The Plunge is a bathtub with ice-cold and clear water. The business is based in California with an estimated net worth is $25 million. Its purpose is to improve overall health and mental fitness by immersing the body in it. Two good friends, Michael Garrett and Ryan Duey are the creators and owners of the company.
Their winning Shark Tank pitch was aired on Season 13, Episode 21 on May 2, 2022. The lively pitch finally won $1.2 M + $1.2M as a loan for 10% equity from Robert Herjavec.
Read further to know about Plunge’s product details, what happened at the Shark Tank, and their latest updates and story so far. We have dived through their official website, social media accounts, and sources like Rolling Stone for the most reliable information.
- 1. Plunge Net worth in 2023
- 2. How is Plunge doing now? [Latest update]
- 3. What is a cold plunge?
- 4. Who owns Cold Plunge?
- 5. Plunge before Shark Tank
- 6. What happened at the Shark Tank
- 7. Plunge Shark tank update – What happened After the Shark Tank
- 8. Product review
- 9. Competitors of the company
- 10. FAQ
Plunge Net worth in 2023
At the show, the two entrepreneurs came up with a valuation of $24 million. This sounded too much for some sharks. Then Robert offered a valuation of $10 million.
By this time, the company had completed one year in business and had achieved $4.9M in sales. It is also estimated they will have a monthly sales revenue of around $600,000 – $1M.
Their current net worth is therefore estimated at around $25 million. As it’s been a little while since the show, the most accurate amounts are yet to be explored in the future.
|Net worth||$25 million (2023)|
|Annual Sales Revenue||$1 million|
|Lifetime sales||$4.9 million|
|Shark Tank Investor||Robert Herjavec|
|Founders||Michael Garrett and Ryan Duey|
How is Plunge doing now? [Latest update]
Plunge won popularity and attention after Shark tank. The business is thriving, and many top magazines recognized it as the best cold plunge. California’s popular magazine La Weekly also named Plunge as the best ice bath to try in 2022.
Plunge now has a factory in Sacramento and thrives as a good business. Their tubs produced for both homes and commercial spaces are shipped across the globe.
They also sell cold plunge supplies through their website.
In December 2022, Rolling Stone recognized Plunge as the best overall cold plunge pool you can buy online.
How do their official social media accounts do now? Let’s check it out!
- official Facebook page – It has over 3k followers, they share client stories and important information
- official Instagram page – They share photos and many videos on the product, client reviews, promotions, and more. It has over a good 95k follower base.
- official YouTube channel – Has over 25k subscribers with client stories, user guides, and explanations
- official TikTok account – Has over 2.5k followers and shares client stories.
- official LinkedIn account – Currently, it shows the LinkedIn profiles of 29 employees. The recent job openings at Plunge show that the company is further growing.
What is a cold plunge?
The tub can cool down to 39F which makes it greatly ice-cold water. The ability to set up both indoors and outdoors is another impressive feature. Additional features include circular filtration, a 20-micron filter, and Ozone sanitation.
You can check their official website for current products.
These prices may vary based on the standard/pro versions for the cooling speed. Also, installment plans are available with Affirm.
The founders stated in the pitch that they wanted to make affordable cold plunges.
Who owns Cold Plunge?
Michael founded Reboot Float & Cryo Spa in San Francisco. Ryan had also built a premier float center named Capital Floats.
Michael, coming from Arizona, obtained his education in Del Mar and Penn State. Ryan was from Northern California and studied at Cal Poly University and in Barcelona.
How did they come together in this business? Read below to know.
Plunge before Shark Tank
During the COVID outbreak, Michael worked on a DIY clod water tub. He recruited Ryan as the co-founder and established their business as Plunge in March 2022. Once they sold their first 20 plunges, they opened a factory in Sacramento to manufacture more plunges.
The plunge was able to gain $1M in sales in the first year itself.
‘We’re on a mission to make cold plunging as common as coffee.’Ryan Duey in his LinkedIn description
Let us now recall what happened to Plunge at the Shark Tank.
What happened at the Shark Tank
At the pitch, Robert Herjavec tried it himself by plunging into the 55-degree cold tub. All other sharks giggled in laughs cheering ‘Robert, Robert’. He almost screamed like a train whistle!
At the end of this fun demonstration, the entrepreneur duo asked for $1.2M for 5% equity.
Kevin O’Leary (Mr. Wonderful) offered a deal of $1.2M for 18% equity. Mark wanted $1.2M for 15% and financing for purchase orders. Barbara was ready to offer $1.2M for 20% and $600k as a loan.
Lori was out and then Robert offered an impressive offer of $1.2M for 15% + $1.2M loan. Finally, the entrepreneur duo chose Robert. Robert happily accepted it with hugs and high-fives to them.
Here, you can see the company details as a summary table,
|Product||“Cold plunge” tubs|
|Episode||Season 13 Episode 21|
|Founders||Michael Garrett and Ryan Duey|
|Asked for||$1.2 million for 5% equity|
|Final deal||$1.2 million cash and a $1.2 million loan for 12% equity|
|Location||California, United States|
Plunge won a lot of popularity while Robert’s screaming went viral. Many people noticed it and wanted to buy it.
With Robert’s offer, many believe they will have a thriving business in the coming years.
But it’s still not evident whether their deal with Robert has not been closed or not.
However, their products have shown promising growth in the market with good reviews.
The maximum shipping time for 1 product is currently taking more than 10 weeks. This only leads to consumer satisfaction for a short time, which can have a bad effect on their sales in the coming time.
During winter, or throughout the year, people use cold water plunges for invigoration and health benefits. Here are some of the fundamentals and health benefits of Cold Plunging.
The plunge comes with a few other items – a hose filter, a phone holder, a pack of skimmers, a cover, and a one-year warranty. East of use, simple installation, and affordable price have been the unique selling points of Plunge.
According to their official website, they have received 5-star reviews based on 256. Many verified buyers revealed that they take the cold plunge every day! It has been a game changer for them that solved issues of stress, focus, and fatigue.
‘I can’t say enough about the purchase, delivery, and support I experienced. Super professional and definitely worth the investment.’Adamina – a verified buyer of Plunge
Now let us see the competitors they need to stand out from.
Competitors of the company
Cold plunge products are in demand worldwide. Hence Plunge has got many companies to compete with.
- Polar Monkeys The Portal
- WEY&FLY Foldable Bathtub
- Ice Barrel Ice Bathtub
- Hydraflate Inflatable Bathtub
- PEAKn Ice Bath
The plunge is still in business. Their productions are based in Lincoln, California and they ship worldwide.
The basic, standard model of Plunge costs around $5000.
According to Michael and Ryan, you have to stay in the cold plunge ideally for 2 minutes.
The capacity of Plunge is around 100 gallons.