Athletes all over the world have used cold plunges to improve general health and performance. Entrepreneurs Michael Garrett and Ryan Duey make cold plunges affordable, with clean filtered water and no need to buy 40 pounds of ice. Will the sharks dip into this deal during the
If you’re short on time, here’s a quick overview of what happened to Plunge after
Michael Garrett and Ryan Duey appeared on
|Accepted deal of $1.2 million cash and a $1.2 million loan for 12% equity
|$1.2 million for 15% equity with included funding for all purchase orders
|$1.2 million for 18% equity
|$1.2 million for 20%, with half as a loan
Shark Tank Plunge Update
- Entrepreneurs: Michael Garrett and Ryan Duey
- Business: “Cold plunge” tubs
- Ask: $1.2 million for 5% equity
- Result: $1.2 million cash and a $1.2 million loan for 12% equity
- Shark: Robert Herjavec
Entrepreneurs Michael Garrett and Ryan Duey took the plunge together when they started their business, Plunge. Plunge is a series of cold plunge tubs that allow you to adjust your ice bath to the perfect temperature.
This wellness routine has a lot of great benefits, and Michael and Ryan talk about them at length during their presentation.
With clean, filtered water and no need to haul 40 pounds of ice back to your tub, Plunge presents the perfect solution for those looking for this type of therapy. Surprisingly, there is a large demand for this niche product.
At the time of filming, Plunge was just one year old and boasted $4.9 million in sales. Undoubtedly, these impressive numbers make the sharks want to jump right into a deal with the duo.
At first, Kevin O’Leary has a problem with the high valuation, but he still makes an offer: $1.2 million for 18% equity.
Lori Greiner, on the other hand, goes out because it isn’t right for her.
After that, Barbara Corcoran offers $1.2 million for 20%, with half as a loan or line of credit. Their problems, she thinks, are about cash flow.
After Barbara states her case, Robert Herjavec and Mark Cuban are the next to make offers.
Without delay, Robert offers $2.4 million total, with $1.2 million for 15% equity and $1.2 million as a loan.
Following this, Mark Cuban offers $1.2 million for 15% equity with included funding for all purchase orders.
With so much interest from the sharks, Michael and Ryan have a tough choice to make.
Eventually, they make a counteroffer to Robert at 10% equity, but the lowest he will go is 12%. They agree to the terms, and as a result, they land a deal with Robert.
So, how has the company been doing since securing the largest
During our Plunge update research, we discovered that Plunge offers commercial tubs and a pro version along with the original Plunge featured on the show.
The company has also added a sauna to its lineup as well as various accessories, all available from the Plunge website.
In addition to the exposure from appearing on
As far as sales go, Plunge is definitely on the rise. In an interview with Hampton Insider, Ryan revealed that the company is on track to do $80 million in sales by the end of 2023 and is shipping around 2,000 units per month.
Together with rapid growth and incredible sales numbers, the company has found its footing after
Don’t forget to check out our other company updates from Season 13 Episode 21, which you can find here:
For more company updates from Season 13, check out our Season 13 products page.
Kimberly is a writer for Shark Tank Recap. She has written episode summaries and updates across multiple seasons of Shark Tank, with a focus on complete and accurate information since 2021. She believes that getting the business aspects of each deal correct is extremely important for viewers and fans. Her favorite Shark Tank products are The Wobbles and Rocketbook!