Plunge, a company focused on cold plunge and contrast therapy, has opened its community funding round to the public, offering individuals a chance to take the plunge and acquire an ownership stake in the brand.
A Series A funding round will take place later this year.
“Since day one, when we were first building our first prototypes in our garage, we always thought how incredible it would be to be able to have our early adopters and our community be co-owners of Plunge, so this is a full circle moment,” Plunge co-owner and co-CEO Ryan Duey said. “The initial success and response we have seen and experienced is a testament to the strength of our product and the community members we have built this alongside.”
Duey co-founded Plunge in 2020 with Michael Garrett. The company says it has seen significant growth over the last four years, surpassing $200 million in revenue to date and selling over 30,000 cold plunges.
Plunge, which has been working with Wefunder, first invited its community of over 30,000 users to invest in the company before opening the opportunity to the public. So far, Plunge customers have committed more than $1.3 million in less than two weeks, placing it among the top 1% of Wefunder campaigns in the platform’s history.
“The $8 billion cold plunge and sauna industry is booming, but many customers are frustrated with the influx of low-quality products that compromise durability and user experience,” Garrett said. “At Plunge, we take pride in our in-house development of hardware and software, enabling us to deliver an unparalleled experience that fosters trust and loyalty from our customer base.”
The community round is open to everyone, with investments starting at $500 and offering incentivized tiers for investors:
● $2,000 – 20% off any Plunge product
● $5,000 – 25% off any Plunge product and 3-year extended warranty for $1
● $10,000 – 30% off any Plunge product and a 3-year extended warranty for $1
● $25,000 – An in-person contrast therapy and breathwork session at the Plunge headquarters with a Wim Hof instructor
● $50,000 – Lifetime 30% off discount on Plunge products and an in-person contrast
therapy and breathwork session at the Plunge headquarters with a Wim Hof instructor
● $100,000 – A private Plunge Club party in the community of the investor’s choice for up to 300 guests, a 30% off lifetime discount on Plunge products, and an in-person contrast therapy and breathwork session at the Plunge headquarters with a Wim Hof instructor
Last August, contrast therapy franchise SWTHZ partnered with Plunge to make Plunge’s tubs available at its studios nationwide. In addition to traditional cold plunge tubs, Plunge introduced a portable pop-up option last year.
