Swimply is here to bring the experience of Airbnb to pools, tennis courts, backyards, music studios, and much more around you.
Swimply is an app where you can rent out third-party places for your work on a 2-hour basis. Isn’t it cool?
Swimply at a Glance:-
| Idea | Airbnb for Swimming Pools |
| Founders | Bunim Laskin |
| Asked For | $300,000 for 5% |
| Accepted Deal | None |
| Sharks | None |
| Business status | In Business |
| Episode No. | Season 11, Episode 15 |
| Buy on Amazon | Buy Now! |
Index:
What is Swimply?
Swimply is an app that lets you experience a swimming pool without actually owning one. Just as we can rent out Airbnb to stay at different places, Bunim wants to build a similar network for pools as well.
The company works on a mutually beneficial relationship between the company and the owner, Swimply takes 15% of the rental fee plus a booking fee, rest everything goes to the owner.
Both pool owners and renters have to sign a liability waiver to prevent any fraud. This way the renters, i.e. simply earn money and the pool owners can also make money off of their pools.
The customers can enjoy a 2-hour rental with their friends and family within the renting range of $40-$300.
Founder Story:
Bunim Laskin, the founder of Swimply came up with this idea when he was 14 years old and his family had requested their neighbor to let them use her pool for some time, for which they paid 25% of her pool expenses.
Weeks later, the neighbor started earning money off her pool through the same deal.
This inspired Bunim to start a small business called PoolForU. The business was so successful that it got featured on MSNBC.
Owing to his feature on it, the startup attracted a lot of attention leading to their site getting crashed out.
In 2017, he started Swimply with the same idea but with an aim to go nationwide this time.
He originally targeted pool hotspots such as New Jersey, New York, Pennsylvania, Miami Beach, Los Angeles, Dallas, and Houston. Now, he has 2,000 pools with 1700 registered users.
Did Swimply get a deal on Shark Tank?
Laskin entered Shark Tank with a demand of $300,000 for 5% equity in his company. He explains how his business works and the revenue model of the company.
He also explains how his company is beneficial for both him and the pool renters. He shares that he has made $215,000 in revenue to date.
Even though most of the Sharks liked his idea, they were unimpressed by the low sales of the company despite having a network of 2000 pools.
Sharks like Lori, Barbara, and Robert showed themselves out instantly due to the ill-legible voice Bunin has. Both Kevin and Mark also seem stumped by the valuation. Mark offers Bunin $750k for 20%, but he politely rejects it leaving without an offer.
What happened to Swimply after Shark Tank?
The episode featuring Swimply was aired just a week before the COVID-induced lockdown. All the public pools and beaches were closed as per protocols, but the private ones remained open.
Swimply experienced a 4000% increase in its business owing to this situation.
In 2021, Swimply expanded to 125 countries in the US, two markets in Canada and five in Australia. They also raised $10 million in venture capital in the same year and were doing $1 million in revenue.
In the same year, Swimply faced a legal allegation from the Wisconsin Department of Health who threatened to fine them for using public pools without a license. The state backed down eventually.
In the same year, Swimply sealed another $40 million from a number of investors including the founder of Airbnb. the company also decided to expand to tennis courts, rooftops, and home gyms.
As of July 2022, the company stands at an annual revenue of $7 million which increased to $8 million as of 2023.
Product Details:
- Swimply lets you rent out nearby pools on a 2-hour basis to enjoy with your friends and family.
- The rent ranges from $40-$300 depending on the pool decor and area.
- Swimply vets each pool on its health and safety guidelines before joining them to the network.
- Swimply helps increase resource pooling with its pool rentals.
- The company also offers tennis courts, backyards, and home gym rentals.
What’s the net worth of Swimply?
Swimply entered the tank with a demand of $300,000 for 5% equity, valuating the company to $6 million. The founder had to leave the tank without a deal.
Swimply has subsequently increased magnificently in its numbers of sales, revenue, and profits. The company is earning a yearly revenue of $8 million and its Net Worth is estimated to be around $30 million as of 2023.
Who are the competitors of Swimply?
- Dallas Aquatics
- Plunge San Diego
- Gold Fish Swim School
- Peerspace
- HomeToGo
Is Swimply still in business?
Yes, Swimply is still in business and is in fact one of the most successful run of the business.
Swimply is booming with huge annual revenue and is constantly expanding to international markets, proving that a business can be successful even without securing a deal on Shark Tank, the only thing required is grit and determination.
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FAQs:
What is Swimply?
Swimply is an app that lets you experience a swimming pool without actually owning one.
What's the net worth of Swimply?
The estimated Net Worth of the company is $30 million as of 2023.