'%20x='0'%20y='0'%20height='100%25'%20width='100%25'%20%0A%20%20%20%20%20%20%20%20%20%20xlink%3Ahref='data:image/jpg;base64,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'%3E%3C/image%3E%3C/svg%3E)
In Shark Tank season 11, Bunim Laskin pitched his pool rental marketplace Swimply, seeking $300,000 for 5% equity. After presenting revenue of $215,000 and profit of $42,000, Kevin O'Leary calculated the implied $6 million valuation against earnings, stating:
"Three hundred thousand for five percent computes to a six million valuation. You're basically making twenty grand this year. That's kind of crazy... Let me modify that - it's just plain crazy. The valuation's nuts. No, I'm out."
The app, which charged 15% from pool owners and 10% from swimmers, failed to secure investment from any Sharks in March 2020. By 2024, the Shark Tank company hit $70 million in lifetime sales, expanding beyond pools to tennis courts and recreational spaces.
Trending
Mr Wonderful dismissed Swimply on Shark Tank over valuation
Bunim Laskin's business idea came from a practical solution in his New Jersey neighborhood. After making a deal with his neighbor to use her pool and share maintenance costs, he saw an opportunity to scale this arrangement. The initial test with four pools quickly grew to 2000 host pools and 17,000 users signing up on the platform by the time of filming.
The Shark Tank company implemented strict verification processes, requiring health and safety checks for every pool before listing. Pool rental prices varied based on location and amenities, ranging from $40 to $300 per hour.
Laskin focused the business rollout on major metropolitan areas, starting with New York, New Jersey, Pennsylvania, Miami Beach, Los Angeles, Dallas, and Houston.
Sharks' reactions
The Shark Tank investors raised multiple concerns during the pitch presentation. Lori Greiner acknowledged the market need but decided against investing. Barbara Corcoran stepped away from the deal, mentioning her doubts about the fast-paced presentation style.
Mark Cuban saw value in the concept but expressed reservations about widespread consumer interest. Robert Herjavec focused his questions on the financial model, particularly questioning how the business would reach profitable status with the current numbers.
The discussion centered heavily on the requested $6 million valuation, which the Sharks found difficult to justify given the early-stage revenue of $215,000. The company reported $215,000 in gross sales during the year of filming, generating $42,000 in profit. Their operating model relied heavily on thorough pool verification processes to ensure safety standards.
The revenue structure divided earnings between the platform and pool owners, with Swimply taking a combined 25% from each transaction through host and swimmer fees. Most bookings involved groups of six to eight people sharing the rental cost.
The business model kept operational costs low as pool owners handled maintenance and upkeep. Swimply focused resources on platform development, user experience, and market expansion. At the time of filming, the company operated with minimal overhead, managing pool listings and user registrations through its digital platform.
Post-show growth
The timing of the episode airing in March 2020 coincided with widespread public pool closures due to COVID-19 restrictions. As per Shark Tank Blog, this circumstance led to a 4,000% increase in business activity. The surge in demand pushed rapid expansion, leading Swimply to establish a presence in 125 US markets.
The company's growth attracted significant investor interest. In 2021, Swimply secured $40 million in funding from multiple investors, including backing from an AirBnB founder. This capital allowed them to strengthen their technology infrastructure and expand services beyond pool rentals.
By 2024, the business reported $70 million in lifetime sales. The platform expanded its offerings to include tennis court rentals and pickleball facilities. The company also managed regulatory challenges in various markets, working through legal requirements in states like Wisconsin and Oklahoma to maintain operations.
Current operations include active markets throughout the United States, multiple locations in Canada, and several Australian cities.
Shark Tank season 16 is airing on ABC network.
