Plunge Company Profile

Background

Plunge is a health and wellness company specializing in the design and manufacture of cold plunge tubs and saunas. Founded in 2020 by Michael Garrett and Ryan Duey, the company emerged from the founders' shared passion for holistic health practices and their prior experience in operating float spas. Plunge's mission is to make cold water therapy accessible and convenient, promoting resilience and vitality through deliberate exposure to cold and heat. The company has rapidly become a significant player in the wellness industry, offering products that combine aesthetic appeal with functionality.

Key Strategic Focus

Plunge's strategic focus centers on:

• Product Accessibility and Affordability: Offering high-quality cold plunge tubs at a price point significantly lower than competitors, making cold water therapy more accessible to a broader audience.

• Product Innovation: Developing user-friendly products equipped with advanced features such as cooling, filtration, and sanitation technologies to provide clean, cold water on demand.

• Market Expansion: Extending their product line to include high-heat saunas and targeting both residential and commercial markets, including partnerships with gyms, wellness centers, and hospitality businesses.

• Brand Building: Leveraging influencer marketing and strategic partnerships to enhance brand visibility and credibility within the wellness community.

Financials and Funding

Since its inception, Plunge has experienced exponential growth:

• Revenue: Achieved over $200 million in cumulative revenue within four years, with $82 million in sales in 2024.

• Profitability: Reported profitability for the prior three months as of early 2025, with expectations of continued profitability.

• Funding: Raised approximately $2.79 million through a community investment round on Wefunder, with a valuation cap of $90 million.

The capital raised is intended to support product innovation, expand manufacturing capabilities, and enhance marketing efforts to sustain growth.

Pipeline Development

Plunge's product development pipeline includes:

• Cold Plunge Tubs: Continuous improvements to existing models, focusing on enhanced user experience and efficiency.

• High-Heat Saunas: Introduction of saunas designed with adjustable features to accommodate various user preferences, capable of reaching temperatures up to 230°F.

• App Integration: Development of a mobile application to control product settings, track usage, and provide maintenance reminders, aiming to enhance user engagement and product longevity.

Technological Platform and Innovation

Plunge differentiates itself through:

• Proprietary Technologies: In-house development of cooling, filtration, and sanitation systems that maintain water cleanliness and temperature without the need for ice.

• Scientific Methodologies: Incorporation of research-backed design elements to optimize the health benefits of cold and heat exposure, such as ergonomic designs and precise temperature controls.

• AI-Driven Capabilities: Exploration of artificial intelligence to personalize user experiences, including adaptive temperature settings and usage recommendations based on individual preferences and habits.

Leadership Team

• Michael Garrett: Co-Founder and Co-CEO, with a background in operating float spas and a passion for product development in the wellness sector.

• Ryan Duey: Co-Founder and Co-CEO, bringing experience from the float spa industry and a focus on business development and strategic partnerships.

Both leaders have been instrumental in guiding Plunge from a garage startup to a leading brand in the cold water therapy market.

Leadership Changes

As of the latest available information, there have been no significant changes or appointments within Plunge's leadership team.

Competitor Profile

Market Insights and Dynamics

The global cold plunge tub market is projected to grow from $0.35 billion in 2023 to $0.49 billion by 2030, at a CAGR of 4.8%. This growth is driven by increasing awareness of the health benefits associated with cold water immersion, including improved circulation, reduced inflammation, and enhanced recovery post-exercise.

Competitor Analysis

Plunge faces competition from several companies offering cold plunge solutions, including:

• RealBook Software: A smaller competitor with approximately $188,000 in revenue.

• Discogs: A company with around $6.1 million in revenue.

• Mel Bay Publications: Generating approximately $18.4 million in revenue.

While these companies operate in related sectors, Plunge's focus on affordability, product innovation, and strategic partnerships positions it favorably within the competitive landscape.

Strategic Collaborations and Partnerships

Plunge has established significant partnerships to strengthen its market position:

• SWTHZ: An exclusive distribution agreement making Plunge the official cold plunge partner for SWTHZ's nationwide contrast therapy studios, aiming to facilitate up to 12 million cold plunge sessions across SWTHZ locations by 2026.

• Influencer Marketing: Collaborations with prominent health and wellness influencers, including Aubrey Marcus and Tony Hawk, to enhance brand visibility and credibility.

Operational Insights

Plunge's operational strategy includes:

• Manufacturing: Expansion of production facilities in the Sacramento area to meet increasing demand, with a focus on maintaining high-quality standards.

• Customer Experience: Development of user-friendly products and support systems, including a mobile app for product control and maintenance, to enhance customer satisfaction and loyalty.

• Market Positioning: Emphasis on affordability and quality to differentiate from competitors and capture a larger share of the growing cold water therapy market.

Strategic Opportunities and Future Directions

Plunge's future strategic initiatives include:

• Product Line Expansion: Introduction of new products, such as budget-friendly models and additional wellness solutions, to cater to a broader customer base.

• International Expansion: Exploration of global markets to extend the brand's reach and capitalize on the increasing worldwide interest in cold water therapy.

• Technological Advancements: Continued investment in research and development to integrate advanced technologies, such as AI and IoT, into products for enhanced user experiences.