Want to Network in Silicon Valley? Bring a Bathing Suit
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    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,753,972 (-0.73%)       Melbourne $1,062,314 (+0.41%)       Brisbane $1,175,991 (+1.10%)       Adelaide $993,595 (-1.57%)       Perth $1,025,778 (+0.53%)       Hobart $809,475 (+2.24%)       Darwin $841,727 (-2.01%)       Canberra $987,577 (+1.04%)       National $1,152,128 (-0.13%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $797,933 (-0.21%)       Melbourne $527,051 (-0.01%)       Brisbane $752,499 (+0.23%)       Adelaide $552,694 (-3.40%)       Perth $572,300 (-2.12%)       Hobart $536,914 (-0.12%)       Darwin $484,035 (+4.13%)       Canberra $487,742 (+1.66%)       National $610,081 (-0.27%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 11,765 (+531)       Melbourne 14,185 (+548)       Brisbane 7,279 (+100)       Adelaide 2,372 (+146)       Perth 5,324 (+46)       Hobart 850 (+5)       Darwin 146 (-3)       Canberra 1,031 (+78)       National 42,952 (+1,451)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 9,316 (+179)       Melbourne 6,990 (+3)       Brisbane 1,321 (-6)       Adelaide 365 (+19)       Perth 1,159 (+6)       Hobart 169 (+7)       Darwin 239 (-2)       Canberra 1,148 (+16)       National 20,707 (+222)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $800 ($0)       Melbourne $580 ($0)       Brisbane $670 ($0)       Adelaide $620 (-$10)       Perth $700 ($0)       Hobart $615 (+$15)       Darwin $780 (+$5)       Canberra $695 (-$5)       National $690 (+$1)                UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $750 ($0)       Melbourne $590 (-$5)       Brisbane $658 (-$3)       Adelaide $540 (-$5)       Perth $650 ($0)       Hobart $480 (+$8)       Darwin $600 ($0)       Canberra $575 (+$5)       National $615 (-$)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 5,429 (+47)       Melbourne 7,717 (+7)       Brisbane 4,044 (+45)       Adelaide 1,536 (+16)       Perth 2,457 (+53)       Hobart 171 (0)       Darwin 83 (+2)       Canberra 417 (-3)       National 21,854 (+167)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 7,712 (+98)       Melbourne 6,032 (+56)       Brisbane 2,076 (+55)       Adelaide 428 (+21)       Perth 754 (0)       Hobart 73 (+7)       Darwin 160 (+7)       Canberra 654 (-15)       National 17,889 (+229)                HOUSE ANNUAL GROSS YIELDS AND TREND       Sydney 2.37% (↑)        Melbourne 2.84% (↓)       Brisbane 2.96% (↓)       Adelaide 3.24% (↓)       Perth 3.55% (↓)     Hobart 3.95% (↑)      Darwin 4.82% (↑)        Canberra 3.66% (↓)     National 3.12% (↑)             UNIT ANNUAL GROSS YIELDS AND TREND       Sydney 4.89% (↑)        Melbourne 5.82% (↓)       Brisbane 4.54% (↓)     Adelaide 5.08% (↑)      Perth 5.91% (↑)      Hobart 4.65% (↑)        Darwin 6.45% (↓)       Canberra 6.13% (↓)     National 5.24% (↑)             HOUSE RENTAL VACANCY RATES AND TREND       Sydney 2.0% (↑)      Melbourne 1.9% (↑)      Brisbane 1.4% (↑)      Adelaide 1.3% (↑)      Perth 1.2% (↑)      Hobart 1.0% (↑)      Darwin 1.6% (↑)      Canberra 2.7% (↑)      National 1.7% (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 2.4% (↑)      Melbourne 3.8% (↑)      Brisbane 2.0% (↑)      Adelaide 1.1% (↑)      Perth 0.9% (↑)      Hobart 1.4% (↑)      Darwin 2.8% (↑)      Canberra 2.9% (↑)      National 2.2% (↑)             AVERAGE DAYS TO SELL HOUSES AND TREND       Sydney 27.4 (↑)      Melbourne 27.6 (↑)      Brisbane 28.7 (↑)      Adelaide 25.1 (↑)        Perth 33.7 (↓)       Hobart 26.2 (↓)       Darwin 25.3 (↓)       Canberra 25.6 (↓)       National 27.5 (↓)            AVERAGE DAYS TO SELL UNITS AND TREND       Sydney 27.2 (↑)      Melbourne 28.1 (↑)        Brisbane 26.2 (↓)       Adelaide 23.2 (↓)     Perth 35.1 (↑)        Hobart 23.8 (↓)     Darwin 33.4 (↑)        Canberra 36.1 (↓)     National 29.1 (↑)            
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Want to Network in Silicon Valley? Bring a Bathing Suit

Instead of bars and restaurants, saunas are the new place for investors and founders to socialise and raise money

By ANGEL AU-YEUNG
Fri, Nov 15, 2024 10:41amGrey Clock 3 min

When tens of thousands of software engineers, tech enthusiasts and salesmen descended on San Francisco for the annual Salesforce megaconference in September, startup founder Jari Salomaa had an idea: What if he rented out a sauna?

Salomaa was looking to pitch his startup Valo, which has built an artificial-intelligence tool that helps users on Salesforce’s platform. But an anti-alcohol movement that’s sweeping through the tech industry is disrupting work gatherings that revolve around drinking or eating. That’s leading Salomaa and others to try “social saunas,” where networking happens inside a steamy 200-degree box. In bathing suits.

The experience can take some getting used to. Bathrobes and bikinis can be distracting. It’s also very sweaty.

But investors and venture capitalists say it’s refreshing to have someplace other than a bar to gather and that business is getting done everywhere from a pop-up sauna in a Napa vineyard, to an 80-person sauna in New York.

Salomaa, 46, grew up in Finland where the sauna was part of everyday life and at his first job for Nokia in Helsinki, saunas were built inside the offices.

“There are more saunas than cars in Finland,” he said. “As many saunas as toilets.”

Still, he worried how Americans would react to hanging out in their bathing suits for a corporate event. “Scandinavians are more at ease with body images than the average American,” he said.

He thought about having one event for women and another for men, but the planning soon got complicated. In the end, Salomaa decided on a sort of social experiment: a coed gathering in San Francisco. He wound up with a wait list of 100 guests.

Salomaa imposed some sauna etiquette—bathing suits required and stay hydrated. And he started the event like any other investor pitch, by giving a PowerPoint presentation to an audience clad in bathrobes.

Attendees shared images of the event on social media, and soon Salomaa was fielding calls from friends in the tech industry, asking how they could do a similar event. He’s eager to help, but maintains some reservation about moving too much work inside the sauna.

“If it’s all talk about work, it kind of kills the vibe,” he said.

New social saunas have popped up in San Francisco, New York and Colorado this year.

They are built with stadium seating to fit more people—usually around 20 to 40 people—and conversation is often encouraged.

At Othership, a new sauna facility that opened in New York City’s Flatiron district in July, the sauna can fit up to 90 people. Lined with ambient lighting that can switch from warm red to neon pink, the sauna looks more like a nightclub than a place of tranquility.

Founder Robbie Bent, 40, said young tech founders make up a large part of his clientele. “They want to be healthier, meet like-minded people, and often don’t want to be out late,” he said.

The company hosts founder nights, as well as events for investors and founders to mingle. Othership says tech companies big and small are considering offering its services as a benefit to employees.

Othership has also offered to organise complimentary “team sweats” as team-building exercises. But according to Bent, they received pushback from human resources at companies across tech and Wall Street. Colleagues congregating in bathing suits wasn’t going to fly.

In response to these critiques, Bent designed a “corporate swimsuit”—basically a full-body rashguard for people to wear in the sauna.

Will Drescher, 29, built a social sauna in Boulder, Colo., after going to one in Minneapolis this year. “Neither me nor my co-founder drink,” said Drescher. “And we just thought, why don’t we have this?”

They built Portal, a “more DIY” option than the saunas popping up in New York and San Francisco, said Drescher.

“We wanted to bridge what’s happening in the coasts with what we’re seeing in the middle of the country,” said Drescher.

Venture investor Helene Servillon, 35, proposed a meeting with a founder of a tech company at Portal.

The meeting lasted an hour, which allowed them to cycle in and out of the sauna for three sessions. After learning more about the startup, Servillon said she plans to invest in it soon.

“VCs socialise a lot. If we only have two options—have a drink or a meal—that can just get really exhausting,” she said. When founders or investors ask to meet for happy hour these days, she will often counter-propose with a sauna or a hike.

Fintech investor Sheel Mohnot, 42, co-hosted an August social sauna event in San Francisco and attended an investor event in Napa, where a mobile sauna was wheeled on to the vineyard.

“The reality is there are always chances for people to feel uncomfortable, and more people are feeling that way about drinking,” Mohnot said. “We just didn’t have great sauna options here before.”

Not all tech workers have bought in. Laila Danielsen, chief executive of an AI software company, was invited to a social sauna event in October. She enjoyed the event and the environment it provided to have conversations, but she didn’t go into the hotbox.

“I don’t know if I’d necessarily put on my bikini to go out and pitch a VC, you know what I mean?” the 55-year-old said. “I’ll consider meeting them at the sauna after we close the deal.”



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