Swimply, the innovative platform allowing users to rent private pools by the hour, has significantly splashed the sharing economy. Founded in 2018 by Bunim Laskin, the company has experienced remarkable growth, weathered the challenges of the COVID-19 pandemic, and now boasts an estimated net worth of around $30 million. Swimply’s unique business model, successful Shark Tank appearance, and ongoing expansion have positioned it as a rising star in the recreational technology sector.
Who is Swimply?
Swimply is a platform that enables pool owners to rent out their private pools to individuals and groups by the hour. The concept was born when Laskin, then a teenager, noticed that his neighbor’s pool was largely unused except when her grandchildren visited.
Laskin approached the neighbor, offering to pay a portion of the pool’s maintenance costs in exchange for access, and a lightbulb went off. He started a small PoolForU business, connecting pool owners with potential renters in his local area.
In 2017, Laskin returned to the United States from college in Israel and launched Swimply, taking his pool-sharing idea nationwide. The app allows pool owners to list their pools, set rental rates, and manage bookings while providing renters an affordable way to access private pool facilities. Swimply vets each pool for safety and health standards, and the company takes a 15% commission on each rental.
| Aspect | Details |
|---|---|
| Company Name | Swimply |
| Founded | 2018 |
| Founder | Bunim Laskin |
| Net Worth (2023) | Approximately $30 million |
| Business Model | A platform for renting private pools by the hour |
| Commission | 15% of each rental |
| Current Expansion | Over 2,000 host pools, expanding into tennis courts, outdoor spaces, and home gyms |
Who Is The Founder Of Swimply?
Bunim Laskin, the founder of Swimply, is a young entrepreneur from Lakewood, New Jersey. Laskin, the oldest of 12 siblings, comes from a large family. The idea for Swimply was born when Laskin, at 14, noticed that his neighbor’s pool was vastly underutilized. He approached the neighbor, offering to pay a portion of the maintenance costs in exchange for access, and the concept for his business was born.
Laskin launched Swimply officially in 2018, starting with just four swimming pools. He quickly saw the growth potential and began expanding his network of pool owners, reaching over 100 pools within the first year. Laskin’s entrepreneurial spirit and ability to identify and capitalize on a unique market opportunity have been critical drivers of Swimply’s success.
How Was The Shark Tank Pitch Swimply?
In 2020, Bunim Laskin brought Swimply to the Shark Tank, seeking a $300,000 investment in exchange for 5% equity in the company. Laskin presented the Sharks with Swimply’s business model, highlighting the platform’s ability to provide a cost-effective way for individuals and groups to access private pools.
The Shark Tank panel, however, was not initially convinced by Swimply’s financial projections and valuation. Lori Greiner, Barbara Corcoran, and Mark Cuban ultimately decided not to invest, citing concerns about the company’s revenue and growth potential. Despite the Sharks’ skepticism, Laskin remained confident in Swimply’s ability to succeed.
Swimply Shark Tank Update:
Swimply’s Shark Tank appearance, while not resulting in a deal, proved to be a pivotal moment for the company. A week after the episode aired in March 2020, the COVID-19 pandemic hit, leading to the closure of public pools and beaches across the country. This unexpected turn of events resulted in a remarkable 4,000% increase in Swimply’s business, as people sought out private pool rentals as a safe and socially distanced recreational option.
The surge in demand prompted Swimply to rapidly expand its pool listings, reaching over 2,000 hosts across the United States by May 2021. That same year, the company secured $10 million in venture capital funding to develop its technology and infrastructure further. In November 2021, Swimply raised an additional $40 million in funding, including investments from one of Airbnb’s founders.
What Happened To Swimply After Shark Tank?
Despite failing to secure a deal on Shark Tank, Swimply has become a tremendous success story. The company’s growth has been nothing short of remarkable, particularly in the wake of the COVID-19 pandemic.
As public pools and beaches were forced to close, Swimply saw a staggering 4,000% increase in business as people sought private pool rentals as a safe and socially distanced recreational option. This surge in demand prompted Swimply to rapidly expand its pool listings, reaching over 2,000 hosts across the United States by May 2021.
Swimply’s impressive growth trajectory has also attracted significant investment. In May 2021, the company raised $10 million in venture capital funding to improve its technological infrastructure and drive further expansion. This was followed by a $40 million funding round in November 2021, which included investments from one of Airbnb’s founders.
Swimply Net Worth:
As of 2023, Swimply’s estimated net worth is approximately $30 million. This valuation reflects the company’s remarkable growth and the success of its unique business model, which has resonated with both pool owners and renters.
Swimply’s net worth will continue climbing as the company expands its offerings and explores new avenues for growth. In addition to its core pool rental business, the company has announced plans to move beyond swimming pools, venturing into the rental of tennis courts, outdoor spaces, and even home gyms.
| Aspect | Details |
|---|---|
| COVID-19 Impact | Public pool closures led to a 4,000% increase in business |
| Expansion | Over 2,000 hosts by May 2021 |
| Funding Raised | $10 million in May 2021; $40 million in November 2021 |
| Notable Investor | One of the founders of Airbnb |
Swimply Growth and Operations:
Swimply’s growth has been impressive. The company started with just four swimming pools in its network and has since expanded to over 2,000 host pools across the United States and markets in Canada and Australia.
The platform’s success is mainly due to its ability to provide a cost-effective and convenient way for individuals and groups to access private pool facilities. Swimply’s vetting process ensures that each listed pool meets safety and health standards, while the company’s commission-based model (15% of each rental) has proven to be a reliable revenue stream.
Swimply Marketing and Sales:
Swimply has employed a multi-pronged marketing strategy to drive growth and awareness of its platform. The company has leveraged digital and traditional marketing channels, including social media, targeted advertising, and media partnerships.
Swimply’s social media presence, particularly on platforms like Facebook, Instagram, and Twitter, has been instrumental in reaching and engaging with its target audience. The company has also forged strategic partnerships with media outlets, leveraging their platforms to showcase Swimply’s unique value proposition.
Swimply Social Media Presence:
Swimply has a robust social media presence, with active Facebook, Instagram, and Twitter accounts. The company uses these platforms to showcase its featured pool listings, highlight user experiences, and engage with its growing pool owners and renters community.
Swimply’s social media channels showcase the diverse pool options available on the platform, from luxurious resort-style pools to family-friendly backyard oases. The company also leverages user-generated content, encouraging renters to share their Swimply experiences and tag the brand in their posts.
| Platform | Details |
|---|---|
| Showcases featured pools and user experiences | |
| Highlights pool options, engages with the community | |
| Updates and interacts with users |
Swimply Interesting Facts:
- Swimply was founded in 2018 by Bunim Laskin, a teenager from Lakewood, New Jersey, who had the idea for the business when he noticed his neighbor’s pool was largely unused.
- The company’s name is a portmanteau of “swim” and “supply,” reflecting its mission to connect pool owners with those seeking access to private pools.
- Swimply faced a challenge in 2021 when the Wisconsin Department of Health threatened to fine pool owners for operating “public pools” without a license. Still, the company threatened legal action, and the state eventually backed down.
- In addition to pools, Swimply has expanded its offerings to include rentals of tennis courts, outdoor spaces, and home gyms, rebranding itself as a platform for “Swimply Spaces.”
- Swimply has attracted significant investment, raising $40 million in venture capital funding in 2021, with one of the founders of Airbnb among the investors.
What’s Next For Swimply?
As Swimply continues to grow and evolve, the company has set its sights on expanding beyond its core pool rental business. In 2022, the company announced plans to offer rentals of tennis courts, outdoor spaces like rooftops, and home gyms, rebranding itself as a platform for “Swimply Spaces.”
This diversification strategy aligns with Swimply’s vision to become a one-stop shop for on-demand access to various recreational and leisure activities. The company aims to strengthen its position in the sharing economy by offering a broader range of services and appealing to an even wider customer base.
Additionally, Swimply will likely continue investing in technology and infrastructure improvements to enhance the user experience for pool owners and renters. This could include improved booking and scheduling functionality and enhanced safety and liability protections.
Final Words:
Swimply’s remarkable journey from a teenager’s backyard pool-sharing idea to a $30 million valuation company is a testament to the power of innovation and entrepreneurial vision. Despite the initial skepticism from the Sharks on Shark Tank, Swimply has proven its resilience and ability to adapt, thriving despite unexpected challenges like the COVID-19 pandemic.
As Swimply continues to expand its offerings and explore new avenues for growth, the company’s future looks increasingly bright. Its unique business model, growing user base, and strong financial backing position make Swimply a promising player in the sharing economy, poised to impact how people access and enjoy recreational spaces.
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