take. Cold water baths benefit our health system a lot. It is known to reduce stress and depression with the added benefit of filling the user with freshness.

What's the net worth of Plunge?

The estimated net worth of Plunge during the show was $24 million which Robert Herjavec brought down to $10 million.

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