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Plunge, as featured on 13th season of Shark Tank is a company product that specializes in fitness equipment, specifically in manufacturing cold plunging tubs designed to maintain cold water at any desired temperature for use in various health and fitness practices.
The Plunge has significantly impacted the market due to its uniqueness, as few similar products are available.
The Plunge bathtub aims to provide a more efficient and accessible method for individuals seeking cold therapy in their routines.
Using the bathtub negates the need for users to consistently purchase and manage large quantities of ice to create a homemade ice bath.
Instead, the Plunge independently maintains the desired cold temperature and can even go as low as 39F, saving users time, effort, and money.
Plunge’s potential health benefits and convenience make it a standout product. The benefits of cold plunging have been shown to include immune system support, increased blood circulation, improved sleep, reduced chronic pain, increased metabolism, and more.
It’s especially beneficial for athletes or people who enjoy regular physical activities as it aids in muscle recovery post-workout. In terms of convenience, the Plunge can be used indoors or outdoors and is designed to cater to individuals of all heights.
| Company Name | The Cold Plunge |
| Entrepreneur | Michael Garret and Ryan Duel |
| Product | Bathtubs with a cold plunge |
| Investment Asking For | $1.2 Million for 5% Equity in Plunge |
| Final Deal | $1.2 M + $1.2M as a loan for 10% Equity in Plunge |
| Shark | Robert Herjavec |
| Episode | Season 13, Episode 21 |
| Business Status | In Business |
| Website | Plunge Website |
| Net Worth | $10 Million |
What Is Plunge?
Plunge is a brand that offers affordable cold plunge tubs. It was created in response to the lockdown in March 2020 and has since grown to operate in California, delivering tubs worldwide.
The Plunge tub is designed to be revolutionary, providing on-demand cold water, convenience, and easy draining. It automatically adjusts water temperature and ensures powerful cooling, filtration, and sanitation.
The benefits of using the Plunge tub include support for the immune system, increased blood flow, reduced inflammation, and improved mental fitness and recovery.
Plunge offers a range of affordable cold plunge tubs with adjustable temperatures, offering clean, filtered water without the need for ice. The company also offers commercial tubs, a pro version, and its standard products.
Plunge aims to enhance its production and expand further to meet increasing product demand. Plunge provides innovative cold plunge tubs that offer various health benefits and convenience, making it a notable product featured on Shark Tank.
Who Is The Founder Of Plunge?
Plunge was co-founded by friends Michael Garrett and Ryan Duey. Ryan Duey is an alumnus of California Polytechnic University, where he earned a degree in International AGB Management and International Business Study.
He also studied the Spanish language, and after graduation, he worked as an Auxiliar of Conversation at the Spanish Ministry of Education.
He also worked with the San Jose Earthquakes soccer team as an Account Executive and Group Sales Manager. Later, in 2017, Ryan founded Float Biz Startup.
He is also a partner at Sky Naturals CBD and owns Capitol Floats, Sacramento’s first float tank center. On the other hand, Michael Garrett has a more private professional background, but he is known to own the Reboot Float & Cryo Spa in the San Francisco Bay Area.
The idea for Plunge arose from both founders’ recognition of the benefits of cold plunging and their realization of the high cost of home plunging kits.
As spa owners, they understood the demand for at-home wellness solutions, especially during the COVID-19 pandemic when their spas were closed due to lockdown measures.
They noticed that most home spas offering authentic cold plunge experiences were prohibitively expensive for the average person. To solve this problem, Michael and his father started creating a cost-effective version of a cold plunge tub.
Ryan joined the venture, and together they developed Plunge, an affordable, temperature-regulated bathtub that can be used for both hot and cold baths.
Before Plunge appeared on Shark Tank, the product had already gained considerable popularity. The founders had shown foresight and adaptability by updating their product lineup over time, including introducing a larger model, the “Pro XL.”
Despite catering to a niche audience and the substantial price tag of each model, Plunge achieved successful sales figures. Their success was further bolstered by a deal with Robert Herjavec on Shark Tank, who invested $2.4 million into the business.
Today, the company offers three specific models: the original, the Plunge Pro XL, and the Commercial Plunge Pro.
How Was The Shark Tank Pitch Of Plunge?
Entrepreneurs Michael Garrett and Ryan Duey presented the Shark Tank pitch of Plunge, a series of cold plunge tubs, in Season 13.
During their presentation, they emphasized the wellness benefits of their product, including clean, filtered water and the ability to adjust the ice bath to the perfect temperature without the need to carry 40 pounds of ice to your tub.
They positioned Plunge as an affordable and convenient solution for those seeking the benefits of this type of therapy.
The founders asked for a significant investment of $1.2 million in return for 5% equity, which reflected their confidence in Plunge’s potential, especially given their $4.9 million in sales within their first year of operation. This high valuation, however, was a sticking point for some of the Sharks.
Although he expressed concerns about the high valuation, Kevin O’Leary offered $1.2 million for 18% equity. Lori Greiner decided not to invest, stating that the product didn’t fit her.
Barbara Corcoran offered $1.2 million for a 20% stake, half of which she suggested could be a loan or line of credit, indicating that she believed cash flow was their main issue.
Sharks Robert Herjavec and Mark Cuban also made their offers. Robert proposed $2.4 million, with $1.2 million for 15% equity and the rest as a loan. Mark Cuban offered $1.2 million for 15% equity, including funding for all purchase orders.
Faced with these proposals, the co-founders had a difficult decision to make. They counteroffered to Robert, suggesting 10% equity, but he held firm at 12%. As a result, they struck a deal with Robert, securing an investment of $1.2 million cash and a $1.2 million loan for a 12% stake in the company.
Post Shark Tank, Plunge continues to thrive. The company now offers commercial tubs, a pro version, and the original Plunge featured on the show. With Robert’s investment and support, Plunge is well-positioned for even more significant growth in the future.
What Happened To Plunge After Shark Tank?
After their successful presentation on Shark Tank Season 13, Episode 21, Plunge’s founders Michael Garrett and Ryan Duey continued to expand their business.
The product, which had already proven popular with customers for its wellness benefits, gained further recognition from its appearance on the show.
Post Shark Tank, the co-founders took advantage of their deal with Robert Herjavec, which involved a $1.2 million cash investment and a $1.2 million loan for 12% equity.
This additional capital allowed them to expand their product range to include four different types of plunge pools: the Cold Plunge, Hot & Cold Plunge, Cold Plunge Pro, and Hot & Cold Plunge Pro, each at varying price points.
However, despite the successful deal and increased popularity, Plunge faced challenges with its shipping times. The company’s products took over 10 weeks to ship, leading to customer dissatisfaction and a potential impact on future sales.
The co-founders were committed to addressing this issue, intending to streamline their manufacturing and shipping processes to improve delivery times.
Despite these challenges, the company was still profitable and valued at an estimated $24 million post-Shark Tank.
Plunge remained committed to offering their wellness and fitness product at an affordable price to their consumers, striving for further growth and expansion.
As of the latest update, Plunge is still in business and operates in Sacramento, California, with 11-50 employees. They aim to increase their team size to boost production.
Plunge products are available online and in several retail stores and supermarkets in Sacramento, California.
The founders’ vision for Plunge includes marketing the product effectively and scaling the business to reach a higher valuation in the future.
Plunge Shark Tank Update
Plunge is a cold plunging tub product presented by entrepreneurs Michael Garret and Ryan Duey on Shark Tank Season 13.
The product offers cold plunges and hot tub use with adjustable water temperature, promoting health benefits like increased energy, physical recovery, reduced inflammation, and improved sleep.
During their pitch on the show, they sought $1.2 million for 5% equity and impressed the Sharks with $4.9 million in sales.
After presenting on Shark Tank, Plunge received offers from various Sharks, including Robert Herjavec, Kevin O’Leary, Barbara Corcoran, and Mark Cuban.
Ultimately, they settled on a deal with Robert Herjavec, who offered $1.2 million cash and an additional $1.2 million loan for 12% equity.
As of the latest available update, which is in February 2023, the closure of the deal and the exact revenue figures remain uncertain. However, the company continues to thrive with Robert’s support.
Plunge is still in business and doing exceptionally well for itself. Plunge is growing steadily, expanding its distribution worldwide and aiming for sustainability and increased production.
Moreover, after its appearance on Shark Tank, Plunge experienced significant growth and expanded its product line.
They gained a loyal fan base on social media, contributing to their long-term success. The company’s net worth is around $10 million, indicating a successful post-Shark Tank journey.
Plunge’s appearance on Shark Tank was beneficial for the business, and they have continued to thrive and grow their brand since the show’s airing.
What Is the Net Worth Of Plunge?
According to our research, the net worth of Plunge is estimated to be $10 million. The valuation of Plunge was $12 million after securing an investment from Robert Herjavec on Shark Tank.
