Plate Topper Shark Tank Net Worth 2023

Plate Topper Shark Tank Net Worth

The net worth of Plate Topper is unknown as of February 2023. The company was valued at over $1 million when it appeared on Shark Tank in 2018, and Michael Tseng claimed that he had made $1 million in sales the previous year with a profit of $400,000. Lori Greiner invested $90,000 for an 8% equity in Plate Topper.

However, as of February 2023, Plate Topper is no longer being made and the Ice and Bowl Toppers have also been discontinued.

Michael Tseng has shifted his focus to other innovations but there are currently no plans to bring back Plate Toppers anytime soon.

What is Plate Topper? Who is Plate Topper’s Founder?

Plate Topper is a kitchen gadget that consists of a circular plate with a silicone edge and an airtight lid on top, allowing for swift removal of the plate. It is a unique plastic cookware product designed to store leftovers conveniently.

To use Plate Topper, all you have to do is place it on top of a plate, grab the handle, and press down, creating an airtight seal that eliminates the need for Tupperware lids that are often hard to find.

The gadget features a suction cup that securely attaches it to plates and is microwaveable, making it easy to reheat food.

The inventor of Plate Topper, Michael Tseng, is a brilliant individual with a background in electrical and biochemical engineering, as well as a medical degree.

He decided to forgo his medical residency to pursue a career in entrepreneurship and is now the CEO of Prestagon LLC.

Michael Tseng was inspired to create the Plate Topper after observing how people struggled with traditional food containers, often losing the lids or damaging the containers when using them. Additionally, food spillage in the microwave was a common occurrence that Plate Topper solved.

The Plate Topper can be safely used to store food and is dishwasher safe and microwaveable. To protect his invention, Michael Tseng obtained a patent.

Plate Topper’s success can be seen through its appearance on QVC and Walmart before appearing on Shark Tank. It is an excellent product that simplifies food storage and reheating.

Plate Topper Shark Tank Pitch

Michael Tseng appeared on Shark Tank in season 4 episode 8 seeking a $90,000 investment in exchange for a 5% stake in his company, which would value the company at $1.8 million.

His product, the Plate Topper, impressed the Sharks, who described it as a “game changer” in home food storage.

Michael needed the funds to fulfill over $1 million in Purchase Orders from Walmart and QVC. He had accomplished this in less than four months, profiting $500,000 from that million.

Mr. Wonderful, Kevin O’Leary, offered $90,000 in exchange for a straight 5% royalty, but Lori Greiner made a more significant offer of $900,000 for a 30% stake, claiming that she had links with the world’s top retailer and could help him get his products there.

Daymond John offered $1 million for a 25% share, but Michael politely refused Kevin’s offer, stating that other considerable offers were on the table.

This upset Daymond, and Lori tried to drop her offer to match Kevin’s, but Michael was running out of time.

In the end, Lori offered $90,000 for an 8% equity stake, which Michael accepted. However, Lori tweeted after the show’s airing that she didn’t enjoy Michael’s tactics, and it was actually Michael who backed out of their deal.

Despite this, Michael was able to utilize PO Financing to fill Walmart’s shelves and continue selling on QVC. Plate Topper went on to sell over $10 million, but Michael shut down the brand around 2015.

Today, the Plate Topper’s parent company, Prestagon, still exists and develops consumer products, with yearly revenue of $900,000 as of June 2021.

Plate Topper Net worth

Michael appeared on Shark Tank season 4 episode 8 in search of $90,000 in exchange for a 5% stake in his company. This equates to a $1.8 million valuation.

He accepted an offer from Lori of $90,000 for 8% stake which brings valuation to be $1.125 million.

Plate Topper Competitors

There is no competitor identified for Plate Topper.

Plate Topper FAQS

What is Plate Topper?

Plate Topper is a circular plate with an airtight lid on top. The topper’s edges are silicone, which produces an airtight seal that allows the plate to be removed swiftly.

Who is the founder of Plate Topper?

Michael Tseng created Plate Topper.

How much was he seeking in the Shark Tank?

Michael was seeking $90,000 for 5% of his company.

Did he the deal from the Sharks?

Yes, Michael accepted an offer of $90,000 for 8% stake which brings valuation to be $1.125 million.

Is Plate Topper still in business?

Michael shut down the Plate Topper brand sometime around 2015.

Prestagon, the Plate Topper’s parent business, still exists and develops consumer products.

Prestagon’s yearly revenue is $900,000 as of June 2021.

Did the deal with Lori closed?

No, Lori and Plate Topper deal later fell through.

What episode was Plate Topper featured on Shark Tank?

Plate Topper was on Season 4 Episode 8,

What does Plate Topper looks like?

The Plate Topper looks like a solid silver plate with an air tight lid on top. The Plate Topper can be used as a microwave, dishwasher, and oven safe.

What happened to Shark Tank’s Plate Topper?

The website for the innovation is no longer active, and the social media sites have been dormant for years.

Shark Tank Tales reported on October 22, 2020, that Michael Tseng and his business Prestagon LLC applied for patents for the Bowl Topper and the Ice Topper in 2018.

What happened to the guy with the plate topper?

Prestagon LLC’s new CEO is Michael Tseng. Michael Tseng received his bachelor’s degree in electrical and biological engineering from Princeton University and his medical degree from the University of California, San Francisco.

When he came up with the idea for Plate Topper, he was going to start his medical practice.

When was Plate Topper aired on Shark Tank?

Plate Topper was on Shark Tank on November 2nd, 2012.

Where was Plate Topper located?

Michael Tseng was based in San Francisco.

Was Plate Topper BPA free?

Yes, the Plate Topper was 100% BPA free.

What is the net worth of Michael Tseng?

Michael Tseng’s net worth is unavailable.