Tired of wife’s complaints, founder invents smart kitchen fix and gets surprise ‘Shark Tank’ deal months later
Tigere Chiriga appeared on ‘Shark Tank’ Season 6 with a product he invented after repeatedly getting into trouble with his wife for leaving coffee ring stains on the table. Seeking $75,000 in exchange for 15% equity in his company, The Floating Mug Co., Chiriga told the Sharks that the business had generated over $100,000 in sales in its first calendar year, according to Shark Tank Blog. He also noted that he had recently reduced the manufacturing cost from $12 to $4 per unit. Confident in the company’s improved margins, he shared that each mug was retailing for approximately $30.
Kevin O’Leary was the first Shark to respond to Chiriga’s pitch, but ultimately chose not to make an offer. According to reports, O’Leary didn’t see a viable path to recoup his investment. While the product impressed the remaining Sharks, they continued to think it over. Robert Herjavec soon echoed O’Leary’s concerns and also opted out. Mark Cuban, on the other hand, expressed interest, specifically hoping that Chiriga would consider expanding his company through online marketing platforms.
However, since Chiriga hadn’t taken that step before appearing on ‘Shark Tank,’ Cuban stated that it wasn’t the right investment for him and stepped away from the deal. With his options narrowing, Chiriga was left with only two Sharks who had yet to weigh in. Barbara Corcoran was next to pass, believing the product was too niche and lacked repeat customer potential. That left only Lori Greiner, who ultimately agreed with the other Sharks, citing concerns over pricing pressure as her reason for dropping out.
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Chiriga ultimately left the episode without securing a deal. However, he later appeared on 'Beyond the Tank', a Shark Tank follow-up segment that provides updates on past contestants. During the episode, Chiriga shared that he was heartbroken over not receiving an offer during his original pitch, according to Food Republic. At the time, he had run out of funds to replenish inventory due to the lack of investment.
Fortunately, on the night his 'Beyond the Tank' segment aired, Greiner reportedly tweeted at Chiriga, inviting him to reach out if he was still pursuing the mug business, and the two eventually met six months after the original pitch. Greiner agreed to invest the same $75,000 Chiriga initially requested, but in exchange, she took a 51% equity stake. Greiner reportedly justified the majority share by stating she would be doing 90% of the work to help build the company. Though it meant giving up control, Chiriga accepted the offer in order to keep the business alive.
