Swimming pools are a dream to own, right? You have access to your private pool, swimming from one end to the other, taking big laps. Sounds like a fever dream, right? Well, that’s exactly where Shark Tank company Swimply comes into play.
Founded by Bunim Laskin, the concept behind Swimply is that it allows people to rent other people’s pools by the hour. So, if you have some parties to host by the pool, this is a great app to look into.
With how unique the concept is, Swimply currently has an estimated net worth of around $30 million.
Contents
| Business details: | Rent other people’s pools |
| Founders name: | Bunim Laskin |
| Founded in: | 2018 |
| Location (Country): | Los Angeles, California, USA |
| Investment Asked by Company: | $300,000 for 5% equity |
| Sharks on board (Investors): | None |
| Accepted Deals: | No Deal |
| Shark Tank Episode: | Season 11 Episode 15 |
| Net Worth | $30 million |
| Business Status: | Active |
| Social Media | Facebook |
| Last Updated: | June 24, 2024 |
Besides founding this company, there’s not much information available about Bunim Laskin. However, it’s known that he hails from Lakewood, New Jersey. He has 11 other siblings and is the oldest of them all.
The idea for his company started when he found that one of his neighbors used his swimming pool pretty less. That’s when he asked the family if they would be willing to let him use it if he offered 25% for the pool maintenance.
He joined with five other families and soon after, Bunim found that the business idea was pretty scalable. When Bunim started his business idea, he was studying at the Talmudic College of Florida.
Bunim launched Swimply officially in 2018, making his business idea one-of-a-kind. He didn’t start his business full scale and initially started with four swimming pools.
Once he started seeing good scalability in the business, Bunim started looking for more pool owners to enroll in the app. With steady work, Bunim was able to aggregate and add 100+ pools to the app within the first year.
The first round of investment in the brand came from his friends and family in 2019. Later, Bunim managed to raise over 1 million dollars from funding.
Seeing the initial success of the business, Bunim went on Shark Tank in 2020 with hopes to raise more money. He pitched his company asking for $300,000 for 5% equity.
Although Swimply’s business model was pretty unique, it didn’t manage to convince the Sharks. Barbara was the one who first opted out. This was followed by Lori Greiner and Mark Cuban, who despite liking the business model, didn’t believe in the numbers that Bunim was projecting.
With all the Sharks backing out, Bunim had to leave the show empty-handed with no deal in insight.
You’d be surprised to know that Swimply managed to thrive after Shark Tank, to the extent that it is regarded as the “most successful reject companies” on Shark Tank.
During the pandemic, Swimply witnessed over 250,000 user downloads and soon reached $1 million in revenue generation. With the kind of growth it saw, the app was booking over 20,000 swimming pool sessions per month.
Swimply then went on to raise Round A investment funding and managed to raise over $40 million. At present, Swimply is operational in the U.S., Canada, and Australia too. The company is now making close to $10 million in annual revenue.
After failing to secure a deal on Shark Tank, Swimply shifted its focus to expanding its pool listings. They successfully listed over 1,000 pools across the United States. Despite initial setbacks, Swimply is now experiencing excellent growth and anticipates reaching annual revenue of $50 million within two years.
During the COVID-19 pandemic, Swimply faced challenges but managed to sustain operations with support from venture capitalists. Following the pandemic, Swimply saw a significant increase in revenue.
Many pool owners, affected by business closures and job losses found Swimply to be a valuable income source. Currently, Swimply stands as the second notable Shark Tank miss after Doorbot (Ring).
Swimply is still operational and they have expanded their business exponentially as well. They are currently operational in the U.S., Canada, and Australia.
Following the Shark Tank episode, Swimply witnessed a jump in their customers and revenue, which has now skyrocketed their valuation to $30 million, which is massive.
With how unique the business idea is, Swimply received a good chunk of investment from varying investors, including Conrad Shang and Collin West.
Swimply has mentioned multiple times that they don’t remove or tamper with the reviews that they receive on their platform about their app and services.
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