Hug Sleep Pod Shark Tank Net Worth
Hug Sleep Pod appeared on Shark Tank and had a net worth of approximately $1.5 million at the time. However, after appearing on the show, the company’s sales and overall worth increased significantly. As of 2023, Hug Sleep Pod has an estimated net worth of $5 million.
What is Hug Sleep Pod and Who is the founder of Hug Sleep Pod?
Hug Sleep Pod is a sleep aid product that uses Deep Touch Pressure (DTP) technology to help users sleep better. It is essentially an adult swaddle made of 89% polyester and 11% Lycra, which makes it comfortable and cool to wear.
Unlike a weighted blanket, the Sleep Pod is small, portable, and available in three different sizes.
The cocoon design of the Sleep Pod applies a soothing, comforting pressure on the body, which can help reduce heart rate and relax muscles.
The Pod is elastic and provides flexibility, allowing users to bring their pillow inside as well. It also has a hole for people who want to regulate their body temperature by keeping one foot out of the blanket.
The husband and wife team, Matt and Angie, founded Hug Sleep. Matt, who has a degree in mechanical engineering and experience as a new product designer, developed the Sleep Pod to address his own sleep problems.
He used his knowledge and expertise to design a product that applies gentle pressure to the skin, similar to the concept of a weighted baby blanket.
The Sleep Pod can be washed easily with regular laundry, and each pod costs $89.99, available for purchase on Amazon. It is beneficial for people who suffer from anxiety, sleep apnea, and other sleeping issues. The product has received positive feedback from customers who have found relief in using it.
Hug Sleep Pod Shark Tank pitch
During their pitch on Shark Tank in season 12 episode 3, Matt and Angie Mundt presented their product, the Hug Sleep Pod, which is a sleep aid for adults designed to swaddle them like newborns. The couple asked for $150,000 in exchange for a 10% stake in their company, which was valued at $1.5 million.
Angie explained the benefits of the product, particularly how the compression can help alleviate anxiety and other mental health issues. The Sharks were impressed with the low client acquisition costs and high-profit margins of 41%.
Despite Robert experiencing a fall during the demonstration, all the Sharks made offers. Mark and Lori made a joint offer of $300,000 for a 20% stake, while Daymond, Robert, and Kevin also offered the same. After some deliberation, Matt and Angie chose to accept Mark and Lori’s offer and left the pitch with a deal.
After the episode aired, the company received a flood of orders, generating $4 million in sales. In episode 1216, an update was given, stating that the company had released a new product, the Sleep Pod Move, in March 2021.
This version of the product allows users to keep their feet out of the bottom while using the sleep pod. The company’s annual revenue as of December 2021 was $1 million.
Competitors of Hug Sleep Pod
There are many competitors of Hug Sleep Pod in the market space. These are; Gravity, Zucklight, Pzizz, The Bed Tent, Sleepedy, The Pod by Eight Sleep, Proper, and Sandland.
Net Worth of Hug Sleep Pod
The company was valued at $1.5 during the pitch and after Lori and Mark invested. Since then the company has been doing well in sales with annual revenue of $1 million in 2021. This justifies that the company’s net worth has increased.
Hug Sleep Pod FAQs
What is Hug Sleep Pod?
Hug Sleep Pod is an adult swaddle that uses a unique technology called Deep Touch Pressure to help customers sleep better (DTP).
The Sleep Pod is constructed of 89 percent polyester and 11 percent Lycra, so it’s comfortable and cool without leaving you drenched in perspiration. It is lightweight, folds or rolls up effortlessly for travel, and is machine washable.
Who is the founder?
Matt and Angie is a husband and wife partnership, founded Hug Sleep. Matt has a degree in mechanical engineering and has spent the most of his career as a new product designer. Unlike a weighted blanket, the Sleep Pod is small, portable, and available in three sizes.
How much were asking on Shark Tank?
They were asking for $150,000 for 10% stake of their company.
Did they have the deal?
Yes, they got a deal from Mark and Lori for $300,000 for 20% equity share of the company.
How much was the deal worth?
The valuation of their company was worth $1.5 million after the investment.
Is Hug Sleep Pod still in business?
Yes, they are in business and their product is available on Amazon.
How much is the Sleep Pod?
Hug Sleep Pod is $89.99 and can be purchased on Amazon.
What is the composition of the sleep pod?
Sleep Pod is comprised of a proprietary 4-way stretch polyp’s material that gives mild, relaxing pressure similar to being held or swaddled. The Sleep Pod is breathable, does not trap heat, is lightweight, and is machine washable.
Does swaddling work for adults?
Many people who have tried adult swaddling report that it makes them feel warm, soothed, and calm. While pleasant relaxation may be sufficient for some, others say that being swaddled also helps relieve discomfort, particularly postpartum pain and stiffness in the hips, shoulders, and back. Relaxes tense muscles
Are sleeping pods safe to use?
The Lullaby Trust has issued a warning that certain popular baby sleeping goods do not adhere to safer sleep requirements.
Cushioned sleeping pods, nests, baby hammocks, cot bumpers, pillows, duvets, and anything that wedges or straps a baby in place can be dangerous to babies under the age of a year.
Is hug sleep trademarked?
Sleep Pod’s innovative design, based on the science of Deep Touch Therapy, gives a mild, relaxing pressure throughout the entire body, encouraging comfort and relaxation.
Is Hug Sleep Pod available on Amazon?
Ys, Hug Sleep Pod products are available on Amazon.
Does Hug Sleep Pod accepting PayPal?
Yes, Hug Sleep Pod accepts PayPal for payments.
What are the advantages of sleeping pods?
Sleeping pods provide a gentle rocking motion that is soothing to some people and a more pleasurable experience than watching television. Some people say it helps them fall asleep faster, sleep easier, and feel great in the morning.
Does Sleep Pod use deep touch pressure therapy?
Yes, The Deep Touch Pressure (DTP) system is a patented high technology that uses a unique combination of human touch and machine vibration to help promote relaxation, sleep and pain relief.
What is the net worth of Angie Kupper?
The net worth of Angie Kupper is unknown.
What is the net worth of Matt Mundt?
The net worth of Matt Mundt is unknown.