What Happened to Urban Float After the Shark Tank Pitch?
What is Urban Float?
Urban Float is a spa that encourages customers to float in its sensory deprivation pods. Floating has been demonstrated to help the body relax, relieve stress, and relieve common aches and pains.
Customers may float naked in Urban Float pods filled with ten inches of warm water and one thousand pounds of Epsom salt.
Whatever you wear while floating in an Urban Float pod absorbs Epsom salt and serves as a distraction throughout your float.
Who Founded Urban Float?
Urban Float was founded by Scott Swerland and Joe Beaudry.
Joe Beaudry, the would-be co-founder, investigated his options for controlling stress and improving performance while remaining focused on his profession in 2011.
He came upon floating, which signalled that something great was about to occur. His experiences inspired him to develop a professional floating solution.
Joe set an appointment with serial entrepreneur and CEO Scott Swerland in 2012, while looking for a partner to help bring his vision to life.
During a trip, Scott and his family decided to give the concept a go. Surprisingly, four days after their first float, they stated that long-term ailments like arthritis had disappeared.
Scott, a retailer who is obsessed with execution, discovered a stark difference between typical operators’ offers and the floating experience.
It was a significant motivator, and in 2013, the first Urban Float was launched, transforming and improving the floating company.
Beaudry left Verizon Wireless to work full-time with Urban Float. The initial salon’s pods were full 22 hours a day.
They quickly added two more sites and established their first franchise unit in 2016. Urban Float intends to open six salons in the Houston area, with plans for national expansion.
What Happened to Urban Float at the Shark Tank Pitch?
Scott and Joe came in with a bid of $500,000 for a 5% stake in the company. This equates to a $10 million valuation.
They present the Sharks with their figures and franchise concept. A single float costs $45 and a monthly membership with unlimited floats is $150.
They made $2.5 million in sales last year, including franchise fees from four franchisees.
The Sharks are concerned because they have $600,000 in cash flow and $1 million in small business debt. They funded $300,000 and used another million in revenues from their initial shop to build further outlets.
Starting a shop, including equipment, costs Urban Float around $500,000-600,000 on average. Each spa has 6 beds as well as a front desk.
The Miami Dolphins, according to Matt, use these tanks to help sportsmen recover from injuries.
Lori is concerned that the pods are not proprietary. Mark leaves when he discovers they have $1 million in SBA loans; he also believes the trend will not last.
Lori and Daymond leave shortly 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 in exchange for a 15% stake in the company. Matt also makes an offer of $500,000 for a 15% ownership.
Scott and Joe respond with 7.5%, but Lori and Daymond contend that they are undervaluing Matt’s abilities.
The boys reply again with 10%, causing Lori and Daymond to speak up once again. Matt agrees to reduce his stake to 12.5 percent, and the transaction is completed. This indicates a $4 million valuation.
What Happened to Urban Float After the Shark Tank Pitch?
The company’s profile rose as a result of the episode’s airing. They also received several franchise enquiries.
They have expanded their franchise development personnel. Prior to the presentation, they had agreements in place for thirty more sites.
During the post-show due diligence with Matt Higgins’ team, Scott and Joe chose to walk away from the arrangement.
They had a franchise in Texas, however it was closed down in 2021.
There are two more franchise opportunities available: one in Ohio and one in Delaware. Their plans for development were thwarted by the Covid-19 pandemic.
To operate, franchises require a minimum of $150,000 in cash capital and a net worth of $300,000.
A down payment of $452,300 is needed. The company is still in business as of June 2021, with annual sales of $1 million.
What is the Net Worth of Urban Float?
Scott and Joe entered Shark Tank a bid of $500,000 for a 5% stake in the company. This equates to a $10 million valuation.
They accept a $500,000 investment from Matt Higgins for 12.5% of the firm, valuing it at $4 million.
Who are the Competitors of Urban Float?
Top competitors of Urban Float include Floatworks, H2Oasis Float Centre, Mountain Float Spa, and Zen Den. The Spa & Wellness Centre, Pain and Wellness Centre, and Mudra Massage are all worth $6 million.
Can they use a float tank on their period?
They can, in fact, float during their menstrual cycle. Simply treat it like if they were going to the pool during their period.
If they are using a tampon, wrap the string with petroleum jelly (provided by the hotel) to prevent the tampon from wicking sea water into it.
Should they be naked in a float tank?
They float naked because they are terrified of being touched. The sensation of their swimsuit rubbing against their skin detracts from their enjoyment.
They are more aware of everything in the tank, therefore any straps or elastics can irritate them.
What should they bring to a float spa?
There is no need for a swimsuit, and they give paraben- and sulfate-free bath products, towels, earplugs, bathrobes, spa slippers, q-tips, and even Vaseline in case of a tiny cut that needs protection from the searing salt water.
Can they sleep in a float tank?
Yes, the answer is yes.
How long do they stay in a float tank?
They advise first-time floaters to spend 60 to 90 minutes. As individuals develop skill and understanding of the consequences, they may learn that 60 or 90 minutes is beneficial.
Others might choose to float for two, three, or even four hours.
What Is Urban Float?
The sensory deprivation tank at Urban Float is filled with warm water and Epsom salts and may be used to recover, rejuvenate, and revitalize tourists after their visit to the park (60 minutes).
Who is the owner of Urban Float?
CEO Scott Swerland and COO Joe Beaudry created Urban Float in 2012.
Is Urban Float financially viable?
Since then, the sector’s growth and profitability have skyrocketed. The company is still in business as of June 2021, with annual sales of $1 million.
Is it true that Urban Float landed a contract on Shark Tank?
Following the presentation, they accept Higgin’s $500k investment in exchange for a 12.5% ownership, but it is claimed that Urban Float “walked away from the deal.”
Are they able to urinate in a float tank?
Being confined in a tank with absolute sensory deprivation causes hyper-awareness of one’s own body.
They like to eat a light meal or nothing at all before a float to avoid having their mind focused on their digestive system.
Furthermore, avoiding liquids is simple – they cannot urinate in the tank.
How does Urban Float work?
Clients float in a sensory deprivation pod filled with water, which relaxes them and helps them regulate their discomfort.
According to Urban Float, recent study shows that floating can have long-term physical, mental, and emotional benefits.
Who Founded Urban Float?
Joe Beaudry and Scott Swerland are the owners of Urban Float.
What is the total number of Urban Float locations?
They currently have contracts 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, due to their high salt content, float tanks are substantially safer than most other bodies of water.
It is literally impossible to sink in a float tank, so participants must make a conscious effort to move onto their side or try floating face-down.
How deep is the water in a float tank?
The water in a flotation tank is about 12 inches deep and contains hundreds of pounds of Epsom salts, which increase the density and buoyancy of the water, allowing the person to float freely.
Is the water in float tanks warm?
The water and room temperature are kept at skin temperature (approximately 93 degrees Fahrenheit), making it difficult for them to determine which sections of their bodies are in touch with the water.
Is sensory deprivation frightening?
When the patients were in relatively good health, the researchers saw little hazards. However, some people may have disturbing hallucinations while inside the tank.
Anecdotal and scholarly evidence show that some people will have hallucinations comparable to psychosis.
Do they get cold in a float tank?
Yes, but keep in mind that if the lid is left open, they will become chilly.
What if they have claustrophobic tendencies?
Even the most claustrophobic guests feel at peace in their pods. Their float pods are 7ft x 5ft in size and spacious enough for a little person to stand up inside with the top closed.