Clean Sleep Mattress Cleaners
NO DEAL
EPISODE SUMMARY
🕓 Air Date: February 19, 2016
Asking For:
$1,500,000 for 15%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Clean Sleep offers a mattress cleaning service using a proprietary machine that employs UV lights, super-heated dry steam, powerful vacuum, infrared heat, and ozone induction, aiming to eliminate bacteria, mold, viruses, dust mites, and bed bugs.
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Background Story
Michael Ingle, the founder of Clean Sleep, came up with the idea almost eight years ago when he realized the lack of options for clean mattresses. Having a background in mechanical engineering, he spent 7.5 years developing the technology and the last 2.5 years building a prototype. Ingle’s inspiration came from a personal experience of feeling uneasy about sleeping on his mattress without clean sheets.
His entrepreneurial journey started with a realization during a challenging time in his life at the age of 14 when he ran away from home with $120. Eventually, he found stability, pursued engineering, worked at Boeing for 5.5 years, and then transitioned to entrepreneurship. Ingle self-funded the development of Clean Sleep and launched it with the goal of revolutionizing mattress hygiene.
The Product
Clean Sleep’s machine utilizes various technologies, including UV lights, super-heated dry steam, a powerful vacuum, infrared heat, and ozone induction. The process is eco-friendly, fully automated, takes just 15 minutes, and leaves the mattress completely dry. The machine accommodates a range of items, from cushions to pillows and even baby crib mattresses, up to a California King size.
The service is offered for residential use every six months to a year, with more frequent recommendations for hotels, hospitals, and senior living facilities. The company has already serviced over 30 hotels and aims to expand into major hotel chains.
Clean Sleep also offers optional antimicrobial treatment. The standard service is priced at $89.95, with additional charges for spot treatments, stain treatments, and extra heat treatments during servicing.
How It Went
The company’s position before Shark Tank
Clean Sleep has shown promising performance, with over $100,000 in sales from the first truck over the last 18 months. The founder sold the first franchise for $435,000, using the funds to cash flow operations. The company is in talks with hospitals and high-volume hotels, aiming to lease the machine and generate recurring revenue and royalties. In a pilot program for a hospitality company, Clean Sleep claims to have saved almost $100,000 by sanitizing mattresses instead of replacing or removing them.
The founder envisions Clean Sleep becoming a franchise with revenue projections of about $75,000 in the first year for franchisees. The business model also includes licensing and door-to-door services. Clean Sleep is currently seeking $1.5 million in funding to build more machines for a pilot program in a hospital, intending to showcase the reduction in infectious diseases and cross-contamination.
The Negotiations:
Despite the promising pitch and innovative product, the negotiations did not result in a deal. Michael Ingle initially sought $1.5 million for a 15% equity stake in Clean Sleep. The sharks, however, expressed concerns about the business’s complexity, early stage, and the ambitious ask. Barbara Corcoran and Robert Herjavec dropped out early in the negotiation, stating that the business model seemed too confusing and the investment too high.
Mark Cuban and Lori Greiner also expressed concerns about the business’s readiness for major deals with hotels and hospitals, suggesting that Clean Sleep might be too early in its development. Kevin O’Leary, known as Mr. Wonderful, highlighted the risks associated with the large investment and the uncertainty of the market’s acceptance. Eventually, all sharks decided to pass on the opportunity, leaving Michael Ingle without a deal. Despite the lack of investment, the sharks acknowledged Ingle’s determination and wished him luck in his entrepreneurial journey.
