Swimply Net Worth: ($10 million) Swimply connects homeowners with people who want to gather, cool off, or work out in their backyards. Pools can be rented by the hour for between $45 and $65 depending on the features. The idea of creating a Marketplace for unused assets that hosts may profit from is not new. Airbnb is the best example of how successful that approach can be.
Hence, one of Airbnb’s most important investors GGV Capital is now financing another similar firm. Instead of putting properties on the market, Swimply proposed linking pool owners with people who desire private access to them. So far, so good. Just seven months after announcing a $10 million funding round, the business has received $40 million in a round-headed by Mayfield. Among the investors are Airbnb co-founder Nate Blecharczyk, Casey Winters, formerly of Pinterest and Grubhub, Lime co-founder Brad Bao, Rob Chestnut, former Airbnb, and eBay chief ethical officer, Instacart CEO Fidji Simo, and Shef’s Alvin Salehi. They join Norwest and Trust Ventures.
It’s really simple to use
As of May, Swimply had “seven digits in revenue” and 15,000-20,000 reservations per month, according to co-founder Bunim Laskin. Swimply has tripled in size in just six months. Its website processed 250,000 bookings last year, up from 40,000 the year before. In 2021, it will pool 1 million individuals in 103 cities. While the corporation declined to share its revenue, a percentage of each booking is not insignificant. (It charges a 10% guest service fee and a 15% owner commission.) Even co-founders Laskin and Asher Weinberger were shocked by the jump in demand. “We booked smaller groups for 2020.
Expand beyond pools in all outdoor locations
“With the COVID vaccination, we observed more birthday parties, swimming classes, and people getting together for the first time in a long time,” Laskin told TechCrunch. Now the company wants to expand beyond pools to all outdoor locations. By 2022, it hopes to connect people with underutilized hot tubs, tennis courts, vast backyards, rooftops, and even…indoor gyms. Using underutilized spaces rather than developing new ones contributes to indirect sustainability by deterring new construction.
Swimply is also proud of its entrepreneurship. Laskin says Swimply hosts may make significant bucks, just like Airbnb hosts. 2020’s top-earning host made a little over $20,000! This year, some hosts made six figures. According to Laskin, the top 20% of hosts earn roughly $5,000 per month. “A lot of people are becoming solopreneurs,” Laskin remarked. That’s why Swimply is investing in new tools for its hosts to better manage their businesses. As proof, some hosts go so far as to install vending machines or hire chefs for their visitors. The company also wants to expand support and insurance, and establish new verticals.
Some fun facts about the company: Swimply earns 20% of its income in Los Angeles. These include Austin, Texas; Portland, Oregon; New York City, and Baltimore. Families make 60% of the bookings. A typical reservation is two hours. Around 72% of bookings are repeated. Mayfield Managing Director Navin Chaddha said his team is “big believers in the sharing economy,” as proven by its investments in Lyft and Poshmark. Swimming is a popular family activity, yet few individuals have access to pools.
Many reservations are for families or small groups of friends, usually under eight people, who want to hire a pool for two hours. Another is a large group booking the entire pool. Some use the app for religious reasons, as Orthodox Jews and Muslims may not feel safe in public pools with mixed-gender swimming. It allows them to enjoy the pool with only their family.
His objective is Democratize Recreational Ownership
His objective is to democratize recreational ownership and empower hosts to share unused community assets, starting with swimming pools. “I’m very pleased to work with Swimply and assist the globe to become more equal, so that not only the wealthy may benefit.” Chaddha was drawn in by the market opportunity and founders with a goal. “We feel the market is far bigger than swimming pools, which is a $52 billion business,” he told TechCrunch.
“They might compete with Airbnb, Lyft, and Poshmark for this demographic. This company’s $40 million round was a no-brainer.” Swimply drew GGV Managing Partner Hans Tung and Principal Robin Li for many of the same reasons. Providing easier and more private access to outdoor spaces excites Li. “This is the country club reinvented,” she remarked. “Most of these establishments have tight rules about what you can dress and do. Even in your own area, booking a room is a hassle.” She thinks the fact that Swimply has so many return customers shows how simple it is.
Tung sees several similarities between Airbnb and Swimply. The frequency of travel, compared to swimming or simply being outside, is notable, he says. In his words, “Swimming is a more everyday and more frequent use, which makes the platform highly interesting.” Hosts can also make more money because they can rent the same location several times a day, numerous times a week. Frequency usage outpaces any travel site, he says. “Like TikTok and Poshmark, Swimply empowers merchants and average people to monetize.”
I can’t swim
Swimply now has around 2,000 host pools and over 17,000 users since its relaunch this summer. This summer, the biggest grossing pool in Brooklyn made over $12,000, while other popular pools made $4,000-7,000, according to Laskin. Most pools get far less. Swimply charges swimmers a booking fee and pool owners 15% of the rental. On September 10, 2019, Swimply users rented a pool in San Jose, California. (Melanie Lidman/TIME) With stunning views, a hot tub and grilling facilities, a $40/hour small family pool can cost up to almost $300/hour.
Share your car, bike, and pool
Private pool rentals from Swimply are “democratizing luxury,” according to Laskin. Pools might be pricey per hour, but if shared among friends, the cost per person drops. Laskin, a bright-eyed 22-year-old, sees Swimply as a natural evolution of ownership education. “It’s a pain point,” Laskin added. “The pool owners create it, and it’s stunning from day one. Year after year, usability stats drop drastically. Pools are rarely used by hosts, becoming a money pit. So it reminds them weekly how much the pool is.
Swimply is also going to develop what it calls “Joyspace.” Joyspace will allow users to rent out their basketball courts, tennis courts, BBQ/fire pits, private gyms, indoor home theater, even a backyard playset. If you’re a possible tenant or host of a fun area of your property, the waitlist is here. Laskin said the software may eventually assist users to find a pool and an instructor. Pool hosts are typically 35 years old, with only 20% being over 50. Laskin said many hosts, even rich ones, use the app to subsidize the pool.
Swimply is one of a slew of sharing economy apps designed to make the most of a scarce resource, most of them based in the US. People can rent your automobile while you’re at work or on the weekend with Turo or Getaround. JustPark lets people rent out front parking spaces. DogVacay offers private pet boarding. You may hire out your skis, surfboards, and cycles on Spinlister.
