Cold plunging, or submerging your body in freezing water is a rising trend among millennials. It has many health benefits, but the hassle of setting it up is a nuisance. Enter Plunge, the bathtub that can produce clear, cold water. Founders Ryan Duey and Michael Garrett made a deal with Robert Herjavec on Shark Tank. In today’s market, Plunge is worth $100 million.
The Founders
Michael Garrett is from Arizona and graduated from Penn State University, where he was introduced to float therapy. This inspired him to start Reboot Float & Cryo Spa in 2012.
His friend Ryan Duey, is from Sacramento, California and he studied international business at Cal Poly. Later he worked as a school teacher in Spain.
In 2011, he returned home and worked as an account executive for San Jose Earthquakes, a football club. Ryan also got into float therapy, founding companies such as Capitol Floats and Float Biz Startup.
Plunge’s Founding Story
Plunge launched in 2020 after Garrett began experimenting with cold therapy during the pandemic. As interest in recovery and wellness products increased, he worked on a more convenient alternative to traditional ice baths.
Ryan Duey later joined the business, and the company got off the ground from Garrett’s garage. The concept quickly found traction, and within its first year Plunge had already generated $4.9 million in revenue.
Shark Tank Sales Update
Since appearing on the show, Plunge has expanded well beyond its original product. The company now sells a broader range of cold plunges, saunas, bundles, accessories, and commercial products through its website and business division.
Thanks to Shark Tank, the company got a strong boost in orders and didn’t have any problem paying off Robert’s loan. The fact Robert got into the tank made it a more memorable episode, this helped increase the episode’s syndication online and drive more free PR.
They now sell pro versions and commercial cold plunges. You can purchase them on Plunge.com and at several Plunge facilities in Greater Sacramento. They’ve raised the cost of their standard product from $4,800 to $4,990 but you can pay in monthly installments with Affirm.
On their website, the device has a 4.9-star average review rating from 1,709 customers. With Robert’s investment, the company is valued at $100 million. A 2023 Hampton profile said Plunge had scaled to more than $80 million in sales. Entrepreneur.com later reported the business reached $100 million in revenue in 2024. As of March 2025, Plunge announced that it had surpassed $200 million in total revenue since launching.
Shark Tank Episode Recap
In 2021, Plunge was already in a great place but Ryan Duey and Michael Garrett wanted to expand operations. The guys appeared on season 13 of Shark Tank, seeking to raise $1.2 million for a 5% equity stake.
The two gentlemen had an amusing pitch, where they invited Robert Herjavec to try a cold plunge. Robert’s reaction had the other Sharks in stitches, he sounded like a train whistle! However, the Sharks weren’t too excited about the equity being offered.
Nevertheless, four Sharks made offers, which put the founders in a tough situation. The most favorable for them was Robert’s offer of $2.4 million for 15%. Cuban was keen but they countered and Robert agreed to invest $1.2 million in cash and loan them $1.2 million for 12%.
