Monkey Mat
DEAL
EPISODE SUMMARY
🕓 Air Date: April 4, 2014
Asking For:
$100,000 for 30%
Investor:
Mark Cuban, Lori Greiner (50/50)
Deal:
$100,000 for 35%
PRODUCT SUMMARY
Monkey Mat is a portable, clean surface designed for parents on the go, offering convenience and functionality without the need for bulky blankets.
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Background Story
Christie Barany and Courtney Turich, the dynamic duo behind Monkey Mat, hail from the United States, where they identified a common challenge faced by parents everywhere: the lack of clean, portable surfaces for their children. With their combined passion for innovation and problem-solving, Christie and Courtney embarked on a journey to revolutionize outdoor parenting experiences. The spark for Monkey Mat ignited during an arduous six-hour layover at an airport, where Christie observed her children playing on unsanitary floors.
This unsettling experience served as the catalyst for their entrepreneurial endeavor. Determined to find a solution, they scoured the market for a product that met their needs but found nothing suitable. Undeterred, they decided to create their own. Drawing from their personal experiences as mothers and their backgrounds in design and marketing, Christie and Courtney set out to develop the ultimate portable surface for parents on the go. Their vision was to create a product that combined portability, versatility, and functionality with style.
Thus, Monkey Mat was born. Their journey from conception to creation involved extensive research, prototyping, and testing to ensure the product’s durability, ease of use, and practicality. With a commitment to quality and innovation, Monkey Mat quickly gained traction, earning recognition for its ingenuity and convenience. Based on their own experiences and the shared struggles of parents worldwide, Christie and Courtney’s entrepreneurial spirit and dedication to improving the lives of families have propelled Monkey Mat to success.
The Product
Monkey Mat is a game-changing accessory designed to provide parents with a clean, portable surface for their children, enhancing outdoor experiences with convenience and peace of mind. Made from durable ripstop nylon, the mat is both soft and water-repellant, ensuring comfort and easy cleaning. Its compact design allows it to fold neatly into an attached pouch with buckle straps, making it effortless to carry and store.
Featuring weighted corners and loops for additional stability, Monkey Mat provides a secure and comfortable surface for children to play on, whether at the beach, park, or outdoor events. The center of the mat includes loops for attaching keys or toys, adding to its versatility and functionality. Machine-washable and available in four vibrant colors, Monkey Mat offers both style and practicality.
Parents can purchase Monkey Mat for $39.99 through their website or from one of their 51 retail partners, which include both online and storefront locations. With its affordable price point and wide availability, Monkey Mat caters to a diverse audience seeking a convenient solution for outdoor activities with children. Whether for picnics, concerts, or everyday adventures, Monkey Mat is the go-to accessory for parents looking to make life on the go easier and more enjoyable.
How It Went
The company’s position before Shark Tank
Monkey Mat has demonstrated solid performance and a strong market position since its inception. With $60,000 in sales within their first year of operation, the company has established itself as a reputable brand in the parenting and outdoor accessories industry. Their product is available through various channels, including their own website and partnerships with 51 retail outlets, both online and in physical storefronts. Furthermore, Monkey Mat has expanded its reach internationally, with distribution in three countries outside the United States.
The company’s partners and wholesalers play a crucial role in its distribution network, helping to increase brand visibility and accessibility to customers. Additionally, Monkey Mat has cultivated a loyal customer base of parents seeking convenient and practical solutions for outdoor activities with their children. In terms of funding, Monkey Mat secured a deal on Shark Tank, receiving $100,000 in exchange for 35% equity from investors Mark Cuban and Lori Greiner. This investment not only provided capital but also strategic guidance and industry connections to further accelerate the company’s growth.
Monkey Mat’s ability to secure funding and expand its distribution network indicates a healthy financial position. With available capital from the Shark Tank deal and ongoing sales revenue, the company is well-positioned for continued growth and success. Monkey Mat is likely structured as a privately held corporation or LLC, with Christie Barany and Courtney Turich as co-founders and likely holding significant ownership stakes. The company may also have a team of employees or contractors involved in various aspects of operations, including product development, marketing, sales, and customer support.
The Negotiations:
The negotiation process for Monkey Mat on Shark Tank was dynamic and ultimately fruitful. Initially seeking $100,000 for 30% equity, Christie Barany and Courtney Turich presented their innovative product to the Sharks. While several Sharks expressed interest in the product, concerns were raised about its pricing and market potential. Lori Greiner and Mark Cuban recognized the product’s value but emphasized the need for a lower price point to appeal to a broader consumer base.
Despite initial hesitation from Christie and Courtney, they ultimately accepted an offer from Lori and Mark for $100,000 in exchange for 35% equity. This deal represented a compromise between the entrepreneurs’ valuation and the Sharks’ desire for a more accessible price point. Lori and Mark’s offer not only provided the necessary funding to propel Monkey Mat to the next level but also brought strategic expertise and industry connections to the table.
With Lori’s experience in product development and Mark’s expertise in online retail, the partnership offered invaluable resources for scaling the business and reaching new customers. Overall, the negotiation process showcased the entrepreneurs’ willingness to adapt and collaborate, while also highlighting the Sharks’ ability to identify opportunities for growth and success. By striking a deal with Lori and Mark, Monkey Mat secured the support and resources needed to realize its full potential in the competitive market of parenting and outdoor accessories.
