Floating Mug Shark Tank Net Worth 2023
The Floating Mug company was assessed to have a value of $500,000 both during and after a presentation or proposal that was made.
However, unfortunately, the company has since ceased its operations and is no longer in business. As a result, the net worth or value of the company is currently unknown or cannot be determined.
What is Floating Mug? Who is the founder of Floating Mug?
Tigere Chiriga designed the Floating Mug, a porcelain mug that seems to levitate above the table surface, providing an elegant solution for those who want to protect their wooden furniture’s beauty.
The Floating Mug also serves as a coaster, so you don’t have to remember to use one separately. Tigere, who works for the Postal Service, came up with the idea back in 2008 when he and his wife moved into their first house and noticed cup stains on their furniture.
Tigere, the founder of the Floating Mug Company, was inspired by a handle on a banana holder and started developing a prototype. After several attempts, he created the final version of the Floating Mug.
He then launched a Kickstarter campaign and surpassed his goal, raising enough money to produce 500 mugs, which were given as rewards to backers.
Since then, the Floating Mug Company has expanded to Australia and even made an appearance on the set of Big Brother Australia.
Floating Mug Shark Tank Pitch
During the second segment of the season 6 premiere of Shark Tank, Tigere Chiriga introduced his company, the Floating Mug Company, to the Sharks. He was seeking $75,000 in exchange for a 15% share in his business, which he valued at $500,000.
Tigere explained that his mugs prevented the issue of leaving rings on furniture, which his wife found annoying. He also mentioned that he had reduced the cost of production from $12 to $4 per unit and generated $105,000 in sales in the first year.
Despite his efforts, the Sharks were not interested in investing in his business. They cited the high price of the mugs, limited appeal to a broader audience, low sales, and the perception that it was a one-time purchase item. Consequently, Tigere left the pitch without securing an investment.
After the show aired, Tigere struggled to fulfill orders and ultimately failed to secure a deal. However, he later approached Lori six months later, as seen in Episode 105 of Beyond the Tank. Nevertheless, the deal with Lori did not materialize, and the Floating Mug Company ultimately went bankrupt.
Floating Mug Shark Tank Summary:
| PARAMETER | DESCRIPTION |
| Company Name | Floating Mug Company |
| Founder | Tigere Chiriga |
| Product | Porcelain mug that floats above the table surface and serves as a coaster |
| Shark Tank Appearance | Appeared in season 6, seeking $75,000 for a 15% stake in the company, but did not secure a deal |
| Net Worth | Company valued at $500,000 during and after Shark Tank pitch, but the current net worth is unknown because the company is bankrupt |
| Competitors | C.K.S. Packaging, Inc., Cks Packaging, Kenny’s Components, Inc., and Symmetric USA |
| Updates | The company is no longer in operation since 2021. |
The information about the product, founder, Shark Tank appearance, competitors, and updates are included, along with the net worth, which was valued at $500,000 during and after the Shark Tank pitch but is currently unknown since the company is bankrupt.
Competitors of Floating Mug
The primary competitors of Floating Mug are; C.K.S. Packaging, Inc., Cks Packaging, Kenny’s Components, Inc. and Symmetric USA.
Net Worth of Floating Mug
The company was valued at $500,000 during and after the pitch, since then the company went out of business and hence the company net worth is unavailable.
Floating Mug Shark Tank Updates
The Floating Mug Company, founded by Tigere Chiriga, appeared on Shark Tank in 2014. The company’s product is a floating porcelain mug with a built-in coaster that prevents coffee rings on furniture.
Chiriga asked for $75,000 for 15% equity in his business, which had generated over $100,000 in sales during its first year. However, none of the Sharks made a deal with him.
Despite not securing a deal on the show, Chiriga continued to develop his product and reduced the manufacturing price from $12 to $42.
The Floating Mug Company was available for purchase online and in Australia. However, according to recent updates, the company is no longer in operation since 2021.
It is unclear why the company went out of business, but some sources suggest that there were too many problems forcing Chiriga to close down his business.
Despite the company’s failure, the Floating Mug concept was a Kickstarter success, raising over $40,000 with 573 supporters offering their backing.
Floating Mug FAQs
What Is Floating Mug And How Does It Work?
The Floating Mug is a porcelain coffee/tea mug that is designed to float in mid-air and eliminate the need for a coaster. The mug consists of three components: a silicone mat, a floating disk, and the mug itself.
The silicone mat is placed on any flat surface where the drink will be served, and the floating disk sits atop the mat and is used for balance so that the mug remains stable even when it’s bumped.
The mug’s design prevents condensation from forming on the mug’s footprint, which eliminates water stain rings on wood surfaces.
The Floating Mug is a sleekly designed marriage of function and form and is a unique addition to your morning routine.
The Floating Mug Company was a Kickstarter success story that raised nearly $40K on a $15K ask. However, the company ultimately failed and is no longer in operation.
Who is the founder?
Tigere Chiriga, an employee of the postal service, created the Floating Mug. He had the notion in 2008, when he moved into his first house with his new wife.
What Happened To The Floating Mug Company After Shark Tank?
The Floating Mug Company, owned by Tigere Chiriga, appeared on Shark Tank in 2014 and asked for $75,000 in exchange for 15% of the business.
Although the company generated more than $100,000 in sales during its first year, none of the Sharks made a deal.
However, Chiriga did not give up on his idea and continued to develop the Coasters Glass, based on the same concept as the Floating Mug, while working for the US Postal Service in Mooresville, NC.
Chiriga later approached Lori Greiner six months after appearing on Shark Tank and agreed to a deal of $75,000 for a 51% share of his company.
However, the deal did not last and the company ultimately failed. As of June 2021, the company is no longer in business.
The Floating Mug Clear is no longer available, but the last few units of the original product can still be found by those searching for a replacement for coffee-ring stains.
Did Any Sharks Invest In The Floating Mug Company?
The Floating Mug Company appeared on Shark Tank in season 6 and did not receive a deal from any of the sharks. Lori Greiner did offer a deal of $75,000 for 51% of the company, but it did not ultimately go through.
How much was asking on Shark Tank?
Tigere was seeking $75,000 for a 15% stake in his company at valuation of $500,000.
Is Floating Mug still in business?
Floating Mug is no longer in operation. The company’s web site is now defunct.
Is the product still being sold?
Floating Mug is no longer in operation, so the product is no longer being sold.
What is Floating Mug worth?
As per the information available, Floating Mug was valued at $500,000. Since the company went out of business, its net worth is unavailable.
How many Floating Mug had being sold?
More than 500 mugs are sold so far.
What material is Floating Mug made from?
The Floating Mug is fabricated entirely of porcelain and appears to float on air above the table surface. It is a sophisticated option for those who wish to preserve the beauty of their wood furniture.
How did Floating Mug get started?
The idea came in 2008 when founder Tigere Chiriga was moving into his first house with his new wife. The first day, she spotted cup rings on furniture, which prompted him to create a mug that would maintain the furniture finish even if he neglected to use a coaster.
Was Floating Mug good?
Floating Mug was not a booming success after the show. It’s been shut down, and a new company has acquired the rights to the name.
Where can I learn about Floating Mug technology?
The new manufacturer is located in New Jersey making them on demand. This will slow the production but will ensure the quality of every mug sold.
Where to buy Floating Mug?
Floating Mug is unavailable and the company website is also unavailable.
How much does Floating Mug cost?
Floating Mug products range from $4 to $19.99, depending on quality and quantity ordered.
Who is Floating Mug for?
The product was designed for anyone who uses a coaster as well as any homeowner who wants to keep their wood furniture looking like new.
What was the methods payment use?
Floating Mug uses a credit card processing company to pay for orders.
How much does Floating Mug weigh?
Floating Mug weighs approximately 12 oz.
What was the return policy of Floating Mug?
The return policy for Floating Mug is limited to defective products.
What was the shipping cost of Floating Mug?
The shipping cost for Floating Mug is approximately $3.
What was the phone number of Floating Mug?
The phone number of Floating Mug is no longer available.
How to contact with Floating Mug?
The company is no longer in operation and hence it’s not possible to contact them.
What is the net worth of Tigere Chiriga?
The net worth of Tigere Chiriga is unavailable.
