The Floating Mug, created by Tigere Chiriga, was designed to prevent coffee table stains with its unique suspended design.
After appearing on Shark Tank in 2015, the company didn’t secure a deal but gained widespread attention. Despite the exposure, the Floating Mug failed to sustain momentum, and the business eventually shut down.
As of 2024, the company is no longer operational, with no known investors or acquisitions. While there was an initial crowdfunding success on Kickstarter, raising $39,452, the product’s lifespan was short-lived.
Floating Mug Net Worth
| Estimated Net worth | $500,000 (2014) Business Valuation |
| Annual Sales Revenue | Not available |
| Lifetime sales | Not available |
| Investor | None |
| Founder | Tigere Chiriga |
| Employees | Not available |
Floating Mug Pitch on Shark Tank
| Company name | Floating Mug |
| Product | Elegantly designed 2 in 1 coffee mug and coaster |
| Episode | Season 06 Episode 02 |
| Founder | Tigere Chiriga |
| Asked for | $75,000 for 15% equity |
| Final deal | None |
| Shark | None |
| Location | Mooresville, North Carolina |
Don’t miss these products from Season 06
Floating Mug Founder
Tigere Chiriga found Floating Mug in 2008. He is a product designer and entrepreneur. Chiriga came up with the idea for the Floating Mug after his wife got frustrated with him for setting his coffee mugs down without coasters, leaving rings on their furniture. The net worth of Floating Mug’s founder, Tigere Chiriga, is unknown as of 2024; since the business is no longer functioning.
Key accomplishments
| Year | Accomplishment |
| 2014 | Appeared on Shark Tank season 06. |
| 2014 | The Floating Mug launched a Kickstarter campaign and raised over $100,000. |
| 2016 | The Floating Mug was awarded the Product of the Year award by Time magazine. |
Conclusion
Some companies that appear on the show have not achieved great success, and the Floating Mug was one of them. Sometimes businesses don’t succeed because of many reasons. Sometimes, the deal falls through after the founders say yes on camera. Or, as you’ll see, sometimes things happen to the founders themselves, and they choose to abandon the business. Anything is possible. However, Floating Mug went out of business in 2021. And the product is no longer available in the market.
