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
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
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 talked 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.
At the time of filming, Plunge was one year old and boasted $4.9 million in sales. Kevin O’Leary had a problem with the high valuation, but he still made an offer: $1.2 million for 18% equity. Lori Greiner, on the other hand, went out because it wasn’t right for her. In response, Barbara Corcoran offered $1.2 million for 20%, with half as a loan or line of credit. Their problems, she thought, were about cash flow.
Robert Herjavec and Mark Cuban were next to make offers. Robert offered $2.4 million total, with $1.2 million for 15% equity and $1.2 million as a loan. Mark Cuban offered $1.2 million for 15% equity with included funding for all purchase orders. Michael and Ryan had a tough choice to make.
They made a counteroffer to Robert at 10% equity, but the lowest he would go was 12%. As a result, they made a deal with Robert.
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 is still going strong, and Robert’s help is certain to propel Plunge to even greater heights.
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.