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Floating Mug Shark Tank Update

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Floating Mug is the combination of a Tea/Coffee Mug along with the Coaster attached to them to reduce the chance of smudge and sludge that are stacked into the furniture when someone puts them in it.

This mug is inspired by Banana Stand which holds the banana and didn’t allow them to fall aside. They have the same kind of stands and curves to hold a Mug as any Banana Stand has to hold bananas. They are super stylish, elegant in looks, and have a mirror-finished body that gives them a premium look and increases their value.

Floating Mug at a glance

SeasonSeason-6, Episode-2.
Business IdeaCombination of Mug and Coaster.
FounderTigereChiriga.
Asked For$75,000 for 15% of equity.
Accepted DealNo Deal.
SharksNoSharks.
Business StatusOut of Business.
WebsiteFloating Mug

Index:

Founder Story:

Floating Mug is designed and developed by a young entrepreneur called Tigere Chiriga. He was a “Professional Designer”. They designed Floating Mug to gift their wife by getting inspired by a Silhouette of a Banana-hook Stand. They invented their product initially for their wife but they get suggestions from their friends and family to start selling them. They founded their company by opening a Kickstarter Campaign for an investment of $15,000, but they receive $45,000 in their campaign. They get a huge success in their Kickstarter Campaign after that they find their way to the Shark Tank.

Did Floating Mug get a deal on Shark Tank?

Floating Mug is introduced as a combination of a Tea/Coffee Mug along with the attached Coaster with it in ABC’s famous reality show Shark Tank in Season-6 and Episode-2. The owner represented their product and explains its unique features and the story behind its invention. As they invented their product when their wedded groom came to their house, she loves to drink their favorite “Avid Tea” and she lefts more than 5 to 6 rings of tea marks on their furniture. She loves to drink tea in a precleaned and hygienic mug. They want to solve this problem and want to develop a new kind of mugs that don’t require any coaster.

They finally get their idea when they saw a banana holder inside their kitchen, and they started to develop their prototypes and scored some similar types of mugs from China for their personal use. After a few years, he gets succeed in finding the possibility to combine a mug along with the coaster and founded their product. They successfully started their company and started selling their products in America and Australia.

They also give their samples to the sharks and asked them for an investment of $75,000 in exchange for 15% of their company. Sharks love their product and their idea too and asked them for their sales and their cost of manufacturing as they sold their products online from their company’s website and they need Sharks to help them to grow big quickly.

See also  Wild Earth Shark Tank Update

He was producing their products in the Crunch Republic and the cost of manufacturing a unit is approx. $14. They are sold at $19.99, they want investment to produce it in-house also to reduce their cost to $12. They also want o sold them at a premium of $29.95.

Sharks love their product but they can’t find their valuation and price correct, As Kevin says that they think it’s too expensive in comparison with normal $2 Mugs and 55 cents of Coaster also, other’s thinks that they don’t have pretty much o sales and its kind of “one-time purchase product” therefore they all backed themselves and they lefts Show without any deal.

What happened to Floating Mug after Shark Tank?

After the show, their sales have increased as an effect of the Shark Tank but they find it difficult to hold and fulfill their orders. They need more capital to invest in their business, therefore after 6 months of the show they contacted Lori for investment but they didn’t get any investment from them, as a result, they have to shut down their operations.

Competitors of Floating Mug

Floating Mug is one of the kinds of Tea/Coffee Mugs that are available in the market and there are no competitors found in front of them.

Net Worth of Floating Mug:

Floating Mug is valued at $500,000 at the time of their appearance at the show, but they can’t justify that valuation and they didn’t get any deal there. However, the current valuation of the company is not available but they have estimated revenue of $7 Million in their operations.

Is Floating Mug still in Business?

No, the company is not in the operations anymore as they have a huge demand for their product but they can’t have enough capital to fulfill them as a result they have to shut down their operations.

Floating Mug Social links:

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FAQs:

What is Floating Mug?

Floating Mug is the combination of a Tea/Coffee Mug along with the Coaster attached to them to reduce the chance of smudge and sludge that are stacked into the furniture when someone puts them in it.

Who founded Floating Mug?

Floating Mug is designed and developed by a young entrepreneur called Tigere Chiriga. He was a “Professional Designer”. They designed Floating Mug to gift their wife by getting inspired by a Silhouette of a Banana-hook Stand.

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