What exactly happened between the Shark Tank appearance and Swimply's rise to greatness? It is an online platform that allows people to rent private swimming pools and other recreational spaces like tennis courts, pickleball courts, home gyms, garden spots, etc., by the hour.
In Season 11 of Shark Tank, Founder Bunim Laskin stated that he was willing to part with a 5% stake for $300,000, but there was just no Tom for him.
Results from Shark Tank
Shark No-one-Paid-Up: All sharks at the table were interested but voted against it.
Various Sharks lambasted the valuation; Kevin O'Leary said, "Valuation's nuts, you're making twenty grand this year."
The next Shark Tank episode and the business were astonished by the COVID-19 relief, which aired on the 13th of March 2020, after one week of the nationwide lockdown. During that period, public pools were closed and private pools were open, leading to a 4,000 percent increase in Swimply's usage.
By 2021, the company was reported to rake in 7-figures monthly and was filling between 15,000
In December 2021, it got an additional $40 million from other VCs and angels with support from the Airbnb co-founder.
They also expanded to Canada and Australia, besides the United States; in the United States, 125 markets, with a handful of markets in Canada and Australia. Shark Tank Recap.
Financial Metrics of Swimply
Expected revenue is about $7 million for 2022 and about $8 million for 2023.
Lifetime sales (total sales) will cross $70 million by 2024 or 2025.
The net worth is estimated to be around $150-$160 million as of 2023.
App and Service Expansion
Although it began with pool rentals, the expansion in 2022 and 2023 through the app Spaces offered tennis and pickleball courts, home gyms, music studios, special event spaces, etc.
By early 2025, Swimply anticipated almost 2 million users would be on the platform for the summer, with the verified count of pool hosts nearing 15,000 by 2025.
Issues and Challenges
The swimply has also faced some legal challenges against it for alleged breaches of local health and zoning codes in certain locations like Wisconsin, Oklahoma, and Palm Springs.
There have also been safety and liability concerns; some unhappy customers aired their complaints on Reddit, accusing the conditions of being unsanitary and the pool inadequately maintained, even mentioning issues like algae, etc.
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