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Urban Float: Drifting into Tranquility and Revitalization
Scott Swerland and Joe Beaudry presented their sensory deprivation tank company, Urban Float, to the Sharks in episode 13 of season 10.
Urban Float is a wellness company that offers a unique experience of relaxation and wellness in float tanks filled with purified water and Epsom salt.
You can feel calm and relieved from symptoms of anxiety, PTSD, and depression by floating weightlessly. This clinically proven method provides various benefits for the body, mind, and emotions.
Urban Float aims to help individuals manage pain, improve sleep quality, and enhance overall well-being. At Urban Float, the emphasis is on providing a calm environment for ultimate relaxation so you can experience floating’s therapeutic effects while also embracing a journey toward better health.
Urban Float offers visitors a rejuvenating experience through warm Epsom salt-filled sensory deprivation tanks, aiming to provide physical, psychological, and emotional benefits through flotation therapy.
With a focus on comfort and relaxation, Urban Float caters to individuals seeking pain management, stress relief, sports recovery, or simply a respite from the constant connectivity of modern life.
Joe Beaudry & Scott Swerland are the founders of Urban Float. The founders, Beaudry and Swerland, are dedicated to creating a haven for all guests with top-notch flotation systems for safety and convenience.
The partnership between Beaudry and Swerland was born out of a shared vision to alleviate stress and enhance performance through flotation therapy.
Their commitment to quality and innovation has propelled Urban Float to the forefront of the floatation industry, offering guests a unique and transformative experience.
After being laid off from his high-stress job at Verizon Wireless in 2011, Beaudry sought solace in a sensory deprivation tank to unwind. Connecting with Swerland through a mutual friend, the duo launched their first “salon” in 2013 featuring three pods.
It is a unique experience to float in complete darkness and silence in a sensory deprivation tank or pod that uses body-temperature saltwater infused with Epsom salts. The product is incredibly soothing, with claims that it improves vision and reduces stress.
Beaudry’s dedication led him to resign from his Vice President position at Verizon Wireless to focus full-time on Urban Float. The business quickly expanded with two more locations and the launch of its first franchise in 2016.
Urban Float’s success continued with a deal to open six salons in Houston and plans for nationwide expansion. The company’s total sales reached $1,150,000 the previous year.
The resurgence of sensory deprivation tanks, popularized by athletes like Ali Raisman, Steph Curry, and Boston Red Sox players, indicates a renewed interest in this wellness practice.
Urban Float Shark Tank Pitch
Joe Beaudry and Scott Swerland entered the Shark Tank seeking $500,000 in exchange for a 5% stake in their business focused on spas and relaxation.
Joe and Scott showcased their floatation pods designed for relaxation but faced skepticism from the sharks regarding their company’s valuation.
Despite this, they highlighted that they already had four corporate locations operational, with the main one situated in downtown Seattle, driving significant revenue for the business.
Their business model offers customers various ways to experience their services, with a single relaxation session priced at $45 and an unlimited monthly membership available for $150.
In the current calendar year, the company reported gross revenue of around $2 million, with a net profit of approximately $600,000.
Mark Cuban opted out of making an offer due to uncertainties about the market demand for this relaxation concept.
Daymond John and Lori Greiner also declined to invest due to concerns about the company’s financial debt.
Kevin O’Leary proposed a deal offering $500,000 for a 15% equity share, structured as an 80% loan with a 9.5% interest rate and 20% cash investment.
Guest shark Matt Higgins stepped in with a similar offer of $500,000 for 15% equity without loan terms.
Eventually, Joe and Scott struck a deal with Matt for $500,000 in exchange for a 12.5% equity stake, marking a successful outcome for the entrepreneurs in the Shark Tank.
This negotiation showcases the challenges entrepreneurs face when pitching their business ideas to potential investors and highlights the importance of effectively communicating the value proposition of their company.
Joe and Scott’s journey in the Shark Tank serves as a testament to the resilience and determination required to secure investment in a competitive business landscape.
Urban Float After Shark Tank: Transformative Growth, Expansion Plans, and Float Therapy Benefits
After the episode aired, Urban Float experienced a notable 60-70% increase in awareness. The company also expressed interest in franchise opportunities, leading to the addition of a new member to the franchise development team.
Prior to the show, agreements were already in place with thirty more venues. However, during the follow-up due diligence with Matt Higgins’ team, Scott and Joe opted to walk away from the deal.
Urban Float has experienced significant growth over the past two years, now operating four locations in Washington: two in Seattle, one in Tacoma, and one in Vancouver.
Additionally, the company has extended its reach to other states, such as Ohio, Texas, and Delaware, where it conducts some of its operations.
Urban Float plans to expand into additional states in the near future. The process of utilizing Urban Float’s services involves clients floating in a water-filled sensory deprivation pod, offering relief from pain and stress.
Recent studies endorsed by Urban Float indicate that floating can have positive effects on the body, mind, and emotions.
CEO Scott Swerland of Urban Float credits their appearance on Shark Tank for providing international exposure, enabling them to connect with a broader audience and promoting their vision of making floating a more accessible form of therapy.
The company offers comprehensive information on the benefits of float therapy and why it is a wonderful way to relieve stress and manage pain.
Urban Float’s franchise model requires a liquid capital of $150,000 and a net worth of $300,000, with an initial down payment of $452,300.
Despite the challenges posed by the COVID-19 pandemic, Urban Float remains operational and has achieved annual revenues exceeding $1 million.
The company’s growth trajectory has been remarkable, with locations in Seattle, Tacoma, Vancouver, and Washington and operations in Ohio, Texas, and Delaware, with plans for further expansion into new states.
Urban Float’s services involve clients floating in a sensory deprivation pod filled with water, offering stress relief and pain management. Urban Float supports recent studies that suggest floating can contribute to physical, mental, and emotional healing.
The platform has served as a valuable tool for educating individuals on the advantages of float therapy, particularly for those interested in pain management and stress relief.
Urban Float is still in business with an effective net worth of $10 million. The valuation of Urban Float was $4 million after securing an investment from Matt Higgins on season 10 of Shark Tank.
