Saunas are warm. Ice baths are cold. Combine the two, and you’ve got a business that’s hot.
What happened: Toronto-based Othership closed an $11.3 million funding round to expand its sauna and cold plunge offerings in New York. The wellness company currently has two Toronto locations and one in NYC, with plans to open a second NYC spa later this summer.
Catch-up: Othership provides a luxurious take on Nordic-inspired “contrast therapy,” in which customers schvitz in the sauna — with aromatic ice balls thrown on to the hot coals and performative towel waving to circulate the hot air — before plunging into ice-cold water.
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The social atmosphere and high-end feel has earned it a devoted customer base and celeb visitors like Diplo, Dana White, and Shawn Mendes (who is also an investor).
Big picture: We’re in the midst of what the Global Wellness Summit dubbed a “global renaissance” of saunaing, with contrast therapy and “social saunaing” at the forefront of these offerings.
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The desire to sweat in a box full of strangers stems from higher consumer interest in wellness and the desire for social outings that don’t involve staying out late drinking.
Why it matters: If more people hit the sauna, it could be good for our collective health. Research has shown that saunaing has been linked to reduced risks of heart disease and improved vascular health.—QH