Urban Float Shark Tank Net Worth 2023
Urban Float is a float tank company that appeared on Shark Tank in 2019. The founders, Joe Beaudry and Scott Swerland, asked for $500,000 for 5% equity in their business.
After some negotiation, they agreed to a deal with shark Matt Higgins for $500,000 for 12.5% equity. The imputed valuation of Urban Float was $10 million. As of 2022, Urban Float’s net worth is estimated to be $1 million.
However, the net worth of the founder’s Joe Beaudry and Scott Swerland is estimated to be $2.7 million USD as of 2022.
Urban Float has grown since appearing on Shark Tank and currently has four locations in Washington: two in Seattle, one in Tacoma, and one in Vancouver. The company intends to expand further with other locations on the cards. Appearing on Shark Tank gave Urban Float international exposure and helped them reach a wider audience.
As of 2023, the net worth of Urban Float after appearing on Shark Tank is uncertain. Different sources report different figures, with estimates ranging from $1 million to $5 million
What Is Urban Float?
Urban Float is a spa that encourages its clients to float in sensory deprivation pods, which has been found to help relax the body, relieve tension, and alleviate common aches and pains.
Clients are invited to float naked in the pods, which contain ten inches of warm water and one thousand pounds of Epsom salt. Wearing anything while floating can become a distraction due to saturation with the salt.
In 2011, Joe Beaudry, one of the co-founders, was searching for ways to manage stress and enhance performance while working. He discovered floating and had a great experience, which led him to develop a professional floating solution.
The following year, Joe sought a partner to help bring his idea to life and met with Scott Swerland, a serial entrepreneur and CEO. Scott and his family tried floating during a trip and were surprised to find that long-standing symptoms, such as arthritis, disappeared after their first float.
Scott, a detail-oriented shopkeeper, noticed a significant difference between traditional spas and the floating experience. This was a big motivation for him, and in 2013, the first Urban Float was established, revolutionizing the floating industry. Urban Float was co-founded by Scott Swerland and Joe Beaudry.
What Happen To Urban Float At The Shark Tank Pitch?
After leaving Verizon Wireless, Beaudry joined Urban Float full-time, and their first salon experienced high demand with its pods being fully booked for 22 hours a day.
They expanded quickly by adding two more locations and opening their first franchise unit in 2016. With plans to operate six salons in the Houston region and ambitions for national growth, their sales reached $1.1 million in 2018.
Scott and Joe sought a $500,000 investment from the Sharks in exchange for 5% of the business, valuing the company at $10 million. The Sharks learned that a single float costs $45, while a monthly membership that includes unlimited floats is priced at $150.
Urban Float earned $2.5 million in sales last year, including franchise fees from its four franchisees. While the company has $600,000 in cash flow, it also has $1 million in debt, which caused concern for the Sharks.
Urban Float needed additional funds to expand its sites, and they raised $300,000 and used $1 million in proceeds from their first shop. The cost of starting a store, including equipment and six beds in the spa and front office, averages $500,000-$600,000.
Matt pointed out that the Miami Dolphins use these tanks to help their athletes recover from injuries. However, Lori expressed concern that the pods are not proprietary, and Mark left the deal, doubting that the trend would last. Shortly after, Lori and Daymond also declined to invest.
Kevin offered $100,000 as an investment and $400,000 as a loan at 9.5% interest for 36 months for a 15% stake in the company. Matt also made an offer of $500,000 for 15% ownership. Scott and Joe countered with a 7.5% offer, but Lori and Daymond argued that they were undervaluing Matt’s skills.
The founders then raised their offer to 10%, causing Lori and Daymond to speak up once again. Matt agreed to lower his offer to 12.5%, and the deal was completed at a valuation of $4 million.
Table Summary: Urban Float Shark Tank
|Founders’ net worth||$2.7 million USD as of 2022|
|Shark Tank Valuation||$10 million in 2019|
|Shark Tank Deal||$500,000 for 12.5% equity from Matt Higgins|
|Net Worth in 2022||$1 million|
|Locations||Four locations in Washington: two in Seattle, one in Tacoma, and one in Vancouver|
|Franchise cost||Minimum $452,300 investment and $150,000 cash capital required|
|Annual Sales||$1 million|
|Expansion||Expansion plans were hindered by the Covid-19 pandemic. Two franchises were opened in Ohio and Delaware.|
Note that the net worth of Urban Float in 2023 is uncertain, with estimates ranging from $1 million to $5 million.
Urban Float After The Shark Tank Pitch.
After the episode was broadcasted, the company gained more exposure which resulted in receiving multiple franchise inquiries. As a result, they expanded their franchise development team and had already secured agreements for thirty new locations before the show aired.
However, during the due diligence process with Matt Higgins’ team following the show, Scott and Joe decided to back out of the agreement.
The company previously had a franchise in Texas, but it was discontinued in 2021. Due to the Covid-19 pandemic, the company’s expansion plans were hindered, and they were only able to offer two other franchises in Ohio and Delaware.
To operate a franchise, a minimum of $150,000 in cash capital and a net worth of $300,000 is required. Additionally, a minimum investment of $452,300 is needed. Despite the challenges, the company is still operational as of June 2021 and generates annual sales of $1 million.
Urban Float Net Worth
Scott and Joe enter seeking $500,000 for 5 percent of the business. This represents a valuation of $10 million. They accept an investment from Matt Higgins of $500,000 for 12.5% thus valuing the company at $ 4 million.
Urban Float Competitors?
Top Competitors of Urban Float
Floatworks, H2Oasis Float Centre, Mountain Float Spa, Zen Den. $6 Million, The Spa & Wellness Centre, Pain and Wellness Centre and Mudra Massage.
Urban Float Updates
Urban Float is a beauty spa that offers sensory deprivation pods filled with water and Epsom salts, which provide a therapeutic hydrotherapy session. Clients float in the pods, which provide stress relief while treating pain management.
Urban Float has seen tremendous growth over the last couple of years, with four locations in Seattle, one in Tacoma, and another in Vancouver, Washington. It also runs some operations in Ohio, Texas, and Delaware, with plans to expand into other states in the future.
Urban Float appeared on Shark Tank and secured a deal with Matt Higgins for $500,000 in exchange for 12.5% equity. After the show, it was reported that Urban Float walked away from the deal.
However, the exposure from the show gave the company international exposure, enabling them to reach many people and make them understand that the reason for starting Urban Float six years ago was to bring the benefits of float therapy closer to the community.
The platform was a massive boost, and as a result, Urban Float records a profit of more than $1,000,000 annually. It also has a strong social media presence with more than 9,000 followers on Facebook.
Urban Float is now registered in every state and offers its floatation therapy pod on a monthly membership basis. The entrepreneurs behind Urban Float claim that you need to have at least three floating sessions to benefit from the therapy.
Urban Float is a perfect getaway, meditation, and therapeutic spot for everyone, whether you are a sportsman or 9-5er. You can use Urban Float therapy to shed stress, anxiety, and depression and improve mindfulness, creativity, and feeling of wellbeing.
In summary, Urban Float has seen tremendous growth over the last couple of years, with expansion plans into other states.
Although the company walked away from a deal with Matt Higgins after appearing on Shark Tank, the exposure from the show gave the company international exposure, resulting in a strong social media presence and a profit of more than $1,000,000 annually.
Urban Float is now registered in every state and offers its floatation therapy pod on a monthly membership basis.
Urban Float FAQS
What Is Urban Float?
Urban Float is a health and wellness brand that provides sensory deprivation tanks filled with warm water and Epsom salts. The tanks are designed to renew, refresh, and revive visitors after spending time in them.
Urban Float aims to make the floatation therapy process as comfortable, relaxing, and pleasant for guests as possible. The tanks are clinically proven to provide relief from symptoms of anxiety and PTSD, as well as providing physical, mental, and emotional benefits.
Urban Float was founded in 2013 by Scott Swerland and Joe Beaudry. The two entrepreneurs appeared on Shark Tank and pitched their business to the investors.
They had the good fortune of pitching Urban Float in front of guest Shark Matt Higgins, who says players on his NFL team, the Miami Dolphins, use such tanks to recover from injuries.
At the end of the pitch, they accepted Higgins’ investment of $500k in exchange for 12.5 percent, but after the show, it was reported that Urban Float “walked away from the deal”.
Urban Float has since expanded and is now registered in every state. The business has a very strong social media presence with more than 9,000 followers on Facebook. Urban Float records a profit of more than $1,000,000 annually.
The tanks are a perfect getaway, meditation, and therapeutic spot for everyone, whether you are a sportsman or 9-5er.
How Does Urban Float Works?
Urban Float is a spa that offers floatation therapy in sensory deprivation pods filled with warm water and Epsom salts.
Clients float weightlessly in the purified water, which is clinically proven to provide relief from symptoms of anxiety and PTSD, as well as providing physical, mental, and emotional benefits.
The floatation therapy is designed to help relax the body, relieve tension, and alleviate common aches and pains. Urban Float was founded in 2012 by CEO Scott Swerland and COO Joe Beaudry.
The sensory deprivation pods are designed to help clients achieve a state of deep relaxation and meditation. The pods are filled with 1,200 pounds of Epsom salt, which makes the water denser than the Dead Sea and allows clients to float effortlessly.
The water is heated to skin temperature, which helps to create a feeling of weightlessness. Clients can choose to float for one hour or longer.
Their tagline is “renewed, refresh, revive”. The claim is that there are studies to back up the benefits of floatation therapy, which encompass physical, mental, and emotional benefits. Urban Float is rapidly becoming popular as it provides a perfect getaway, meditation, and therapeutic spot for everyone.
What Happened To Urban Float After Shark Tank?
Urban Float is a beauty spa that offers pods that provide a therapeutic hydrotherapy session. The pods are relaxing and with their use, the client will experience a higher ability to focus, faster recovery from injuries, and less physical pain when going about their daily activities.
Urban Float appeared on Shark Tank in Season 10, where they asked for $500,000 for 5% equity. The sharks were having a tough time accepting the imputed valuation from the entrepreneurs, but Joe and Scott managed to convince Matt Higgins to invest $500,000 for 12.5% equity.
Since appearing on Shark Tank, Urban Float has managed to grow and stay in business. The company regularly hits $1 million in gross. Urban Float now has four locations in Seattle, one in Tacoma, and another in Vancouver, Washington.
It also runs some operations in Ohio, Texas, and Delaware, with plans to expand into other states in the future. Urban Float sessions are also good for taking care of several physical pains without needing any medication.
What Is The Current Valuation Of Urban Float?
Urban Float is a float tank company that appeared on Shark Tank in 2019. The founders, Joe Beaudry and Scott Swerland, asked for $500,000 for 5% equity in their business. After some negotiation, they agreed to a deal with shark Matt Higgins for $500,000 for 12.5% equity.
The imputed valuation of Urban Float was $10 million. As of 2022, Urban Float’s net worth is estimated to be $1 million. Urban Float earned $2.5 million in sales last year, including franchise fees from its four franchisees.
While the company has $600,000 in cash flow, it also has $1 million in debt, which caused concern for the Sharks.
Is Urban Float Still In Business?
Yes, Urban Float is still in business. Urban Float is a sensory deprivation tank that provides physical, mental, and emotional benefits. The company has four locations in Washington, two in Seattle, one in Tacoma, and one in Vancouver.
Urban Float is also present in other states like Ohio, Texas, and Delaware. The company has grown enormously in the last two years and hopes to expand into other states in the future.
Urban Float appeared on Shark Tank in 2018, requesting an investment of $500,000 in exchange for a 5% equity in the company. Matt Higgins agreed to invest $500,000 for a 12.5% stake in Urban Float. The company has managed to grow and stay in business since its appearance on Shark Tank.
Urban Float regularly hits $1 million in revenue. The company has a monthly subscription model that charges $150 per month.
Can they use a float tank on their period?
They can, in fact, float while menstruation. Simply handle it like if they were going to a swimming pool during their period.
If they are wearing a tampon, consider covering the string with petroleum jelly (supplied in the hotel) to prevent the tampon from wicking salt water into it.
Should they be naked in a float tank?
No, they float nude because they are afraid of being touched. The sensation of their swimwear contacting their flesh detracts from the enjoyment.
They are more conscious of everything in the tank, which means that any straps or elastics will be bothersome.
What should they bring to a float spa?
There is no need for a swimsuit, and they provide paraben- and sulfate-free bath products, towels, earplugs, bathrobes, spa slippers, q-tips, and even some Vaseline in case they have a minor cut that requires protection from the scorching salt water.
Can they sleep in a float tank?
The answer is yes.
How long do they stay in a float tank?
They recommend that first-time floaters spend 60 to 90 minutes. They may discover that 60 or 90 minutes is helpful as they gain expertise and awareness of the impacts.
Others may choose to float for two, three, or even more hours.
What Is Urban Float?
Urban Float offers a sensory deprivation tank filled with warm water and Epsom salts that may be used to restore, refresh, and invigorate guests following their time at the park (60 minutes).
Who is the owner of Urban Float?
Urban Float was founded in 2012 by CEO Scott Swerland and COO Joe Beaudry.
Is Urban Float financially viable?
Since then, the sector has exploded in growth and profitability. As of June 2021, the firm is still in operation and generates $1 million in yearly sales.
Is it true that Urban Float landed a contract on Shark Tank?
At the conclusion of the presentation, they accept Higgin’s $500k investment in return for a 12.5 percent stake, however it is alleged that Urban Float “walked away from the arrangement” following the program.
Are they able to urinate in a float tank?
Being enclosed in a tank with total sensory deprivation results in hyper-awareness of one’s body.
They prefer to take a small meal or nothing at all prior to a float to avoid their thoughts being focused to their digestive system.
Additionally, avoiding liquids is rather straightforward – they cannot urinate in the tank.
How does Urban Float work?
Clients float in a sensory deprivation pod filled with water, which relieves tension and helps control pain.
Recent research, according to Urban Float, reveal that floating can have long-lasting physical, mental, and emotional advantages.
Who Founded Urban Float?
The entrepreneurs of the health and wellness company are Joe Beaudry and Scott Swerland.
What is the total number of Urban Float locations?
They now have contracts in place for over 30 Urban Float franchise locations.
Are they capable of drowning in a float tank?
While drowning is possible in any pool of liquid, float tanks are significantly safer than most other bodies of water due to their high salt content.
In a float tank, it is physically impossible to sink, and participants must make a conscious effort to shift onto their side or attempt floating face-down.
How deep is the water in a float tank?
A floatation tank’s water is around 12 inches deep and includes hundreds of pounds of Epsom salts, which enhance the water’s density and buoyancy, allowing the occupant to float effortlessly.
Is the water in float tanks warm?
The water and room temperature are maintained at skin temperature (about 93 degrees Fahrenheit), making it difficult for them to discern which body parts are in contact with the water.
Is sensory deprivation frightening?
Researchers have observed few dangers when their subjects were in pretty excellent condition. However, some individuals may have unsettling hallucinations while inside the tank.
Both anecdotal and academic data suggests that some people will have hallucinations similar to psychosis.
Do they get cold in a float tank?
Yes, they can, but keep in mind that if they leave the lid open, they will become chilled.
What if they have claustrophobic tendencies?
Even their most claustrophobic visitors are at ease in their pods. Their float pods are 7ft x 5ft and are large enough for a tiny person to stand up inside with the top closed.
What is the net worth of Scott Swerland?
What is the net worth of Joe Beaudry?