What Is Hug Sleep Pod?
The Hug sleep pod is a cutting-edge device created by the parent firm, which manufactures sleep pods.
Hug Sleep Pod is an adult swaddle that utilizes a proprietary technology called Deep Touch Pressure to aid sleep (DTP).
With these blanket-like pull-ups, your sleeping bag will be easier to unwind and more comfortable.
Under pressure, you will fall asleep faster and sleep longer.
The company was founded in 2019 and had been steadily developing since then. This company sells various items, one of which is the Sleep pod move, in three sizes.
Cuddling or hugging before bed has been proven to help one sleep deeper and more peacefully. Hug Sleep’s Hug Sleep Pod was designed precisely to accomplish this purpose.
The lightweight pod provides a feeling of being caressed or held by gradually exerting pressure. Compression is more beneficial than weight when individuals experience sensory difficulties, stress, or anxiety.
You can benefit from this treatment if having difficulty regulating your body temperature is causing your sleep problems.
Hug Sleep ensures a restful night’s sleep by being crocheted from stretch fabric in the style of a Swaddle blanket.
The creator of this company created a nocturnal environment during his Shark Tank presentation.
|Company Name||Hug Sleep Pod|
|Entrepreneur||Matt Mundt and Angie Kupper|
|Product / Business||A swaddle-like blanket made of stretch fabric for adults|
|Investment Asking For||$150,000 for 10% equity in Hug Sleep Pod|
|Final Deal||$300,000 for 20% equity in Hug Sleep Pod|
|Shark||Lori Greiner and Mark Cuban|
|Episode||Season 12 Episode 3|
|Business Status||In Business|
Who Is The Founder Of Hug Sleep Pod?
Hug Sleep was founded in 2010 by Matt and Angie. They are the parents of two children.
Matt comes from a mechanical engineering background and has spent most of his working life in the role of a new product designer.
Angie has dedicated her entire life to obtaining a degree in psychology from a reputable institution.
They pooled their skills and experience to develop Hug Sleep and patent their concept for the Hug Sleep Pod, which they named the Hug Sleep Pod.
Hug Sleep Pod Before Shark Tank
Matt Mundt has struggled with sleep issues for most of his life. This has been the case for a long time.
As a result of higher stress levels after graduation and entry into the workforce, sleeping became more challenging. He’s not the only one who thinks this way.
The Sleep Foundation conducted a survey that revealed that 30% of United States citizens had difficulty falling asleep and/or staying asleep.
Matt tried everything he could think of to obtain a good night’s sleep, but after exhausted all of his alternatives, he decided to take action to resolve his sleeping troubles.
He possessed the necessary experience to develop a sleep-related product because he had previously worked on various new product development projects.
Angie, who formerly worked in the mental health field, was well aware of getting enough sleep to perform successfully.
Hug Sleep Pods were developed in collaboration with this company, and they use the same sleeping psychology as weighted blankets to keep people calm and comfortable while they sleep.
How Was The Shark Tank Pitch Of Hug Sleep Pod?
Matt and Angie reached out to Shark Tank with hopes of receiving a $150,000 investment in exchange for a 10 percent ownership in their company, Hug Sleep Pod.
Mark Cuban and Lori Greiner offered the couple $300,000 for a 20% equity in Hug Sleep Pod. The couple accepted the duo of Mark and Lori offer happily.
Final Agreement: Lori Greiner and Mark Cuban agreed to invest $300,000 for a 20 percent ownership in Hug Sleep Pod.
What Happened To Hug Sleep Pod After Shark Tank?
The Hug Sleep Pod website was immediately flooded with new orders following their shark tank exit due to their marketing efforts and positive feedback from customers.
A profit margin of around 45 percent is achieved by selling the item at $22.50 and $99.99.
The increase in orders placed with them was due to their website and Amazon, which they administered. The internet, particularly Amazon, is the principal source of money from selling items.
The company, which launched in 2019 and sold items for $69.99, made $ 490,000 in profits 16 months after launching. They attribute this success to their entrepreneurial spirit and determination.
They will only be offering their products for sale on their website, starting at $110 per product.
By 2020, the company will have assets of $1,500,000 thanks to the shark tank transaction, in which the company received $300,000 for a 20 percent ownership stake.
Hug Sleep Pod Shark Tank Update
The deal between Hug Sleep Pod and Sharks was completed after a few days of the show broadcast.
The sales of Hug Sleep Pod skyrocketed after their appearance on Shark Tank.
Hug Sleep Pod’s yearly revenue is expected to be around one million dollars in April 2022.
Is Hug Sleep Pod Still In Business?
Hug Sleep is still in operation and profitable, with a functioning website and offices in Brookfield, Wisconsin.
The websites of these companies offer cacoon-shaped sleep pods for adults and children. Additionally, you can purchase the item on Amazon.
Additionally, Matt and Angie, the company’s husband and wife co-founders, remain employed.
Eight Sleep offers a much more advanced pod design that would be a fantastic alternative to those seeking a good night’s sleep.
The company’s services are integrated into the mattress and pod. They include climate control, wake-up technology, and sensors that monitor your vital signs.
Additionally, Cocoon offers a range of sleeping solutions and other products.
Although these items are generally for travel and camping, their lightweight sleeping bags for tropical climates are comparable to those listed previously.
What Is the Net Worth Of Hug Sleep Pod?
The valuation of Hug Sleep Pod was $1.5 Million when it appeared on Shark Tank.
The net worth of Hug Sleep Pod is around $5 million as of 2022.