Shark Tank's Biggest Deal Of 2022 Went To A Wellness Hack
It's no secret that the investors on "Shark Tank" are rich — like, really rich. And on Season 13 of the hit reality series, Robert Herjavec made it clear that he's more than willing to put his money where his mouth is for a business he believes in, making the biggest deal of 2022 in the process.
Entrepreneurs Michael Garrett and Ryan Duey appeared on Episode 21 of Season 13 seeking a hefty $1.2 million investment for only 5% stake in their company, Plunge. Together, the California natives developed a more affordable specialty cold plunge tub that can get as low as 39 degrees. Taking a quick dip in the ice-cold water comes with several health benefits, such as speeding up physical recovery time and increasing energy. With investment, they hoped to ramp up production. All the sharks other than Lori Grenier were ready to dive in with their own offers.
At the end, it was Herjavec, who also tested out the tub while on the show, who gave the team an offer they couldn't refuse — $2.4 million, half of which was a loan, for 12% of the company. While no major developments have occurred regarding the deal, with the company even refusing to give a statement to CNBC, the company's already successful strides ensure that there's plenty more to dive into in the near future.
Plunge has already dived into success
While there hasn't been much news on how Michael Garrett and Ryan Duey's cold plunge tub company, Plunge, has fared since making an astronomical $2.4 million deal with Robert Herjavec on "Shark Tank," other than increased traffic to its website, the eccentric entrepreneurs are no strangers to success. Prior to Plunge's creation, the duo were owners of different float spas located in the San Francisco Bay Area that were shut down during the COVID-19 pandemic. After discovering the immense price tags of most home cold plunge systems, Garrett decided to do something about it, and the two set out to make their product.
Word spread about Plunge and its amazing abilities, with such notable outlets as Rolling Stone, LA Weekly, The New York Times, and BarBend featuring the product. The over 300 reviews on their site have also been overwhelmingly positive, with customers praising the product's worthwhile effects in keeping them energized and refreshed. And such buzz has more than paid off. Within a year of launching, even before coming on "Shark Tank," the company brought in $4.9 million. Garrett and Duey's practically perfect innovation has not only been able to please countless individuals, but has additionally proven to be a booming business, one that is sure to explode with Herjavec's help in the coming years.