Floating Mug, a 2 in 1 coffee mug and coaster business, was started by Tigere Chiriga in December 2008. Floating Mug, net worth was $500,000 at the time of their pitch in 2014 based on the $75,000 offer for an 15% of equity of the company.
They appeared on season 6 of Shark Tank USA in 2014. But the Sharks were not interested in investing in Floating Mug. As the concept of this business does not seem to be durable. Therefore, all sharks dropped this business.
In 2023 Float Mug was out of business. The Floating Mug was sold to a company called Iconix Brand Group.
Floating Mug Net Worth
|Net worth||$500,000 (2014)|
|Annual Sales Revenue||N/A|
Floating Mug Net Worth Timeline
|Net Worth 2023||–|
|Net Worth 2022||–|
|Net worth valuation 2014 after appearing on Shark Tank||$500,000|
|Net worth valuation 2014 before appearing on Shark Tank||$500,000|
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|
|Asked for||$75,000 for 15% equity|
|Location||Mooresville, North Carolina|
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 2023.
|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.|
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.