UrbanFloat Net Worth: How Much Does The Company Make?

UrbanFloat is a franchise company founded in Seattle in 2012 by entrepreneurs Joe Beaudry and Scott Swerland. The company uses the concept of floatation therapy to offer customers a high-end spa experience. UrbanFloat’s product acts as a sensory deprivation tank and is designed to renew, refresh and revitalize customers who spend 60 minutes of their time in the pod. The pod is filled with 1,200 pounds of Epsom salt submerged in nearly 200 gallons of warm water. It offers a unique and modern spa experience.

The company became famous after appearing on the ABC reality show Shark Tank, which brings up aspiring entrepreneurs from around the world to showcase their business ideas and convince the group of investors to put finances into their business. UrbanFloat’s business venture came into the spotlight after the company managed to crack a deal with Matt Higgins at the Shark Tank Show for an offer of $ 500,000 for 12.5% ​​equity. As always, viewers were curious to see how the deal would be carried out after the show. So let’s take a look at where Urban Float will be after the show and what the company’s net worth is.

History and foundation

It was around 2008 when Joe Beaudry was looking for various ways to boost his corporate career when he came across the concept of floating. He always strived to work on a product that would result in improved focus, memory, and stress relief. After meeting a group of floaters in an online community, he learned the benefits of the concept from proponents of floating benefits. He also learned how floating helped them in their careers and personal lives.

Joe made a successful experiment with a floating tank with the help of an online forum in a basement. He soon wanted to promote the concept and market it to the outside world in order to help numerous professionals in his country to experience the benefits of floating. Later around 2012, Joe met serial entrepreneur and CEO Scott Swerland, who was on a family vacation, just trying to impress the concept. Swerland recognized the health benefits of swimming right after swimming for the first time.

Joe Beaudry and Scott Swerland, owners, UrbanFloat.

He then joined Beaudry as he saw all the benefits the experience would offer. The first UrbanFloat was launched in 2013 and has completely changed the face of the floating industry for the better. Since then, Joe and Scott have jointly launched the franchise in multiple locations. The first Urban Float opened in 2014 in Fremont, Seattle. The company’s headquarters were later relocated to The Landing retail complex in Renton.

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What does UrbanFloat Services offer?

UrbanFloat is a floatation therapy spa that allows clients to float in a sensory deprivation capsule filled with water at skin temperature and Epsom salt solution. It is said that the swimmer can relieve stress, treat joint pain and arthritis, and provide sustained mental, physical, and emotional benefits. The float tank also allows users to control their own swimming environment to create calming changes in the mind and body. The pod coupled with the saturated solution reduces sensory stimulation and nullifies the effect of gravity on the central nervous system.

Appearance on Shark Tank

The health and wellness brand appeared in Shark Tank’s season 10. Joe Beaudry and Scott Swerland introduced their business to investors looking for an investment of $ 500,000 against 5% equity. You mentioned that the company had sales of $ 1.1 million the previous year with cash flow of $ 600,000. It took them $ 500,000 to start new franchises. While most of the investors on the panel like Mark, Lori, and Daymond went out of business without signing the deal, Matt Higgins made an offer of $ 500,000 for 15% and eventually closed the investment with 12.5% ​​equity.

CEO Scott Swerland mentioned that the Shark Tank appearance made UrbanFloat internationally known. He mentioned that it helped them reach a lot of people and explained the benefits of floating therapy. He shared that the company had received a massive boost from the platform that seemed almost unbelievable.

UrbanFloat in the shark tank.

UrbanFloat Net Worth 2021

UrbanFloat’s net assets and operating income are estimated at $ 239,829.

According to reports from the franchise disclosure document, UrbanFloat has net worth of approximately $ 239,829. The company has revenues of $ 669,190, expenses of $ 449,551, and gross income of $ 512,614. Although UrbanFloat has made a successful deal with Shark Tank, it was announced that the company stepped out of the deal after the show.

UrbanFloat.

However, the company saw extreme growth in the years that followed. It currently has four locations in Seattle, one in Tacoma, and Vancouver, Washington. The company also operates in Ohio, Texas, and Delaware, and plans to expand further in several other states in the future. UrbanFloat’s main benefit comes from its customers and facilities.

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