Matt Hyder was a self-described “fail-epreneur,” driving four different businesses into the ground over the years. But he loved the creative process of building a business and wasn’t discouraged by failure.
An injury sparked his next venture that would begin with an $8 injury recovery prototype and would be highlighted by a partnership with the San Francisco 49ers.
In 2015, Hyder launched Denver’s Recoup Fitness with the Cryosphere, a muscle recovery device that combines massage with cold therapy. He began making the product in his parent’s basement, before expanding to more traditional production methods in 2016.
Hyder began pitching the product to investors and was able to make a connection to the 49ers. Every day for three weeks, he called CEO Jed York’s office looking to set up a meeting, before finally getting through to York’s assistant.
“When they were playing the Broncos in the preseason, I met the training staff and they bought the Cryosphere on the spot,” he said. “It embodies where we’re at now, we’ve never lost that hustle.”
The Cryosphere had been Recoup’s only product since launching in 2015, before the company introduced the Cryosleeve earlier this summer.
The Cryosleeve combines ice and compression to help accelerate healing, reduce inflammation and provide pain relief to injuries in the knee or elbow. The sleeve was developed in part with Denver’s Boa Technology, known for the adjustable dial used on this and many other athletic products.
The Cryosleeve stays cold for up to an hour, allowing for multiple cycles of cold and compression recovery.
The product is back in stock after a presale earlier this summer and retails for $90 on Recoup’s website. COO Natalie Dunn said the cost of recovery has become an important factor in Recoup’s mission.
“I think people got used to the same options in the market, there was no push to change or innovate and our goal is to make things affordable. We don’t want this to just be for elite athletes,” she said.
In 2018, the company did $800,000 in sales and Hyder projects it to top $5 million this year. The six-person company will also launch a new product in the fall, the Thermosleeve. The sister product to the Cryosleeve, the warm sleeve will provide heat and compression relief for recovery.
“We’re going from one product to three products in less than a year, which has been hectic,” Hyder said with a laugh.
As they look forward, the company expects to go out for a Series A early next year, with eyes toward acquisition in the future.
In the meantime, Hyder said the company is always innovating and looking for new ways to shake up the injury recovery industry.
“The innovation is lacking in the whole space, the foam roller hasn’t really changed,” he said. “If you really want to make people feel better, don’t make them break the bank.”
