Swimply Net Worth: Shark Tank Update

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Imagine escaping the summer heat with a refreshing dip in a private pool – rented by the hour! That's the idea behind Swimply, the "Airbnb of pools" that's revolutionizing the way we cool off. 

Swimply net worth: Shark Tank update reveals how the company faced initial skepticism on the show, but defied those expectations to become a major force in the leisure industry. So where is Swimply today?

Key takeaways

  • Swimply began with the simple idea of turning unused private pools into income sources for their owners.

  • The app offers a seamless process –  pool owners list their pools, and renters book them by the hour. This model benefits both parties: owners earn extra income, and renters get an affordable pool experience.

  • Swimply pitched their idea on Shark Tank, seeking investment. While the pitch highlighted the platform's potential, the Sharks expressed concerns about profitability, valuation, and market adoption.

  • Ultimately, Swimply left Shark Tank without a deal but gained valuable exposure. 

  • Despite failing to secure a deal on Shark Tank, Swimply is still in business and actively growing.

  • Swimply is a privately held company, making it difficult to determine their exact net worth. But factors like user base growth, transactions, and potential revenue streams contribute to their success.

Pre-Tank innovation: Disrupting pool ownership

Swimply's origin story began with a simple observation: many beautiful pools sit unused for hours on end.  Founder Bunim Laskin recognized the untapped potential in this and envisioned a way to transform these private oases into income-generating assets for their owners. 

The Swimply experience

The Swimply app provides a user-friendly platform to make this happen. Pool owners list their pools with descriptions, photos, and hourly rates. Renters can then browse listings, select the perfect pool for their needs, and book their desired time slot. 

The app streamlines the entire process, from finding the right pool to booking and payment. Swimply handles all the logistics and even provides insurance, offering peace of mind for owners and renters alike. This frictionless approach has been key to the company's rapid growth.

It's a win-win scenario: owners earn extra income to offset pool maintenance costs, while renters gain access to a luxurious experience at a fraction of the usual price.

Disrupting the market

Swimply has the potential to shake up several industries. It challenges traditional notions of pool ownership, offering flexibility for those who love the pool experience but don't want the long-term commitment of owning one.

Additionally, it could pose a unique alternative to crowded public pools or expensive resorts, providing a more private and customizable experience for leisure seekers. 

Swimply's Shark Tank pitch

Shark Tank splashdown: No deal, but not out

Swimply made waves when it appeared on Season 11 of the hit show Shark Tank. The company's founder, Bunim Laskin, presented his innovative pool-sharing concept, hoping to secure investment to fuel further growth.

Laskin's pitch highlighted the immense market potential of the platform but quickly faced skepticism from the Sharks.

Robert Herjavec expressed doubts about the business model's profitability, leading him to drop out. Lori Greiner, while liking the concept, didn't see herself as the right investor. Barbara Corcoran followed suit, finding Laskin's rapid speech a bit off-putting.

Mark Cuban saw potential in the idea but questioned the wider public's adoption of the concept. He ultimately dropped out due to the company's ambitious valuation and unrealistic projections – a staggering $289 million by 2022.  

Kevin O'Leary echoed these concerns, citing the valuation as his primary reason for declining to invest.

Despite failing to secure a deal, Swimply's Shark Tank appearance wasn't a complete loss. The exposure boosted their profile considerably, and Laskin demonstrated his passion and belief in the platform's potential.
Swimply's investors and partnerships

Post-Tank perseverance: Overcoming the waves

While leaving Shark Tank without a deal was a setback, the Swimply team turned it into fuel for their next chapter. They took the Sharks' feedback to heart and focused on fortifying their business model.

Addressing the Sharks' concerns became a top priority. Swimply implemented robust insurance policies for both hosts and renters and established clear safety protocols to mitigate risks. This demonstrated their commitment to creating a safe and reliable platform for pool sharing.

Funding fuels growth

While the Sharks passed, Swimply has been successful in attracting other investors. The company secured several funding rounds after their Shark Tank appearance, which provided them with the capital to expand their reach, refine their technology, and implement robust marketing strategies.

Swimply is still in business

The company is still in operation and actively growing! If at some point it does close down (which is true for any company), we can analyze the factors leading to that decision. 

The power of social media

Swimply has leveraged social media platforms to increase brand awareness and attract new users. Eye-catching visuals of beautiful pools combined with user-generated content showcase the fun and accessibility of their service. These marketing efforts have been crucial in driving Swimply’s net worth.
Swimply's impact on the sharing economy

Swimply's impact

Swimply's unique model has reshaped the landscape of pool ownership and access:

Benefits for pool owners

  • Unlocking income potential: Swimply allows pool owners to effortlessly generate income from their pools, helping offset maintenance costs and transforming their pools into revenue generators.  

  • Maximizing unused assets: Many pools sit idle for significant periods. Swimply allows owners to capitalize on this untapped time, maximizing pool use.

Democratizing pool experiences

  • Affordable access: Swimply offers renters access to private pools at prices often much lower than traditional resorts or public pool entry fees.

  • Expanding possibilities: Swimply opens the door to luxurious pool experiences for people who may not have considered pool ownership feasible. 

Potential challenges

Swimply's model isn't without its challenges:

  • Community concerns: Neighbors might raise issues with noise, parking, or increased traffic in residential areas due to Swimply rentals. 

  • Regulations and permits: Local ordinances and regulations concerning short-term rentals could impact Swimply's operations in some areas.

The bigger picture

Swimply fits perfectly into the growing “sharing economy”, where people rent out things they own. It changes how we think about owning things and who has access to them. While the Shark Tank appearance boosted Swimply's success, the real draw is how it lets people enjoy pools in a completely new way.

Swimply's competitors and market position

What business owners can learn from Swimply

Swimply's story, from its early days to its post-Shark Tank success, offers insights for entrepreneurs and established business owners alike. Here are some key takeaways:

The power of a unique idea

Swimply challenged the traditional model of pool ownership and access. Business owners should seek unconventional angles to solve existing problems or create new possibilities.

For instance, a bakery specializing in desserts for those with dietary restrictions could fill a specific need in its community. An app that matches dog owners with temporary pet sitters could provide a much-needed service for busy pet parents.

Exposure matters

While Swimply didn't secure a deal on Shark Tank, the national exposure provided invaluable visibility for the brand. Proactive outreach through contests, collaborations, or even pop-up locations can significantly increase a brand's visibility and attract new customers.

For example, a new coffee shop could gain attention through local events, partnerships, or a vibrant social media presence.

Address skepticism head-on

The Sharks raised valid concerns about Swimply's model, which can help business owners rethink how they can run their business.

A restaurant serving exotic cuisine might preemptively develop plans to manage ingredient sourcing and highlight food safety protocols. A tech startup could have robust cybersecurity systems upfront to reassure clients and establish credibility in the field.

Leverage the sharing economy

Swimply's success showcases the immense potential in the sharing economy. Businesses could explore rental models for various items like party supplies, tools, or even camping equipment.

Additionally, they could consider sharing specialized workspaces for freelancers, offering a collaborative environment and fostering a sense of community.

Persistence pays off

Swimply net worth: Shark Tank update makes it clear that setbacks don't define a business. Consistent effort, willingness to learn from mistakes, and determination are vital characteristics of a successful entrepreneur.

 If a clothing line's initial release doesn't gain traction, pivoting with new designs or targeting a different audience demonstrates adaptability. 

Swimply's net worth and Shark Tank success

The bottom line

Swimply shows us that success comes from having a great idea, planning for problems, finding clever ways to promote your business, and never giving up. By spotting untapped markets, handling issues head-on, and staying focused despite setbacks, business owners can greatly improve their chances of success. 

Swimply net worth: Shark Tank update FAQs

What is Swimply, and how does it work?

Swimply is an innovative app that turns private pools into on-demand rental spaces. Pool owners list their pools with descriptions and photos, and renters can book them by the hour for a unique and affordable pool experience. The app handles all the details, including payment and insurance.

Why would someone use Swimply?

Swimply offers benefits for both pool owners and renters:

  • Owners: Earn extra income, offset pool costs, and get more use out of their pools.

  • Renters: Enjoy a private pool experience without the high cost of ownership or crowded public pools.

How did Swimply get started?

Swimply began with the idea of transforming unused pools into sources of income. The founder recognized the untapped potential of private pools and sought to create a way to share these spaces.

Did Swimply get a deal on Shark Tank?

While Swimply pitched their idea on Shark Tank, they didn't secure a deal. The Sharks had concerns about profitability and valuation. However, the exposure they received was a huge boost for the company.

What happened to Swimply after Shark Tank?

Swimply used the experience as motivation. They addressed the Sharks' concerns by implementing stronger insurance and safety measures. They've successfully secured funding, expanded their reach, and are still actively growing their business. 

How does Swimply make money?

Swimply likely generates revenue from rental fees. They may also explore additional income streams like partnerships, premium features, or merchandise. 

Are there any challenges Swimply faces?

Like any innovative business model, Swimply faces potential challenges such as community concerns (noise, parking) and local short-term rental regulations.

About the author 

Peter Keszegh

Most people write this part in the third person but I won't. You're at the right place if you want to start or grow your online business. When I'm not busy scaling up my own or other people' businesses, you'll find me trying out new things and discovering new places. Connect with me on Facebook, just let me know how I can help.

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