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Urban Float Shark Tank Update

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Urban Floats are sensory deprivation pods or tanks where a person is kept inside with a body temperature, water loaded, and 1200 pounds of Epsom salt. Urban Float is a very relaxing pod to feel peace and a better experience. Urban Float runs on a subscription and membership basis along with its franchise chain model.

When a person goes into it, he/ she/ they float into full darkness with no sounds or noise, which creates a soothing environment around them. These types of pods or tanks were old-fashioned in the ’60s and ’70s and went off-trend recently. It is covering the market again. These pods are now used in Olympic Games by many athletes. Urban Float is a pain-treating pod that performs complete stress management. Recently published studies say throating can give better physical, mental and emotional strength.

Urban Float at a Glance:-

IdeaEpsom salt hydrotherapy float spa and franchise model
FoundersJoe Beaudry & Scott Swerland
Asked For$500,000 for 5% equity
Accepted Deal$500,000 for 12.5% equity
SharksMatt Higgins
Business statusIn Business
Episode No.Season 10, Episode 16
WebsiteUrban Float

Index:

Who are the founders of Urban Float?

Joe Beaudry and Scott Swerland are the founders of Urban Float. Urban Float was started in 2012 by Joe after he tried to overcome the stress he was going through doing corporate jobs. Later, one of his friends introduced him to Scott. Scott Swerland had 90 tanning salons at that time. Joe and Scott came together and launched their first Urban Float salon with three pods in it in 2013.

Beaudry used to work in a corporate job at Verizon Wireless, which he left after a few years, of Urban Float, and started working full time for Urban Float. Joe shared his experience that he was completely hooked when he first tried it and felt better when he came out. Joe wanted to solve the problem of overstressing through pain management and Scott is equally supporting Joe to achieve the vision.

Did Urban Floaters get a deal on the Shark Tank?

Scott and Joe came on the show looking for an investment of $500,000 for 5% equity in exchange. After, explaining their business concept and its whole tech working model. Founders of Urban Float shared that they had sales of $2.5 million in one past year, including fees from all its franchises. Daymond John and Lori Greiner didn’t seem much impressed with the product, they didn’t find it a scalable business.

Mark Cuban came to pitch and sailing-lasting long-lasting trend and Urban Floaters already has a $ 1 million SBA Loan. All these factors made Mark out. Lori Greiner and Daymond John also took their hands back as they were not ready and convinced to invest, so they both went out after Mark Cuban. Mr. Wonderful tried to take a big bite of Urban Float by offering them $100,000 for 15% equity and the remaining $400,000 as a loan at a 9.5% interest rate for 6 months.

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Matt gave an offer of $500,000 for 15% equity. Scott and Joe gave a counter offer for 7.5% equity in exchange. Daymond said they do not value their expertise of Matt. Urban Float gave another counter offer for 10% equity. Matt gave a final and non – negotiable offer to the table, which was $500,000 for 12.5% equity in exchange. Scott and Joe agreed to that and made a deal with Matt for a better future for their business.

What happened to Urban Float after Shark Tank?

After the show, Urban Float saw an increase of 60- 70% in sales. They had received various inquiries related to their franchising. Before the show, they had got 30  locations in hand to take their business ahead. After the show, the deal made on the Tank with Matt was turned down by Joe and Scott. They had a franchise in Texas, but as of 2021, it is gone. There are two more units in operation. One is in Ohio and the other is in Delaware. The Pandemic period has created a hindrance in the path and growth of the Urban Float franchise chain line.

Before coming to Shark Tank, they had several 6 salons in hand. During the pitch, they asked for a valuation of $10,000,000 and in the end, the finalized deal valued the company at $4,000,000. Urban Float’s new franchise costs $500,000. Franchises require liquid cash of $150,000 along with a net worth of $300,000, which approximately touches $500k. They also had international exposure after the show.

Urban Float costs $59 for one session per month and costs $189 for four sessions in 1 month. Red light therapy costs $19 per session. Urban Float gives complimentary benefits which include earbud plugs, petroleum jelly, water, and tea. The restroom has a blow dryer, ear cotton swabs, and scent-free moisturizing lotion. They generate revenue through subscription services, membership services along with franchise business concepts.

Competitors of Urban Float

  • Liquid Planner
  • Resource Guru
  • Saviour Software

What is the net worth of Urban Float?

The estimated net worth of Urban Float was valued at $4 million at the time of the show. The annual revenue of Urban Float is above $1 million in 2021.

Is Urban Float still in business?

Urban Float is still in operation and growing immensely. Urban Float is a very successful and profitable business that came through Shark Tank. It made $1.3 million in revenue in 2017-2018. After that, they shook the business world. But, soon after that, they came back and are making more than $1 million in revenue.

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FAQs:

What is Urban Float?

Urban Floats are sensory deprivation pods or tanks where a person is kept inside with a body temperature, water loaded, and 1200 pounds of Epsom salt. Urban Float is a very relaxing pod to feel peace and a better experience. Urban Float runs on a subscription and membership basis along with its franchise chain model.

Who founded Urban Float?

Joe Beaudry and Scott Swerland are the founders of Urban Float. Urban Float was started in 2012 by Joe after he tried to overcome the stress he was going through doing corporate jobs. Later, one of his friends introduced him to Scott. Scott Swerland had 90 tanning salons at that time.

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