If your goal is to stay away from those undesirable marks on your preferred table, a dual-purpose coffee mug plus coaster conjunction seems like an ideal plan.
The company was premiered on Shark Tank America in 2014, 26th September. The Sharks were perplexed and had a foggy idea regarding the business. Tiggs was confident, but he failed. What was the reaction of the Sharks? Did Floating Mug enable him to achieve his goal? Check the article and learn about it.
Quick Facts
| Founders name: | Tigere Chiriga |
| Business details: | Elegantly designed 2 in 1 coffee mug and coaster |
| Founded in: | 2008 |
| Location : | Mooresville, North Carolina, USA |
| Asking of Company: | $75,000 for 15% equity |
| Accepted Deals: | No Deal |
| Shark on board (Investors): | None |
| Shark Tank Episode: | Season 06 Episode 02 |
| Net Worth: | None |
| Business Status: | Active |
| Last Updated: | Mar 15, 2024 |
About the Founder
Tigere Chiriga, a businessman from Zimbabwe, created the first Floating Mug around 2008. He works for the postal office and resides in Mooresville, North Carolina.
After experiencing numerous irate outbreaks from his lady love, who just dislikes caffeine stains, Tiggs’s idea of Floating Mug came.
Founding the Floating Mug
The Floating Mug generated more than $105,000 in profit for the business owner in 2013. The ground-breaking 2-in-1 coffee mug and cushion was still available for purchase online along with Amazon in the year 2018. However, the organization ceased operations in June 2021.
Through an initial backing of 573 backers, the Floating Mug idea proved to be a Kickstarter achievement, boosting nearly $40,000. Tiggs was contacted to show up on Shark Tank in 2014 after his achievement drew the interest of the show’s producers.
Shark Tank Appearance
With high hopes, Tiggs entered the Shark Tank and pitched $75,000 to the Sharks for a 15% ownership stake. He claimed that in the year 2013, he had a projected profit of $105,000.
Lori as well as Kevin questioned him about the company’s retail price to which Tiggs answered the production value of each cup is $12, whereas they are marketed at $29.99.
Robert was curious about the number of devices that Tiggs and the Floating Mug Company have to purchase for the selling price to reduce to a reasonable $4 area. Robert expresses some concerns regarding the product, pointing out that there exists an extremely, limited marketplace for people who are willing to fork over more to prevent coffee marks.
Following this, Mark spoke, who claims that Tiggs has a rich energy. Therefore, Mark said, the company needs to be purchased globally so that Tiggs can direct his history. The agreement excludes Mark as well.
The only two Sharks left were Lori and Barb, and Tiggs asks Barb for advice. Barb claims that she envisions it to be a one-time investment, at present. She enjoys and respects Tiggs’ agitation, yet she is excluded from the situation.
Lori decides to back out of the contract since she thinks Tiggs still has to perform quite a bit of learning and exploration to improve the concepts for his items.
Tragically, Tiggs exited the Shark Tank with a heavy heart.
After Shark Tank
After six months, Lori offered Tiggs a proposition of $75,000 for a 51% stake in his business. However, the agreement was short-lived. In 2017, Tiggs launched a new Kickstarter initiative, however, problems with production and delivery quickly put closure to the company, which is still closed currently.
Floating Mug is no longer functioning as a company since 2021, its present fortune is unclear. Additionally, the item is hardly on the open market.