Hug Sleep Net Worth, Hug Sleep Shark Tank Deal, Income, Founder

What is Hug Sleep?

Hug Sleep is a company in the United States of America that manufactures sleep pods that swaddle adults like babies. The Hug Sleep Pod uses a technology known as Deep Touch Pressure to help users sleep better.

The Hug Sleep Pod is a lightweight giant compression sock that covers almost the entire body and is designed to simulate the relaxing feeling of being hugged. Constructed of 89% polymer and 11% Lycra, the Hug Sleep Pod is made to be comfortable and cool, without leaving its users drenched in perspiration.

It can be folded or rolled up effortlessly to be carried around for travel and can be washed in a washing machine. When a user slips inside it, the pod provides gentle pressure that helps the user sleep. It is also said to be feeling like slipping into a cocoon to sleep.

What is Hug Sleep Net Worth in 2022?

In 2022, the net worth of Hug Sleep is estimated to be around $1 million to $2 million.

Who is the Founder Of Hug Sleep?

The founders of Hug Sleep are Matt and Angie Mundt. They are married to each other and together developed the Hug Sleep Pod. Matt Mundt has a degree in mechanical engineering and has spent most of his professional life as a new product designer.

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When he was in college, Matt Mundt was having trouble getting a good night’s sleep. After he finished his college and education and got out into the working world, his sleep deprivation problem only got worse. This made him very cranky and he was desperate for a solution.

After researching, Matt Mundt stumbled across the feeling of being hugged while asleep and how it is considered beneficial for people suffering from anxiety, sleep apnea, and other sleeping issues.

Thus, he and his wife worked together to work on the pod and, after several trial-and-error sessions of developing prototypes, developed a final product that was ready for sales.

Hug Sleep During Shark Tank

Matt and Angie Mundt entered Shark Tank seeking $150,000 in exchange for a 10% stake in their business. This showed that the couple valued their business at $1.5 million.

In the pitch, Angie Mundt described the science behind the Hug Sleep Pod i.e. how the compression of the pod may assist with anxiety and sleeping issues. After presenting their company further, explaining how the pod was developed and its features, Angie asked which one of the Sharks would like to invest in Hug Sleep.

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The Sharks were impressed with the business and all of them made offers. Then Mark Cuban and Lori Greiner joined forces to offer $300,000 in exchange for 20% equity shares. Kevin O’Leary, Daymond John, and Robert Herjevac joined together to offer the same deal.

hug sleep shark tank deal
(Photo by Hug Sleep/facebook)

After a short discussion among themselves, Matt and Angie Mundt decided to accept Mark and Lori’s offer and left Shark Tank.

What Happened to Hug Sleep After Shark Tank Deal?

After the appearance on Shark Tank, the deal with Mark Cuban and Lori Greiner was finalized. Shortly after, the company was bombarded with orders of the Hug Sleep Pod. The company certainly got exposure and demands increased.

After the deal at Shark Tank, it is reported that Hug Sleep has made $4 million in sales. The company has also introduced new products and variations of the Hug Sleep Product. Annual revenue is reported to be around $1 million.

Is Hug Sleep Still In Business?

Yes, Hug Sleep is still operating and profitable, with offices in Brookfield, Wisconsin and a functioning website.

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