Monkey Mat Shark Tank Update | Monkey Mat after Shark Tank
What is Monkey Mat?
Monkey Mat is a portable, 5×5 mat designed for children to play on. It features loops for holding keys and toys, so users don’t have to worry about losing these important items. Unlike large blankets, it is easy to transport and does not exhaust the user.
Courtney Turich and Christie Barany, friends who had known each other for over 10 years, identified the need for a mobile mat for mothers and founded the Monkey Mat Company.
If you are a traveling mother, the Monkey Mat is a great option because it is easy to clean and use.
Who is the founder of Monkey Mat?
Courtney Turich and Christie Barany, friends who met while working in a medical device business over 10 years ago, founded the Monkey Mat Company after recognizing the need for a mobile mat for mothers.
The idea for the product came to Christie during a 6-hour layover at an airport with her young children. She envisioned a small, easy-to-transport “portable floor” and the Monkey Mat was created.
The mat is 5 feet square and folds into a small pouch that can be easily stored in its 6″ x 6″ pocket and attached to a diaper bag. It can be used as a portable picnic blanket, play area, or exercise mat, providing a clean and simple surface to sit on in any location, whether it be an airport floor or park.
The mat is machine washable and available in four different colors. After discussing the idea with Courtney, the two collaborated to establish and grow the Monkey Mat Company. They sell the product on Amazon and have had early success.
What Happened to Monkey Mat at Shark Tank pitch?
Courtney and Christie, the creators of Monkey Mat, appeared on episode 22 of Season 5 of Shark Tank to seek retail distribution introductions and funding for expansion.
They asked for a $100,000 investment in exchange for a 30% stake in the company, which they valued at $333,333. They demonstrated the product and its usefulness for families, and gave samples to the Sharks. Robert Herjavec was curious enough to inquire about sales to date.
Christie revealed that they had made $60,000 in sales through their website and in 51 shops, both in-store and online, including in three countries outside of the United States.
They mentioned that the Monkey Mat is made in China, but the selling price made the Sharks hesitate: $39.99. Due to the unique nature of the nylon in the Mats and the cost of the steel discs used to weigh down the corners, the cost is $13.14. Kevin O’Leary was skeptical about the cost.
Mark Cuban pointed out that his wife would be fine with the $39.99 price because of the Monkey Mat’s ease and mobility, but he wanted to see the price drop to the $9.95 area in order to appeal to the mass retail market.
The cost was a hurdle for Robert Herjavec and he decided to exit since he didn’t think they would be able to lower the prices.
Lori Greiner disagreed with the other Sharks, believing that Courtney and Christie could reduce the cost of the product. Kevin O’Leary was skeptical that they could maintain a lower cost and decided to exit the deal.
Barbara Corcoran also thought the product was too small, the colors were not “cool,” and the pricing was too high, so she also exits.
Lori Greiner then approached Mark Cuban with an offer of $100,000 for 35% equity in the company. The duo agreed and were happy to secure a deal with two Sharks for the price of one. They left the pitch with a deal in place.
What Happened to Monkey Mat after Shark Tank?
After appearing on Shark Tank, the founders of Monkey Mat worked to improve the product based on Barbara’s feedback, introducing new colors and designs, and reducing the price to $19.99 to make it more accessible to the mass market.
They also expanded the product line to include stakes for securing the mat and a quilted version. To promote the new quilted version, the company launched a successful Kickstarter campaign in 2015, raising $30,000 from over 600 backers.
Since then, they have also released a “plush” version of the mat and a line of pet products called Fureez. As of November 2021, the company reported earning $700,000 in yearly revenue.
Competitors of Monkey Mat
The primary competitors of Monkey Mat are; Photo File LLC, Breck Investments-Baton Rouge, LLC and The Initial Impression LLC.
Net Worth of Monkey Mat
The company’s value increased after the investment from the Sharks, despite the initial valuation of $333,333 during the pitch, as the company saw steady growth in sales and revenue, reaching $700,000 annually. This suggests that the company’s net worth has also increased.
Monkey Mat FAQs
What is Monkey Mat?
Monkey Mat is a portable floor mat that can be used for kids and adults. Monkey Mat is a 5×5 mat that has been cleverly designed for children to play on. The mat contains loops for keeping keys and toys, so the user doesn’t have to worry about losing these important items.
Who is the founder?
Monkey Mat was founded by Courtney Turich and Christie Barany.
How much were asking on Shark Tank?
They were asking for $100,000 for 30% of the company.
Did they have the deal?
Yes, they have the deal with Lori and Mark.
How much was the deal?
They offered them $100,000 for 35% ownership of the company.
Is Monkey Mat still in business?
Yes, Monkey Mat is still in business after the performance on Shark Tank.
What does Monkey Mat do?
Monkey Mat is a convenience item for parents and kids of all ages. It can be placed anywhere as a portable floor mat that is easy to travel with.
How does Monkey Mat work to reduce germs?
This portable floor mat comes with a built in stainless steel anchor that can be fastened to the floor of your house, office or any other area of your house. It has been tested by doctors and they have shown no negative effects after prolonged use.
How much does Monkey Mat sell for?
It is sold at $39.99 on Amazon and at $19.99 on their website.
Is sand able to get through it?
No! They understand that life is messy, therefore sand, grass; dirt, crumbs, and spills can easily be brushed or shaken away!
Is there a precise method to fold it to fit it back into the pouch?
Monkey Mats neatly tuck back into their connected pockets without the need for folding! Their goods are intended to make life simpler, and we understand how important it is to be able to get up and go fast.
What is the size of the pouch?
Get rid of those cumbersome blankets since their Monkey Mats have connected storage pockets that make them extremely portable!
The Mini Monkey Mat pouch measures 4.5″ x 4.5″, the Original Monkey Mat pouch measures 6″x6″, the Mega Monkey Mat pouch measures 7.5″x7.5″, and the Quilted Monkey Mat pouch measures 10″ x 10″.
How much weight does it have?
Because our Monkey Mats are so light, they may accompany anyone everywhere they go! A Mini Monkey Mat weights 6oz, an Original Monkey Mat 11oz, a Mega Monkey Mat 14oz, and a Quilted Monkey Mat 16oz.
How long does it stay cold outside?
The Monkey Mat contains weighted corners to assist it stay in place, as well as corner loops for stakes if additional grounding is required.
How should I clean it?
Because they want to make the life simpler, Monkey Mats can be machine cleaned with like colors and hung to dry or tumble dried on low.
What material is the Monkey Mat composed of?
Because the fabric is rip-stop nylon, it is lightweight while remaining exceptionally robust and puncture resistant. The Quilted Monkey Mat features a waterproof backing as well.
Is the cloth antimicrobial or mildew resistant?
No, the fabric does not have anti-microbial or anti-mildew properties.
Is it safe to use beneath a table or in a highchair?
Yes, their Monkey Mat, like any other floor mat, may be readily put beneath a table or highchair. It’s simple to shake off, wash, and store.
What is the net worth of Courtney Tuich?
The net worth of Courtney Tuich is unknown.
What is the net worth of Christie Gratton?
The net worth of Christie Gratton is unknown.