Plunge, a startup that revolutionized the cold plunging experience, has seen remarkable growth since its inception in 2020. Founded by Ryan Duey and Michael Garrett, the company’s innovative approach to providing an affordable and convenient solution for cold therapy has captured the attention of health-conscious consumers and investors alike. As of 2024, Plunge’s net worth is estimated to be a staggering $24 million, a testament to its success and the growing demand for its products.
Who is Plunge?
Plunge is a company that specializes in designing and manufacturing at-home cold plunge tubs. Cold plunging, a form of cold therapy, has gained popularity recently for its purported health benefits, such as improved circulation, reduced inflammation, and enhanced recovery.
However, the traditional method of using large, bulky tubs filled with ice water was often inconvenient and expensive. Plunge aimed to address this issue by creating a compact, self-contained device to generate and maintain the desired water temperature, eliminating the need for constant ice refilling.
Who Is The Founder Of Plunge?
Plunge was founded by Ryan Duey and Michael Garrett, two entrepreneurs with a shared passion for health and wellness. After graduating from Sacramento, California, Ryan Duey studied international business at Cal Poly and later worked as an account executive for the San Jose Earthquakes, a professional football club. Michael Garrett, a native of Arizona, discovered the benefits of float therapy while running his float spa, Reboot Float & Cryo Spa, which he founded in 2012.
How Was The Shark Tank Pitch Plunge?
In 2021, Ryan Duey and Michael Garrett decided to seek investment in the popular TV show Shark Tank, hoping to raise $1.2 million for a 5% equity stake in their company. Their pitch was met with enthusiasm from the Sharks, particularly when they invited Robert Herjavec to try out the cold plunge.
Herjavec’s amusing reaction, which sounded like a “train whistle,” had the other Sharks in stitches. At the same time, the Sharks were initially hesitant about the equity offered; four made offers, putting the founders in a challenging position. Ultimately, they accepted Robert Herjavec’s offer of $2.4 million for a 15% stake in the company and an additional $1.2 million loan.
| Post Shark Tank Developments | Current Status |
|---|---|
| Product Expansion | Now offers pro versions and commercial cold plunges in addition to the original product. |
| Sales and Revenue | Estimated $80 – $90 million in sales in 2023, shipping over 2,000 units per month. |
| Valuation | Valued at $24 million post-investment by Robert Herjavec. |
| Customer Response | The product has a 4.8-star rating from 793 customers on TheColdPlunge.com. Offers financing through Affirm. |
| Sales Growth | From zero to over $100 million in lifetime sales within three years of founding (by 2023). |
Plunge Shark Tank Update:
The appearance on Shark Tank proved to be a significant turning point for Plunge. The national exposure and Robert Herjavec’s investment helped the company gain immediate traction, leading to a surge in orders and increased brand awareness. With Herjavec’s involvement and the additional funding, Plunge expanded its product line, introducing pro versions and commercial cold plunge tubs in addition to its original consumer-focused model.
| Shark Tank Details | Outcome |
|---|---|
| Pitch | Appeared on Season 13 seeking $1.2 million for 5% equity. |
| Offers | Robert Herjavec offered $2.4 million for 15%, eventually investing $1.2 million in cash and loaning $1.2 million at 12%. |
| Impact | Significant boost in orders post-show, leveraging Robert’s investment and exposure. |
What Happened To Plunge After Shark Tank?
After its successful Shark Tank appearance, Plunge experienced rapid growth and expansion. The company leveraged the increased visibility and investor support to scale its operations and distribution channels.
They expanded their product offerings, including pro-level models and commercial-grade cold plunge tubs, catering to a broader range of customers. The company’s online sales through its website, TheColdPlunge.com, also saw a significant boost, with the original product receiving a 4.8-star average review rating from nearly 800 customers.
Plunge Net Worth:
As of 2024, Plunge’s net worth is estimated to be a remarkable $24 million. This impressive valuation is a testament to the company’s tremendous growth and the success of its innovative cold plunge tubs. According to industry sources, Plunge generated an estimated $80-90 million in revenue in 2023 and is shipping over 2,000 monthly units.
The company’s rapid rise to prominence and strong financial performance have made it an attractive investment opportunity. Robert Herjavec’s initial investment is now valued at a significant return.
Plunge Growth and Operations:
Plunge’s growth and operations have been nothing short of impressive. In just three years, the company has gone from zero to over $100 million in lifetime sales. This rapid expansion has been fueled by its ability to meet the growing demand for convenient and affordable cold therapy solutions. Plunge has increased its production capabilities and expanded its distribution network, making its products available through its own website and select retail partners.
Plunge Marketing and Sales:
Plunge’s marketing and sales strategies have been crucial to its success. The company has leveraged various digital marketing channels, including social media, email campaigns, and targeted advertising, to reach its target audience of health-conscious consumers.
Their engaging content and compelling brand messaging have resonated with customers, driving strong sales and positive reviews. Additionally, Plunge’s partnership with Robert Herjavec has provided valuable insights and connections that have further bolstered their sales and marketing efforts.
| Key Events | Details |
|---|---|
| Inspiration | Michael Garrett explored cold plunges during the pandemic after the float spa closure, inspired by health benefits like fat loss, recovery, and immunity. |
| Founding Year | 2020 |
| Initial Setup | It started in Michael’s garage to create an affordable cold plunge solution, reducing the need for ice. |
| Revenue | Generated $4.9 million in revenue within the first year (2021). |
Plunge Social Media Presence:
Plunge has established a strong social media presence, which has played a significant role in its growth and brand awareness. The company’s active engagement on platforms like Instagram, Facebook, and Twitter has allowed it to connect with its target audience, showcase its products, and share educational content about the benefits of cold therapy. Plunge’s social media channels have become a hub for a growing community of health enthusiasts, further enhancing the brand’s reputation and customer loyalty.
Plunge Interesting Facts:
- The company was founded in 2020 out of Michael Garrett’s garage during the COVID-19 pandemic.
- In its first year of operation, Plunge generated a remarkable $4.9 million revenue.
- The company’s appearance on Shark Tank in 2021 was pivotal, leading to a $2.4 million investment from Robert Herjavec.
- Plunge’s products have received overwhelmingly positive reviews, with nearly 800 customers giving them an average rating of 4.8 stars.
- The company’s growth has been so impressive that it now ships over 2,000 units per month, a testament to the demand for its products.
What’s Next For Plunge?
As Plunge continues to solidify its position as a leading player in the cold therapy market, the company is well-positioned for further growth and expansion. With the additional resources and expertise provided by Robert Herjavec’s investment, Plunge plans to explore new product development opportunities, expand its distribution channels, and potentially explore international markets.
The company is also exploring partnerships with healthcare providers and wellness centers to increase the accessibility and adoption of its cold plunge technology. With the growing interest in holistic health and wellness, Plunge’s innovative solutions are likely to continue resonating with health-conscious consumers, positioning the company for even greater success in the future.
Final Words:
Plunge’s remarkable journey from a garage-based startup to a $24 million valuation in just three years is a testament to the power of innovation, perseverance, and the ability to identify and meet a growing market need. Ryan Duey and Michael Garrett’s vision to revolutionize the cold plunge experience has paid off handsomely. With the continued support of Robert Herjavec and their dedicated team, Plunge is poised to continue its upward trajectory.
As the demand for convenient and effective cold therapy solutions continues to rise, Plunge is well-positioned to cement its position as a leading player in the industry, with a bright future ahead.
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