FounderMetrics: Laura Fullerton

Laura Fullerton is the founder of Monk, the world's first at-home smart ice bath for cold water therapy.

Laura joins Ifty Nasir on FounderMetrics and reveals the surprising benefits of cold water therapy, as well as the importance of resilience, innovation, and the future of health tech.

Find the main takeaways from this fascinating episode below, or click here to listen to the podcast in full.

Taking the plunge

It's challenging to talk about myself without slipping into Monk mode, but to give you an idea of life before Monk: I began my career in advertising, working on the creative side as a copywriter for some amazing agencies. Yet, I always had that itch to do something of my own.

My first business was a health and fitness subscription box. That first venture was an absolute whirlwind. It started as a passion project, and I had no clue how to run a business.

You know the saying about jumping off a cliff and building a plane on the way down? That’s exactly what it felt like. I was excited and passionate but clueless. However, I managed to secure a deal with Spartan Race, who ordered 200 boxes for an event.

That might not sound like much, but suddenly, I had one and a half tonnes of stock delivered to my apartment. I had to haul it all up three flights of stairs, rearrange everything, and even bribe a postman to pick it up.

There was a moment, around three in the morning, when I was lying on the floor, exhausted and in pain from packing all those boxes.

I had about 110 left, and I thought, "How am I going to keep going?" That was the point where I realised I needed help. Looking back, it was reflective of the entire business journey.

Winging it, learning on the fly, and embracing the chaos.

After that, I made an unexpected move into commercial property and began consulting for companies, mainly in the health and biohacking space. This experience ultimately led me to Monk, my third venture, where everything seemed to come together. 

Why Monk?

Athletes have been associated with ice baths for decades, using them for muscle recovery and preparation before training. I wanted a name that reflected this ancient practice, which we’re bringing into the 21st century with modern engineering.

I considered various names, and at one point, I mentioned "Monk". Initially, I dismissed it, thinking it didn’t quite fit. But my friend was adamant it was the perfect name. We both got really excited about it.

The thing I love about the name Monk is that it conveys discipline, focus, and inner strength; all qualities you need to endure an ice bath.

Let’s be honest: the idea of plunging into freezing cold water isn’t exactly appealing. But the discipline and mental toughness it takes are what makes the practice so powerful.

Then, something strange happened. The morning after we decided on the name, my friend sent me a picture of a book titled ‘The Monk Who Sold His Ferrari’.

He hadn’t ordered it; it had just shown up. It felt like a sign, and when we checked, the name was available, so I snapped it up immediately.

Test to perfect

When we first started working on Monk, we went through all sorts of prototypes. The very first ones were rough and ready - barely even prototypes.

We were still in the design phase, trying to conceptualise what Monk would look like. We debated whether it should be a lie-down bath or an upright one. Early models were made from wood and fabric, crude but effective for testing.

We invited about 30 people to try these early versions as if they were about to enter an actual cold bath.

It was completely different to what we had envisioned. A stand-up, upright bath felt intimidating. Climbing into something and looking down into freezing water was scary.

On the other hand, a long, lie-down bath didn’t feel right either. It’s not like you’re in a relaxing bath, soaking it all in. You’re tense; it’s not a pleasant experience.

We eventually created a hybrid design, the shape of our current bath. It’s between the two.

Interestingly, whenever people get into Monk, the most common thing they say is that they feel safe and cocooned, which is strange considering they’re entering something as uncomfortable as really cold water.

Over time, we developed more advanced prototypes, transitioning from basic models to more sophisticated versions. We even used wheelie bins with insulation around them and countless wires to test various aspects.

Eventually, we reached the "works-like" and "looks-like" prototypes. It’s been a journey of constant iteration.

Someone recently called Monk "the love child of Apple and Dyson," which made me incredibly happy! I wanted to design something that would fit beautifully into hotels - places like Soho House - as well as homes.

Many ice baths on the market look like massive chest freezers, and I knew if I was designing something from scratch, it had to be beautiful as well as functional.

Backed by boxer Anthony Joshua

We now have a couple of working prototypes in the UK, and we’ve just placed one at the Fairmont in Windsor Park, our first commercial partner. I’m thrilled about this because once it’s in a public space, so many people can experience it.

We had a launch party there recently, and seeing people try Monk for the first time was amazing. It made me realise how much potential there is for Monk in the wider world.

In terms of athletes, we’ve got Anthony Joshua as one of our investors, which is unbelievable. We did a shoot with him recently, and it’s incredibly exciting.

While we’re focusing on the UK for now, we’re eager to expand into the US. We know it’s going to be our biggest market, not just because of its size, but because the US is often ahead in health and fitness trends.

Convincing investors as a solo founder

I had a few funds who were interested in investing but they said they never invested in businesses with a solo founder, which is completely valid.

If I could redo Monk again, I would absolutely have a co-founder.

I wanted one at the time, but there just wasn't the right person there.

I remember sitting down with my first real investor, and said, “OK, if I don't have a co-founder, how can I get the support of having one without actually having one?”

That’s why we then brought people like BrewDog's James Watt to the table. They’re almost like fractional people in the business who are really hands-on and have really helped me, whether that's with marketing or product or something else.

We've forecast when we’ll make our next hires. We know when we’ll make them and roughly who they are, but honestly, even three weeks ago, there were only two of us on the full-time team.

Top tip: Get a co-founder prenup.

Exit planning

We’re building Monk with an eye towards an eventual exit. I believe that exit will be to a much larger company that either wants to enter this space or expand their presence in it.

We even had a potential acquisition offer recently, which was the kind of deal I expect will happen, though it came about three years earlier than I anticipated.

What we’re creating with Monk isn’t just beautiful hardware; we’re also building the largest database of cold water therapy data. I believe that will make us a very lucrative company.

While I would love to see an exit event happen at some point, I can’t imagine not being involved with Monk.

My goal is for Monk to become a billion-pound business.

And I’m committed to serving that vision in whatever way I can add the most value.

Listen now

You'll find Laura’s episode and all the others from this series wherever you get your podcasts. If you prefer to watch, you can view the interview in full on YouTube. Don't forget to like and subscribe!