Plunge - Shark Tank Update

Cold therapy innovators Michael Garrett and Ryan Duey transformed their pandemic setback into entrepreneurial gold when their float spa businesses shuttered in March 2020, creating the perfect storm for innovation. Both men, who owned float spas in the San Francisco Bay area, channeled their forced downtime and personal passion for cold plunging into developing what would become one of the most successful products in Shark Tank history.

Michael's initial frustration with expensive and cumbersome cold plunge equipment available on the market led him to collaborate with his father to engineer a more affordable, user-friendly solution that would eventually revolutionize the home wellness industry. When they entered the Tank seeking $1.2 million for just 5% equity at an ambitious $24 million valuation, they brought remarkable credentials including $4.9 million in sales in their first year of operation and a product that could function as both a cold plunge tub (down to 39 degrees) and a hot tub (up to 103 degrees), complete with filtration systems that eliminated the need for hauling ice.

The explosive bidding war that erupted among the sharks ultimately led to a transformative partnership with Robert Herjavec, who offered $2.4 million ($1.2 million equity plus $1.2 million loan) for 12% equity after recognizing the massive market potential for accessible cold therapy solutions. Interestingly, while Robert's deal was struck on camera, it never officially closed due to the company's books being in disarray from their rapid growth, but this turned out to be a blessing in disguise as Plunge didn't actually need the investment.

We found that the company has achieved absolutely staggering success since filming, growing from a garage operation to a 150,000 square foot manufacturing facility and warehouse while expanding their product line to include saunas and outdoor showers. The most remarkable statistic of all: by July 2024, Plunge had generated over $100 million in sales, representing one of the most spectacular post-Shark Tank success stories ever documented, with the company shipping around 2,000 units per month and projecting $80 million in annual sales by 2023, proving that sometimes the most successful deals are the ones that don't actually close.