Swimply Shark Tank Update | Swimply after the Shark Tank pitch
What is Swimply?
Swimply is an hourly pool rental marketplace that allows hosts to hire out their pools to users. It allows non-pool owners to afford the luxury of a swimming pool while pool owners earn a passive income from their underutilized pools.
Bunim Laskin, then 20, came up with the idea in New York after witnessing a neighbor’s pool that was hardly used.
He hired their pool in exchange for assistance with pool maintenance. He then realized he had a potentially scalable business model and began searching for other neighbors’ pools using Google Earth satellite photographs.
Swimply (swimming+Simple) was his first name, and he quickly had over 30 pools listed, 400 reservations, and was covered on MSNBC.
By the end of the year, he had dropped out of college to focus solely on his business.
Swimply expanded to Australia in November 2019.
Laskin appears on Shark Tank on March 13, 2020, presenting an investment opportunity in his company.
When Laskin was 20, he had the idea because he felt his outdoor activities were being limited in his suburban New Jersey home.
He grew up in Israel, where children had far easier access to parks and other outdoor activities.
He noticed one day that his neighbour’s pool was only utilized when her grandchildren came to visit.
He approached his next-door neighbour and inquired about using the pool.
Yes and Laskin’s family, she added, agreed to pay her 25% of her monthly maintenance bills (electricity, chemicals, etc.).
Within a few weeks, the neighbor had made similar arrangements with a half-dozen other families; she was profiting from her pool!
In 2017, he launched his website PoolForU with money saved from his bar mitzvah.
It was a website that connected those who owned pools with others who desired a private pool.
The website became a big hit, and it quickly crashed owing to the high traffic.
Laskin returned to Jerusalem for college in 2017, but he left out to return to the United States and launch Swimply, an app that would allow his initial notion to go national.
New York, New Jersey, Pennsylvania, Miami Beach, Los Angeles, Dallas, and Houston were his initial targets.
He now has over 2000 Swimply host pools across the country, with over 17,000 registered users.
What happen to Swimply at the Shark Tank pitch?
Swimply does a health and safety inspection on every pool. Once a pool has been validated, it is added to the system.
Pools can be rented for anything between $40 and $300 per hour for spectacular, resort-style pools.
Swimply deducts 15% of the rental rate from pool owners and levies a booking fee to renters. Renters have a very inexpensive option to enjoy a private pool with a group of friends or family, while pool owners use the app to recoup the costs of pool ownership.
Because the usual group size is 6-8 people, a 2-hour pool hire is reasonably priced.
Both pool owners and renters must sign a liability waiver for the time being.
Swimply expects to resolve the insurance issue soon so that he may add an extra layer of liability protection.
Laskin is hoping that his software will be the next big thing in sharing economy apps. Swimming with the Sharks is something he knows will help him get there.
Bunim comes to Shark Tank in search of $300,000 in exchange for a 5% ownership in his company.
He describes his company and makes his pitch.
The Sharks aren’t impressed with merely $215,000 in revenue.
Lori claims she is unable to invest and is therefore unable to participate.
Barbara believes it’s a bad idea, and she’s out.
Kevin is out because he though valuation was way too high.
Mark isn’t ready to travel with Bunim, therefore he’s out.
Robert believes the concept is ridiculous, and he’s the final Shark to leave.
Swimply after the Shark Tank pitch
This was a game that the Sharks were unable to win.
Swimply debuted on Shark Tank on March 13, 2020, just a week before the Covid-19 epidemic shut down the whole planet.
Private pools were open despite public pools and beaches being closed.
Swimply’s business grew by 4,000% as a result of the campaign.
The company had 125 markets in the United States, two markets in Canada, and five markets in Australia as of May 20, 2021.
They raised $10 million in venture money in the same month to improve their technology infrastructure.
They have around $1 million in monthly income as of June 2021.
Net worth of Swimply
Swimply net worth at the Shark Tank was $6 million.
Competitors of Swimply
Surprise Pool Party is the biggest competitor in the market.
others includes; Vezeeta, FareHarbor and TravelPerk.
FAQs of Swimply
What is Swimply?
Swimply is an online marketplace where you may rent a private swimming pool for a staycation. Homeowners with a swimming pool can rent out their pool on an hourly basis to individuals or groups.
Reservations can be made via the Swimply mobile app for Android or iPhone, or by visiting swimply.com.
The Swimply platform handles all communication, facility selection, and payment. In the United States, hosts are protected by a $1,000,000 insurance policy.
Swimply is presently available in the US, Canada, and Australia.
Who founded Swimply?
Bunim Laskin is the founder.
Where is the headquarters of Swimply?
Swimply is headquartered in Los Angeles.
Who is the owner of Swimply?
Bunim Laskin is the founder and CEO of Swimply.
Did Swimply get a deal on Shark Tank?
Swimply didn’t get a deal with the Sharks, but they’ve kept growing their listings into new cities and are likely seeking for investors.
How does Swimply make money?
Swimply takes a 15% commission when you agree to a booking.
What episode was Swimply on Shark Tank?
Swimply was featured on season 11 Episode 15.
When did Swimply launch?
Bunim soon realized he had a potential business on his hands and set out to launch Swimply in the summer of 2018.
How did Swimply start?
Bunim Laskin, the founder of Swimply, says he got the concept for the company after purchasing his first home with a pool in 2018.
He added that friends and family members had begged to use the pool, and he was unsure how he could organize their trips without exposing himself to risk.
Is it possible for me to make money by renting out my pool?
Given the opportunities offered by today’s sharing economy, renting out your swimming pool can bring additional cash.
Swimply is a pool-specific Airbnb or HomeAway.
It provides a digital marketplace where residents may hire out their pools by the hour.
What industry is Swimply in?
It is an online marketplace industry.
Is Swimply a scam?
Swimply is not a scam. However, the Sharks have been known to consider those working from home as being ‘scammers’ by their nature.
Owners of swimming pools can be a target audience.
They are not usually looked at as legitimate business users and therefore may be considered as high-risk investment for sharks.
How does it work?
The company is looking to make money by charging a 15% commission fee for booking the pool owner’s listing.
What happen to Swimply after shark tank?
On March 13, 2020 where it got increased as the number of users more than double as a result.
Is Swimply still in business?
Yes, Swimply is still in business.
Do the sharks like the business?
The Sharks may like the opportunity provided by Swimply, but they may not be willing to accept the risk associated with its business model.
The fact that homeowners are renting out their own pools creates a liability issues that can be very expensive to deal with.