Urban Float - Shark Tank Update

Scott Swerland and Joe Beaudry floated into the tank seeking $500,000 for 5% equity in Urban Float, their innovative sensory deprivation float therapy business. The entrepreneurs run multiple float centers offering customers the unique experience of floating in saltwater tanks filled with Epsom salt, creating a zero-gravity environment that promotes deep relaxation, stress relief, and mental clarity.

Float therapy, also known as isolation tank therapy, involves lying in a soundproof, lightproof tank where customers float effortlessly in body-temperature water saturated with salt. The business had already established itself with successful locations in Seattle and surrounding areas, demonstrating the growing appeal of this wellness trend that combines meditation, therapy, and relaxation into a single hour-long session that devotees swear helps with everything from chronic pain to creativity enhancement.

After some negotiation, Scott and Joe secured what appeared to be a deal with guest shark Matt Higgins for $500,000 in exchange for 12.5% equity.

However, the deal ultimately fell through during due diligence when Matt's team raised concerns about various aspects of the business model and future scalability. Despite not receiving the Shark Tank investment, Urban Float has experienced significant growth and success post-show.

The company has expanded to six locations including four in Seattle, one in Tacoma, and another in Vancouver, Washington, plus operations in Ohio, Texas, and Delaware. The Shark Tank exposure provided tremendous value through increased website traffic, social media engagement, and brand awareness, demonstrating that sometimes the publicity from the show can be more valuable than the investment itself.

We found that Urban Float continues to capitalize on the growing wellness industry trend, with an estimated 10% annual growth rate as more people discover the benefits of float therapy for stress management and overall mental health.