Monkey Mat Shark Tank Update | Monkey Mat after Shark Tank
What is Monkey Mat?
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.
Monkey Mat, unlike large blankets, is relatively portable; it can be transported anywhere without exhausting the user. Courtney Turich and Christie Barany saw the need for a mobile mummy mat.
As a result, they established the Monkey Mat Company. Before starting Monkey Mat, the friends turned mumpreneurs had known each other for over 10 years.
If you are a traveling mummy, the Monkey Mat is an excellent choice because it is easy to clean and use.
Who is the founder of Monkey Mat?
Courtney Turich and Christie Barany saw the need for a mobile mummy mat. As a result, they founded the Monkey Mat Company. They met while working in a medical device business over ten years ago and became close friends.
They came up with the concept after Christie experienced a 6-hour layover in an airport with her little children. She came up with the idea for a tiny, easy-to-transport “portable floor,” and Monkey Mat was born.
Monkey Mat is 5 feet square and folds up into a tiny pouch that can be easily stowed in its 6′′ x 6′′ pocket by strapping it to a diaper bag.
Consider it a portable picnic blanket that may also serve as a play area or an exercise mat. Wherever you go, there will be a simple, clean place to park oneself, regardless of the surface, whether it is on the airport floor or in a park.
It is machine washable and available in four different hues. She desired to clean their entire body because they sat on a dirt floor and touched everything.
Christie’s idea was discussed with her friend Courtney, and the two collaborated to establish and grow Monkey Mat. The duo sells Monkey Mat on Amazon and has had some early success.
What Happened to Monkey Mat at Shark Tank pitch?
Courtney and Christie decided to present their brand to the Sharks in episode 22 of Season 5 of Monkey Mat on Shark Tank in order to get retail distribution introductions and funding for expansion.
Courtney and Christie approach the Sharks, seeking a $100,000 investment in return for a 30% stake in the firm, valued at $333,333.
They show it, describing how useful the product is for families, and give samples to the Sharks. Robert Herjavec is perplexed enough to inquire about sales to date.
Christie reveals that they’ve made $60,000 in sales through their website and 51 shops, both in-store and online, including three nations outside of the United States.
The Monkey Mat is made in China, but the selling price makes the Sharks shudder: $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 is skeptical about the cost. Mark Cuban points out that his wife would be fine with the $39.99 price because of the Monkey Mat’s ease and mobility, but he wants to see the price drop to the $9.95 area in order to appeal to the mass retail market.
The cost is a stumbling block for Robert Herjavec. He exits since he doesn’t think that they’ll be able to lower the prices.
Lori Greiner disagrees. She believes that they can pull it off. Kevin O’Leary is skeptical that they will be able to maintain the lower cost. “Perhaps you’ll get there,” he replies, “but not with me.” He also goes out.
The product, according to Barbara Corcoran, is too little, the colors aren’t “cool,” and the pricing is too exorbitant. She also exits.
Lori Greiner approaches Mark Cuban with the offer of $100,000 for 35% equity shares of the firm.
The duos agree and are delighted to acquire two Sharks for the price of one. Finally, they departed the pitch with a deal.
What Happened to Monkey Mat after Shark Tank?
The deal with the Sharks did close after they fled the pitch with a deal from the two Sharks during the show. Barbara turned down Monkey Mat as an investment, but the ladies took her words to heart.
The Monkey Mat now comes in a variety of different colors and designs. The price has also been reduced, bringing the Monkey Mat down to mass-market levels at $19.99.
The firm has seen tremendous success, and has expanded its product line to include Monkey Mat stakes for fastening the mats, as well as a quilted version.
In an inventive marketing move, the entrepreneurs resorted to Kickstarter in 2015, setting a $10,000 target for their new quilted Monkey Mat.
They raised $30,000 from over 600 backers, granting them the chance for Amazon evaluations from everyone who was “rewarded” with a sample of the $29.99 product via Kickstarter.
They eventually released a “plush” mat as well as the Fureez collection of pet blankets, bowls, and slings. They have $700,000 in yearly income as of November 2021.
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 was valued at $333,333 during the pitch, after the investment done by two Sharks the company valued at $285,714. Since then the company have been doing well in sales with annual revenue of $700,000. This justify that the company net worth has 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.