What Happened to Monkey Mat After Shark Tank?
What is a Monkey Mat?
Monkey Mat is a wonderfully constructed 5×5 mat for youngsters to play on. The mat has loops for keys and toys, so the user does not have to worry about losing these valuable objects.
Unlike huge blankets, the Monkey Mat is quite portable; it can be taken anywhere without tiring the user out. Courtney Turich and Christie Barany realized the need for a mobile mummy mat and decided to create one.
As a consequence, the Monkey Mat Company was born. The friends turned mumpreneurs had known each other for almost ten years before establishing Monkey Mat.
The Monkey Mat is a fantastic choice for a traveling mummy since it is simple to clean and use.
Who is the creator of Monkey Mat?
Courtney Turich and Christie Barany realized the need for a mobile mummy mat and decided to create one. As a consequence, the Monkey Mat Company was born. They met over 10 years ago while working in the medical device industry and became great friends.
They came up with the idea following Christie’s 6-hour delay in an airport with her little children. Monkey Mat was founded when she had the concept for a little, easy-to-transport “portable floor.”
Monkey Mat measures 5 feet square and collapses into a little pouch that can be easily carried in its 6′′ by 6′′ pocket by attaching it to a diaper bag.
Consider it a portable picnic blanket that also functions as a play area or an exercise mat. There will be a simple, tidy area to park oneself wherever you go, regardless of the surface, whether it is on the airport floor or in a park.
It is machine washable and comes in four distinct colors. Because they sat on a dirt floor and touched everything, she wanted to clean their entire body.
Christie discussed her concept with her friend Courtney, and the two worked together to build and grow Monkey Mat. Monkey Mat is being sold by the team on Amazon and has shown some early success.
What Happened to Monkey Mat’s Shark Tank Pitch?
Courtney and Christie made the decision to pitch their business to the Sharks in episode 22 of Season 5 of Monkey Mat on Shark Tank in order to gain retail distribution introductions and cash for expansion.
Courtney and Christie entered the Shark Tank, seeking $100,000 investment in exchange for a 30% ownership in the company worth $333,333.
They demonstrate it while emphasizing how important the product is for families and hand out samples to the Sharks. Robert Herjavec was confused enough to question about his company’s sales to date.
Christie says they’ve generated $60,000 in sales through their website and 51 stores, both in-store and online, including three countries outside of the United States.
The Monkey Mat was manufactured in China, but the price makes the Sharks cringe: $39.99. The cost is $13.14 due to the unusual nature of the nylon in the Mats and the expense of the steel discs used to weigh down the corners.
Kevin O’Leary was wary of the price. Mark Cuban notes that his wife would be happy with the $39.99 price because of the Monkey Mat’s ease of use and portability, but he would want to see the price decrease to the $9.95 range in order to appeal to the general retail market.
For Robert Herjavec, the expense is a stumbling point. He exits because he does not believe they will be able to cut the pricing.
Lori Greiner disagrees. She was certain that they will be able to pull it off.
Kevin O’Leary was uncertain that they will be able to keep the lower prices. “Perhaps you’ll make it,” he says, “but not with him.” He goes out.
According to Barbara Corcoran, the product was too little, the colors aren’t “cool,” and the price was too high. She also exits.
Lori Greiner contacts Mark Cuban with a $100,000 offer for 35% equity in the company.
The two agree and were overjoyed to have two Sharks for the price of one. Finally, they walked away from the pitch with a deal.
What Happened to Monkey Mat After Shark Tank?
After fleeing the pitch with a deal from the two Sharks during the program, the deal with the Sharks did close. Barbara rejected down Monkey Mat as an investment, but the ladies were moved by her remarks.
The Monkey Mat is now available in a range of colors and styles. The Monkey Mat’s price has also been cut, bringing it down to mass-market standards at $19.99.
The company has seen enormous success, and it has expanded its product range to include Monkey Mat stakes for securing the mats, as well as a quilted version.
In an ingenious marketing strategy, the entrepreneurs turned to Kickstarter in 2015, setting a $10,000 goal for their new quilted Monkey Mat.
They earned $30,000 from over 600 supporters, allowing them to receive Amazon reviews from everyone who was “rewarded” with a sample of the $29.99 product through Kickstarter.
They soon launched a “plush” mat, as well as the Fureez line of pet blankets, bowls, and slings. They have annual revenue of $700,000 as of November 2021.
Monkey Mat’s Competitors
Photo File LLC, Breck Investments-Baton Rouge, LLC, and The Initial Impression LLC are Monkey Mat’s main competitors.
Monkey Mat’s Net Worth
During the pitch, the firm was valued at $333,333; following the investment by two Sharks, the company was valued at $285,714. Since then, the firm has grown in sales, with annual revenue of $700,000 and hence the company net worth might have been more than that of pitch.
Monkey Mat FAQs
What is Monkey Mat?
Monkey Mat is portable, easy-to-transport flooring for babies, toddlers and children. It is a durable, machine washable mat that is lightweight and easy to clean.
Who are the makers of Monkey Mat?
Monkey Mat was created by Courtney Turich and Christie Barany. They met over 10 years ago while working in the medical device industry.
What is the purpose of Monkey Mat?
The purpose of the product is to create a minimalist and portable flooring mat that can be used when traveling and especially with children.
What are the materials use to make Monkey Mat?
All mats are constructed from lightweight, strong ABS plastic. Monkey Mat is washable, with a lifespan of up to five years, and can withstand heavy use and multiple machine washes.
What is Monkey Mat’s warranty?
Monkey Mat has a warranty of 30 days if used correctly. The company will replace malfunctioning mats free of charge for the first year after purchase. After the first year, mats will be replaced free of charge only if they are found to have been manufactured in error.
What are the essential features of Monkey Mat?
Easy to use, portable and lightweight: hard-to-transport pieces of furniture must not be used when children may be in the room.
How big is Monkey Mat?
The dimensions can be found on the website. The mats are enormous. They will take up most of a room, especially for families with small children. To put it into perspective, in their car they’d need twice as many as these mats to transport them around safely.
How much does Monkey Mat weigh?
Monkey Mat weighs 8.3 pounds when empty. It’s heavier than most household items, so it should not be too difficult to pick up and place in a trunk or back of a car.
Who is the target audience for Monkey Mat?
The primary target group for Monkey Mat is travel-related families with young children. Besides being lightweight, the product is easy to clean and comes with a carry strap so it can be carried easily on any trip.
Can the mats be used outdoors?
All pads should be used indoors only. All pads have a waterproof coating, but should not be exposed to the elements.
How long is the warranty period?
Monkey Mat has a one-year warranty, which covers manufacturing defects and failure to meet its intended purpose of protecting children when they are on any surface. Monkey Mat will replace malfunctioning pads free of charge during that time period.
Is Monkey Mat durable?
Monkey Mat is very durable and can be used by young children for hours. Most of its components are made from plastic, which makes it easy to clean and remove stains.
Is the Monkey Mat safe?
Monkey Mat is safe and effective when used as intended. It’s made in the U.S., with no toxic or harmful chemicals present, so it’s extremely safe for use with young children.
Can you put Monkey Mat on tile?
Monkey Mat can be used on tile if it is medium-soft to soft. Hard tiles should be avoided since they can damage the product.
Are there any surface protective devices that Monkey Mat should not be used with?
Monkey Mat is not designed to protect surfaces from scratches or spills, and is not recommended for use in the kitchen or bathroom.