|SEASON 6 EPISODE 2|
|Pitch||Elegantly designed 2 in 1 coffee mug and coaster|
|Asked For||$75,000 for 15%|
|Status||OUT OF BUSINESS|
What is Floating Mug?
The Floating Mug is made completely of porcelain and has the appearance of floating on air above the table surface. It is an elegant solution for people who want to protect the beauty of their wood furniture. It combines the mug and coaster, which makes it the perfect answer for those who continually forget to use a coaster.
Who Founded Floating Mug?
The Floating Mug was created by Tigere Chiriga. Prior to designing the Floating Mug, Chiriga was a Postal Service worker, a job he maintains to this day.
Tigere “Tiggs” Chiriga invented the Floating Mug. He hatched the idea when he moved into his first home with his new wife in 2008. His wife was very upset when she noticed cup rings on the furniture and he came up with a mug design that would save the furniture finish, even when he forgot to use a coaster.
According to Tiggs, inspiration struck one day as he reached for a banana which hung from a banana holder. Staring at the banana holder, he saw what resembled a handle and from there began working on a prototype.
After several designs and prototypes later, Tiggs finally had his Floating Mug.
As the founder and owner of The Floating Mug Company, Tiggs sought a way to market his new product.
His company became a Kickstarter success story, raising almost $40,000 with an asking cost of $15,000. The success of The Floating Mug Company’s Kickstarter campaign soon caught the attention of Shark Tank executives.
What Happened After Shark Tank Update
Did Floating Mug Get a Deal on Shark Tank?
Even though Tiggs did not negotiate a deal on his 2014 Shark Tank appearance, he was not swayed from his idea for drinkware that leaves no ring. He kept working his job at the U.S. Postal Service in Mooresville, NC and continued to invent products that do not require a coaster, including The Coasterless Glass based on the same principles as the Floating Mug.
Six months after his Shark Tank appearance, Tiggs encountered trouble and contacted Lori. They met and she viewed his prototype and offered advice. She made him an offer of $75,000 for 51% of his business. Tiggs eventually accepted the deal, giving the Floating Mug a real chance to shine. But once again, it seems the deal fell flat.
Is Floating Mug Still in Business?
In 2017, Tigs launched another Kickstarter, this time for the Floating Mug Clear – a 12 ounce (350 mL), clear mug made of glass. This new design was not only 50% larger than the original, but also provided a clear view for a better beverage experience.
The project was once again an instant success with 580 backers pledging $35,105 to help bring the project to life.
Unfortunately, for Tiggs and his backers, the challenge of producing such a fragile product overseas to be shipped globally, proved to be too great for the Floating Mug.
Although many backers received their new mugs, shipping issues caused a number of Floating Mugs to arrive at their destinations broken and in pieces.
Backers were understandably upset but most stood behind Tiggs, applauding his honestly, perseverance and consistent communication throughout the project.
The Floating Mug Clear is no longer available today, but for those looking for an end to coffee-ring stains, the last few units of the original porcelain Floating Mug can be found on Amazon.