Urban Float Shark Tank Update | Urban Float after the Shark Tank Pitch
What is Urban Float?
Urban Float is a spa where clients are encouraged to float in their sensory deprivation pods. Floating has been shown to assist the body in relaxing, relieving tension, and alleviating common aches and pains.
Customers are invited to float naked in Urban Float pods that are filled with ten inches of warm water and one thousand pounds of Epsom salt.
Whatever you wear while floating in an Urban Float pod becomes saturated with Epsom salt and becomes a distraction during your float.
In 2011, Joe Beaudry, the would-be co-founder, examined his alternatives for managing stress and enhancing performance while focused on his work.
He came upon floating, which meant the beginning of something fantastic. His experiences paved the way for him to create a professional floating solution.
In 2012, while seeking for a partner to help bring his concept to reality, Joe scheduled an appointment with serial entrepreneur and CEO, Scott Swerland.
Scott and his family decided to give the concept a try during a trip. Surprisingly, four days after their first float, they reported that longstanding symptoms such as arthritis had vanished.
Scott, a shopkeeper who is obsessive about executional aspects, found a glaring disparity between traditional operators’ offerings and the floating experience.
It was a big motivator, and in 2013, the first Urban Float was created, beginning to transform and improve the floating business.
Who Founded Urban Float?
Scott Swerland and Joe Beaudry.
What happen to Urban Float at the Shark Tank Pitch?
Beaudry departed Verizon Wireless and started full-time with Urban Float. That first salon had its pods packed 22 hours a day.
They added two additional locations shortly thereafter and opened its first franchise unit in 2016. Urban Float has a plan to operate 6 salons in the Houston region and has an eye on national growth. Sales last year were $1.1 million (2018).
Scott and Joe enter seeking $500,000 for 5 percent of the business. This represents a valuation of $10 million.
They convey their figures and franchise idea to the Sharks. A single float costs consumers $45 and a monthly membership price includes unlimited floats is $150.
Last year, they achieved $2.5 million in sales including franchise fees from its four franchisees.
They have $600,000 in cash flow and $1 million in small company debt which concerns the Sharks. In order to expand more sites, they raised $300,000 and utilized another million in proceeds from their first shop.
On average, it costs Urban Float roughly $500,000-600,000 to start a store including the equipment. Each spa is furnished with 6 beds and front office.
Matt observes that the Miami Dolphins utilize these tanks to assist athletes recuperate from injuries.
Lori expresses fears that the pods aren’t proprietary. Mark walks out when he finds they have $1 million in SBA loans; he also doesn’t think the trend will endure.
Lori and Daymond head out soon after Mark.
Kevin makes a Sharky offer: $100,000 as an investment and $400,000 as a loan at 9.5 percent for 36 months for 15 percent of the firm. Matt also makes an offer: $500,000 for 15 percent.
Scott and Joe reply with 7.5 percent and Lori and Daymond argue they’re de-valuing Matt’s skills.
The lads react again with 10 percent, forcing Lori and Daymond to speak up again. Matt agrees to come down to 12.5 percent and they complete the deal. This shows a valuation of $4 million.
Urban Float after the Shark Tank Pitch.
Following the episode’s airing, the company’s profile increased. Additionally, they got several franchise inquiries.
They have increased the size of their franchise development staff. They had agreements in place for thirty more venues prior to the presentation.
Scott and Joe opted to walk away from the agreement during the post-show due diligence with Matt Higgins’ team.
They had have a franchise in Texas, however it was discontinued in 2021.
Two other franchises are available: one in Ohio and one in Delaware. The Covid-19 epidemic stymied their expansion aspirations. Franchises demand a minimum of $150,000 in cash capital and a net worth of $300,000 to operate.
A minimum investment of $452,300 is required. As of June 2021, the firm is still in operation and generates $1 million in yearly sales.
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 FAQS
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?