- 3 months ago
Dragons Den UK S22E13 >>> https://dai.ly/x9skt2y
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00:00Hi, I'm Carolyn Assome and I live in London.
00:18Well, here we go.
00:19And this is my business partner, Phil Moore, who lives in Warsaw.
00:22So we've got to get into formation.
00:24I'm terrified because I'm a journalist
00:26and I'm usually on the other side of the camera.
00:29OK, green light, here we go.
00:31I'm terrified also, but equally excited to be pitching
00:34our exciting new product to the dragons,
00:36which we really hope they enjoy.
00:38Adding to Carolyn and Phil's nerves,
00:41there'll be an extra dragon to pitch to tonight
00:44as Emma Greed makes a welcome return.
00:47Look who's back, missus. Nice to see you again.
00:51Nice to see you, lovey.
00:52I guess you couldn't get enough of us.
00:54Honestly, I couldn't get enough of you.
00:57We're just too much fun, aren't we?
00:59You guys are just amazing.
01:01Begin.
01:02Good to see you.
01:03See ya.
01:04Bye.
01:05Bye.
01:06Bye.
01:07Bye.
01:38Hello Dragons. I'm Carolyn Assome and this is Phil Moore. We're co-founders of La Hood and we're here today to pitch for £150,000 in return for 15%.
02:07equity. La Hood is a brand which offers a patented, portable, hands-free alternative to an umbrella which ensures your head and your hair stays dry.
02:18It was conceived by Elliot Taylor, a hairdresser at one of London's top salons, who often noted his clients came into the salon but then got caught in a downpour when they left.
02:30Why, he wondered, was there no modern, stylish version of the plastic rain bonnet his grandmother might have worn?
02:37And so he came to me. I'm a design journalist and also a former fashion editor at the Times newspaper.
02:43I loved the functionality of Elliot's idea. I also began to think of the scalable global market potential and it was enormous.
02:53It wasn't only for women leaving the hairdressers. His idea was for my 80-something mother-in-law on the golf course.
03:00It is for queuing at theme parks or not poking people in the eye. It is for Wimbledon spectators, Glastonbury festival goers or just simply protecting those prone to frizzy hair.
03:12Industry colleagues were enthused immediately, notably Anja Hindmarch and Dimitri Sandra Choi.
03:20We secured press in 15 UK titles all within the first month of launch and we also achieved an outreach of over 2 million on Instagram, which was organic and unpaid.
03:33We've been trading for 20 months. We've had £73,000 worth of sales.
03:39Well, with exciting and innovative products in the pipeline, including sun hats, bags and ponchos and outerwear to follow, we're really ready to grow our brand.
03:49Thank you, models.
03:52A modern twist on the classic rain bonnet is the offering from Carolyn Asome and Phil Moore.
04:04They're looking to secure £150,000 for 15% of their company.
04:10I think you've found your influence, sir.
04:14Peter Jones is first to question whether the business proposition looks as good as the Behatted Dragons.
04:23Carolyn, Phil, hi.
04:25Hi.
04:25So, just to clear up this issue, did you buy the rights from the inventor?
04:33No.
04:33Actually, Elliot, whose idea it was, is my nephew.
04:37OK.
04:37And he pitched the idea to me over Christmas dinner.
04:41And you just nicked it?
04:43No, no.
04:43He's part of it.
04:44He's a shareholder in the business.
04:45Oh, he is?
04:46Yes.
04:46OK.
04:48So, over the last 12 months, just 12 months, what have been the sales of the product in total?
04:53The last 12 months would have been 18 turnover.
04:5718,000?
04:58Yeah.
04:58So, you're selling about £1,500 a month worth of the product?
05:02Yeah.
05:03OK.
05:04And what's the reason for that?
05:06We're a lean team of three, and we've been challenged on the funding front.
05:11We really believe we have a great brand.
05:13But, at the moment, it's been challenging trying to execute social media outreach and with different tribes.
05:22I mean, there are so many different demographics that, you know, this would appeal to.
05:27And I feel this is where we need more funding, social media expertise to really, you know, target those key demographics
05:33and get work with influencers and collaborate with them to really, you know, explode it, hopefully.
05:41Carolyn, Phil, hi.
05:42So, how much do they sell for?
05:45£49.99.
05:46And how much do they cost you to make?
05:48They cost £12 to make.
05:50£12.
05:50So, there's pretty good margin in there.
05:54You just said something about there are so many arenas to go for.
05:58Mm-hm.
05:58And you need more funds to attack those arenas.
06:01I guess the most important thing for me to understand is what's your primary arena?
06:06Because without focusing and understanding your first and keyest market, you are going to spend a fortune and make a little bit of difference across a lot of marshals.
06:19So, what would you say is the strongest selling point into the strongest market?
06:25I think the strongest selling point is really to protect your hair.
06:31But that's a hat, isn't it?
06:32It is a hat, but it's also, it's the functionality that you can just run around town and you don't have to carry around an umbrella.
06:41You can just wear it around your arms.
06:42But I've got a bag and I've got a hat.
06:46Why wouldn't I just put my hat into my bag?
06:49Well, I think it would, I think you could put it in your bag.
06:56There are times when you might not be carrying a bag.
06:59Utility stuff seems kind of inconsequential to me.
07:03I think when I looked at this, I thought this is fashion or it's not.
07:06What do you think?
07:07How did I?
07:08I mean.
07:08What did you think?
07:09I'm obviously.
07:10Be honest.
07:10I'm obviously going to say, you know what?
07:13You look good, isn't it?
07:14If you just, let me just adjust it.
07:17Yeah.
07:19Is that better?
07:20That's a much better look.
07:21That's better.
07:23Is that a better look?
07:24Honestly, it's very crafty.
07:25Bill and Caroline.
07:26Yeah.
07:26Okay.
07:27You want to build a brand.
07:29Correct.
07:30Okay, so I'm looking at this now.
07:33And with my manufacturing hat on, I'd say to you, you've got lots of different designs.
07:38You've probably got to buy a thousand meters of each design, which will probably make about
07:424,000 hats.
07:44You're not going to sell 4,000 hats of a design.
07:47Who's thought this through?
07:48So this sort of core primary collection was from our proof of launch concept.
07:53And so very much.
07:53That's what worries me.
07:55I don't think you've thought this through.
07:56Because what I'm looking at is a load of samples as a concept.
08:01You've got little revenue and you've got a valuation of about a million pounds.
08:08I mean, what I would have done, picked one fabric, eight colors, logo and say, that is it.
08:14It's a novelty hat that does this job.
08:17You know, at the moment, it could be anything.
08:18And I would have thought, with your experience in fashion, you would have seen that.
08:24But, yeah, I mean, I might disagree with you.
08:28I think what we have created is, well, I've obviously talked about the functionality and how practical it is to wear.
08:36But I think visually, this hat, David Zito, who designed it,
08:41was based the hat on the architectural silhouettes of a 1967 Cristobal Balenciaga hat.
08:48And so he really thought about that.
08:51You know, well, let's be finished.
08:53And I think, you know, initially there were too many colors.
08:56That was a mistake.
08:57Also, while trying to be sustainable, we have made, it was about 30% of our range from LVMH dead stock.
09:06You know, one challenge we came up against was obviously dead stock, once it's gone, it's gone.
09:11And if you've created marketing imagery to, you know, support that,
09:16when you then do another collection, you need to do, you know, new marketing.
09:19So, Carolyn, you're actually just proving Mr. Vastrader Tuka over here, 100%, right?
09:25You didn't think it through.
09:27You've just said it yourself.
09:28Like, you created a product with dead stock, not thinking how you would get all of that traction
09:33and then be able to gain an image.
09:35But just let me finish speaking for just a second.
09:37I think what he's saying, because this is a matter of choice and style,
09:40and I see it, as soon as you said Balenciaga, Cristobal hat, I was like, oh, yeah, I get that slant.
09:45I like, I totally have the vision.
09:48I think what Tuka's saying is it probably would have been better as a novelty product
09:51because the way you're using something like this actually isn't as, like, a stylistic choice.
09:57You're picking this up at Disneyland when your hair might get wet and whacking it on
10:00because there's no other choice.
10:01And one of the things that I already is kind of giving me, like, pause for thought
10:07is that you have got one product here that, quite frankly, after 20 months isn't getting a lot of traction
10:12and you're already talking about a sun hat, outerwear, a bag.
10:17It's like you've got to do one thing well.
10:20And at the moment, like, you haven't even got out.
10:22So you're adding complexity to something that you haven't figured out by your own admission, right?
10:27And you're already trying to think about what's next, what's next.
10:30That, to me, is like a huge red flag right now.
10:33OK.
10:34So, for all of the reasons that I've said, I'm out, but I honestly wish you the best of luck with it.
10:39How do I make it go round?
10:43So when I'm trying to wear it like this...
10:45Yeah.
10:45It doesn't seem to bend and hold.
10:46How do I...
10:47No, shall I say?
10:48And this is another...
10:49Can I...
10:50Yeah, go ahead.
10:51OK.
10:52So you just have to bend it over once to use...
10:55I think that's your thing.
10:56Look, let's be perfectly honest.
10:58This type of product is out there.
11:00You know, you can buy these type of packs, right?
11:02They're quite...
11:03Your ultimate USP is the fact that you've added this click at the bottom, don't you?
11:07So you end up basically looking like that.
11:10Quite cool.
11:11Which is why we all would like to make you an offer, because we all love it.
11:14Your hair's looking good, Stephen.
11:16Your hair's going to be looking good when you get to do it.
11:18I think that's cool.
11:18I think I'm the right person.
11:20This...
11:21Look at that model there.
11:23That's cool.
11:24Sorry.
11:26You're giving me the next one to someone else.
11:30Is it cool or not?
11:31No, it's not.
11:32No, it's absolutely not.
11:33It needs to get...
11:33Like, the brim is too small.
11:35You don't look cool.
11:36The brim is too small.
11:36Well, there's...
11:37It's obviously...
11:38This must be good, right?
11:39Because you've got debate going on of whether it's good or whether it's bad.
11:42So that's a good thing.
11:43People are going to talk about it.
11:45But in terms of an opportunity in a business, it's not something I can see that I would certainly
11:50be able to add the value that I would expect and the return I want to get.
11:54So I'm going to say that I'm out.
11:56But thanks for coming in.
11:58No, thank you for your comments.
12:00Caroline, Phil, I actually do think it's cool.
12:03But for me, cool is a really hard thing to bet on because it comes in and out of season.
12:10And that's a really hard business to invest in, in my view.
12:12So I'm going to say that I'm out.
12:13But I think it's cool.
12:16Okay.
12:18Caroline, Phil.
12:19Hi, Sarah.
12:20I actually really like it.
12:22Okay.
12:22As soon as the models came in and showed me, and then you explained it was to protect
12:27my hair, I was in.
12:29It's just the problem is, $49.99.
12:34I just think.
12:35You had me until you said it was $50.
12:37We really see the sweet spot for this at being $19.99.
12:41I'm pleased you've said that because make this for $4 or $5.
12:44Sell them at $19.99.
12:46Yeah.
12:46In the shops at Disneyland or anywhere else when people just need to buy something, I
12:52actually think it could work.
12:54So the other thing I'm concerned about is, you've asked for a lot of money.
12:58And I'm certainly thinking, I'm passionate enough that I would buy one.
13:02Not at 50 quid, but I would buy one.
13:04I'm not passionate enough that I'd put 150 grand of my own money in.
13:08I'm not quite there.
13:09So, I'm in on the product front, but on the investment front, I'm sorry, I'm out.
13:16Carolyn, Phil, I think you've got a decision to make.
13:20I actually worry about a £20 mark, because I think it's neither here nor there.
13:25I think your decision, is this a high-end fashion brand?
13:30Or is this a cheap as chips?
13:32We're going to grab it when we're going around Disney World because it's raining,
13:35and $19.99 is too expensive for that.
13:38So you have, I think you've got a big decision to decide which rate you're going to go.
13:43But I'm afraid I won't be investing.
13:44I'm out.
13:49Look, guys, you've got one thing going for you.
13:53You've got the design.
13:54And that's what I would start with.
13:56Then I would say to myself, how do I get this product out there where it draws attention?
14:02So what I would do is I would collaborate with famous people.
14:09And you do limited editions, and you become a must-have hat.
14:14I assume, yeah.
14:16Rather than trying to build a whole mumble-jumble of products that doesn't mean anything.
14:21What I'm trying to get to is use what you've got before you do anything else.
14:26So, for that reason, I'm out.
14:31Thank you all for your time.
14:33No problem.
14:36Carolyn and Phil leave the den without an investment.
14:40But the duo aren't planning to let the rejection of their business deter them from their mission.
14:45I think the Dragons have missed an opportunity because I do feel it resonates.
14:51You know, we've definitely met enough people that have said, we like it.
14:55It's cool.
14:58It's been fascinating.
15:00A huge learning curve, but the curve's not over.
15:03So watch this space.
15:15Hi, I'm Sarah-Louise Fairburn.
15:22I live in Lincolnshire.
15:24I have four amazing children, and I'm 40 years old.
15:28I started the business in September 2020.
15:31I started it on my own, and at that time, I even had my children coming up with ideas for gift boxes and helping me pack.
15:39The modern way to diamond gift.
15:42It's hampers, isn't it?
15:43Yeah, I love a hamper.
15:45It's been incredibly challenging to get the business where it is, but I'm not one to quit.
15:54And my daughters, they keep telling me, come on, mum, you can do this.
15:58And they always tell me just to never give up.
16:01So I can't, can I?
16:10Hi, Dragons.
16:11I'm Sarah-Louise, founder of Input Maker, mum to four amazing children, and I am so excited to meet you all today.
16:23Input Maker is the modern way to dine and gift.
16:26We're revolutionising the food and drink gifting sector, creating memories for our customers, whether it be for a corporate client or for a loved one.
16:36So, Dragons, I'm sure you've received corporate food gifts over the years, and I bet if you're being honest, the loose leaf tea is still sat in the back of your cupboard, and the chutney has probably made its way to the Harvest Festival.
16:50I wanted a gifting experience that would be really personalised for the customer, that would really make them feel something about the product.
16:58Our journey began in September 2020.
17:03In our first year, we shipped approximately 1,400 parcels.
17:09This year, we're on track to deliver 31,000 parcels, and we are forecasting a shipment of 100,000 parcels by 2028.
17:22I'm looking for £100,000 for a 10% equity share of Input Maker.
17:30I've got some little gifts for you.
17:34Food and drink gift hampers for a multitude of occasions...
17:38They're a little bit heavy as well.
17:41..is the proposition from Sarah-Louise Fairbairn.
17:46..she's seeking £100,000 in return for a 10% share in her business.
17:52I love this brand.
17:56Tuukka Suleiman is first to lift the lid on the details of the enterprise.
18:05Right, Sarah-Louise.
18:08Hello.
18:08Well, that was a good pitch.
18:11So, prior to 2020, what were you doing?
18:13So, I ran a really big food and farming business with my husband.
18:17Right.
18:18We were supplying products to all the big supermarkets in the UK,
18:23and I headed up brand and sales.
18:26Hence the fact that you could source all these products...
18:29Yeah. ..through your connections.
18:30Yeah, exactly.
18:31So, sadly, myself and my husband separated.
18:34Oh, I'm sorry to hear that.
18:34So, I had to leave the business, and it had been my life for so long.
18:37But the gift was I had so many amazing connections,
18:41and I know food really well.
18:43Right.
18:44OK.
18:44Well, that gives you credibility.
18:46Um, OK.
18:48So, give us a pattern of your years of trading
18:51and your gross profit and your net profit
18:53to get some idea of profitability.
18:55So, just to give you a flavour,
18:57so, year ending 22,
19:00we turned over £89,000,
19:03and our net profit was minus £168,000.
19:08And then, end of February 23,
19:11Yeah.
19:11we turned over £360,000.
19:15Net profit?
19:16It was minus £360,000.
19:19And?
19:2124?
19:22It gets worse before it gets better.
19:23I've heard that before.
19:25So, it does.
19:26So, year ending 24,
19:29we turned over £1.15 million,
19:31and we made a net profit of minus £800,000.
19:39So, the next year?
19:41So, this coming year,
19:42we're projecting we're going to turn over £2.28 million.
19:45Yeah.
19:46And we're going to have a net profit of £277,000.
19:50OK.
19:51So, where did the money come from?
19:53Yeah.
19:54So, the money is all from personal reserves.
19:56So, I was quite successful in what I did supplying to all the retailers.
20:00So, that's my personal...
20:01Million pounds?
20:02That's my personal cash.
20:03And it has taken a lot for me to invest in that personally.
20:07But, I believe in this business, and I know it's going to grow.
20:12OK.
20:14OK.
20:14So, how are you tracking for this year, then?
20:16Because you've predicted you're going to do roughly £2.3 million this year?
20:19Yeah.
20:19So, we're tracking really well.
20:21So, so far up to May, we've turned over £300,000.
20:25Yeah.
20:25A net margin is minus £168,000.
20:29So, you've lost £168,000.
20:31We have, Stephen.
20:32But that is all forecasted in the model, and the losses have greatly reduced from last year.
20:37It's interesting, because when I look at those numbers, if I didn't know the industry, I would assume I was looking at like a technology company or something.
20:42So, over the last few years, that is the way I've sort of seen the business, as an online business.
20:50And we've just pushed so much money into marketing, brand, website, e-commerce.
20:55I have spent thousands.
20:58I had a few different agencies and people into the business that told me they could do so much on Google Advertising.
21:05And it cost me dearly to acquire a customer.
21:08So, back when I first started, cost to acquire a customer sometimes was at £110.
21:14Oi, oi, oi.
21:15It was absolutely bonkers.
21:17Looking at it this month, it's £37 to acquire a customer online.
21:21And I know I've built a brand that is gaining traction now as well.
21:27Your average basket is how much?
21:30Our average order value has been £65.
21:33It's now moved to £75.
21:35And your cost of acquisition is £30-odd?
21:37Yes.
21:39Yeah, so that's the difficulty.
21:40You know what I'd do is I'd basically turn off marketing.
21:44I would really go back to basics on this business.
21:46Yeah.
21:46And that is going to mean rebuilding the business in a sustainable way from scratch because you can't keep going on.
21:52So, everything you've...
21:53That's a great advice.
21:54That's what you have to do in this stage.
21:56Everything you've just said, we've done.
21:58And we've started doing that in January.
22:00But you've made a loss this year.
22:02So far I have 168 already.
22:04But coming into October, we're going to start to make a profit.
22:06Then coming into Christmas, we're going to make a really amazing profit.
22:10But the thing is, you shouldn't...
22:12I think that Stephen's advice is fantastic, by the way.
22:14I think that's spot on.
22:15It really is.
22:16You've got to listen to it.
22:17Because that will then immediately tell you whether you've got a sustainable business.
22:21Do you mean to turn the ads off, Pete?
22:22Yes.
22:23Yeah, yeah, yeah, yeah.
22:24Turn it literally for one month.
22:26Yeah, but more than turn the ads off, Sarah Lawrence.
22:28I think the big issue here is that you have well and truly drunk the start-up Kool-Aid, right?
22:34It's like you have told yourself that, like, just ploughing money into this with some kind
22:39of, like, idea of, you know, I'm on a growth journey.
22:42It's like you came out here and pitched it like a good'un.
22:44But your numbers exposed you entirely.
22:48And I'm sitting here thinking, you, like, are an incredible woman.
22:52You've clearly been very successful.
22:54But this ain't it.
22:56And just because of everything that you've done over the last couple of years, ploughing
23:00money in, it's not going to suddenly just wake up.
23:03That's not going to happen.
23:04What you're going to do is get further and further and further into debt.
23:07And you just have to wake up.
23:08You have to tell yourself the truth.
23:11Because what you're telling yourself at the moment is leading you down a path that is
23:15just going to be disastrous.
23:16And it's all your own money right now.
23:18Yeah, of course.
23:19Everything you're saying to me, I hear you.
23:21I listen to you.
23:22I've had exactly the same feelings.
23:24But I genuinely believe there's a market for this product.
23:27Customers keep buying this product.
23:29We've got lots of other retailers as well that are asking us to go in and meet with them.
23:37It's difficult to sit in this chair.
23:39It's a little bit heartbreaking in a way.
23:43And I'd like to help but feel for you because I do sense that you're a bit of a runaway train.
23:50But in terms of a business, you've come in to pitch today for this business.
23:54And I think you've got some amazing advice.
23:57Turning all those things off just to see if you've got a business.
23:59Yeah.
24:00And get yourself back on your feet.
24:02You're there.
24:03But at the moment, it's just, it's not an investable opportunity.
24:07So I'm going to say that I'm out.
24:09Thank you, Peter.
24:13Sarah, can I ask you, are you going to turn the ads off?
24:17I'm going to really turn them down.
24:20Why wouldn't you turn them off?
24:22Just to see if the organic comes through.
24:24No, just there's, because you really, yeah, you need to figure out if this is a sustainable business.
24:28Yeah.
24:29Underneath there.
24:30Yeah.
24:31Do you know what it was?
24:31It isn't that I had loads of cash in the bank because it frightens me so much personally that I've put so much in.
24:37It's not as if I'm sat on an abundance of cash because I really am not.
24:41It's more a case of, it's that you start to see things growing and then, you know, you start to then put, you want to put more in, don't you?
24:48Because I was like, I feel like I'm just on the edge of it being amazing.
24:53You're maybe the most resilient entrepreneur that I've ever seen.
24:57Because you can take, you can take a lot, you've been through a lot, I can tell.
25:01But sometimes that resilience can also just wane over a little bit into delusion.
25:06And there's a very fine line.
25:08And we all, as founders, we live there.
25:11We have to.
25:12We have to believe something is possible.
25:14But at the same time, that delusion can cost us.
25:18You inspire me as a human.
25:25But yeah, this is not an investment for me.
25:27So I'm going to say that I'm out.
25:29OK.
25:32Sarah, I can see how passionate, how driven you are.
25:36You have all of the ingredients that will make a successful entrepreneur.
25:41Honestly, I don't believe this is ever going to work.
25:45So I can't invest today and I'm out.
25:48OK, thank you, Sarah.
25:53You know, Sarah-Louise, I think this must be, like, quite a moment for you.
25:58Quite, quite a difficult moment.
26:00And this is going to feel like a, literally like a backhand.
26:03And it should, in so many ways.
26:06Because in order for you to get back on track, you're going to need to do everything differently.
26:12Yeah.
26:12You've got to listen and take everything in and know that now is the moment to scale right down.
26:18No one's saying stop your business.
26:20But you've got to scale it down and you just fix the fundamentals.
26:25So for all those reasons, I'm out.
26:27I wish you the best of luck.
26:28And more than that, I just wish that you listen.
26:31That's it.
26:32I'm definitely listening.
26:39Sarah-Louise, online is tough.
26:43Yeah.
26:43And I agree with what Stephen says.
26:46You may have to shut the online off.
26:48Yeah.
26:49You may have to bring it right back.
26:52And in this case, maybe less is more.
26:57OK.
26:57But unfortunately, you know, the business today, to me, is uninvestable.
27:04So for that reason, I'm out.
27:06OK.
27:07Thank you for your advice.
27:10So, um...
27:12It looks lovely.
27:15Don't you dare.
27:16I mean, look, if I receive that, I always...
27:19Actually, I get more excited the moment before I open a box.
27:22You know, it's got to look from that moment it arrives.
27:25Yeah, that's the point.
27:26Yeah.
27:26Exactly.
27:27And I get it.
27:28So that's lovely.
27:29You have captured that completely.
27:32Can you feel the butt?
27:33I can feel the butt.
27:34You haven't worked.
27:37You don't have a...
27:37This isn't a business.
27:39OK.
27:40And I honestly can't get my head around how you had three years of it getting worse.
27:47Yeah.
27:47And I want you to stop making the mistakes that you're making.
27:52And I know you say, I hear you.
27:54I'm not sure it's going in.
27:57And don't walk out and think, right, I'm going to prove them wrong.
27:59Because I'm going to prove them wrong is not a clever way of looking at your business again
28:06and changing the way you're doing things.
28:09So I won't be investing.
28:11I'm out.
28:13Thank you so much.
28:17Sadly for Sarah Louise, she must depart the den empty-handed.
28:25But despite the dragon's doubts, she remains upbeat.
28:29About the future.
28:33Obviously, I'm really disappointed that we didn't get an investment.
28:36I'm hoping to prove them wrong.
28:38I don't think that's from a delusional perspective.
28:40I think it's because I can see a path really to greatness for the business.
28:44Hi, I'm Jane McGregor.
28:59I'm 26 years old and I'm from Kent.
29:02You got this.
29:05Starting this business came out of nowhere.
29:10Just like when my dad passed away, we weren't expecting it.
29:13It was something that completely rocked our worlds
29:14and was probably one of the most traumatic things I've ever faced.
29:17Dad, please make sure that you are looking up for me.
29:22On my shoulder.
29:23Keep your pick up.
29:24But out of that pain grew a lot of purpose.
29:28I've got the heart and the grit and the drive to make sure that it succeeds.
29:31And because it is so personal, I've got a higher purpose
29:33and a higher energy that is guiding me.
29:41Hi, dragons.
29:42Hi.
29:43Hello.
29:45Hi, I'm Jane.
29:46Just so you know, I am very neurodivergent.
29:49I've got dyslexia and dyscalculia,
29:51so I will be using my iPad for the first part of the pitch.
29:53I really hope that English comes out of my mouth.
29:56Please bear with me if not.
30:02Okay.
30:03My name is Jane McGregor, and I'm the founder of Graceful Graves.
30:08Today, I'm seeking a £70,000 investment
30:11in exchange for 10% equity in my business.
30:15We all face the inevitability of losing our loved ones.
30:18Despite the universal experience of grief,
30:20the aftercare of graves is often overlooked.
30:24Graceful Graves is set to change that
30:25by providing mobile grave cleaning and maintenance services
30:29via subscription packages to all those who need us
30:32to be able to help maintain your loved one's final rest in place.
30:36As a radio and TV presenter from South London,
30:38starting this business was not on my radar.
30:41But sadly, in March 2020,
30:43I lost my dad,
30:44and I got real comfort
30:45in caring for his grave.
30:47Sorry.
30:48It's okay.
30:48Sorry, I was holding that in all day.
31:05So I was at the cemetery so often
31:08that people thought I worked there,
31:10and then strangers started asking me for help
31:12if I would clean their graves too.
31:14And it really inspired me to start a service
31:16where I could provide the same level of care
31:17that I was giving to my dad's grave
31:19to all who needed it.
31:21Dragons, with your investment,
31:22I really want to scale this business.
31:23I want to improve my offering
31:25and bring nationwide coverage
31:26to all families who need us.
31:28And we're not only a transaction,
31:30we're building a community of grievers online
31:32through our viral videos
31:34and compassionate content
31:35through a founder who's literally been there
31:37and is still on her grief journey,
31:39but wants to help others.
31:40Join us in making grief more graceful.
31:44An impassioned pitch from Jay McGregor,
31:49who's looking for investment
31:50in her mobile grave cleaning business.
31:54Well done.
31:55Well done, Jay.
31:56She's asking for £70,000
31:58in exchange for 10% of her company.
32:02And it seems Jay's pitch has already struck a chord
32:04with guest dragon Emma Greed.
32:09I mean, well done on that pitch.
32:11As a dyslexic, neurodivergent woman myself,
32:15I really admire the fact that
32:16not only did you just come out
32:17and address that immediately with all of us,
32:21but you just took the tools that you needed
32:22to make this pitch completely your own
32:25and it was perfection.
32:26So congratulations there.
32:28You can take a big deep breath now, love.
32:30Just shake it out.
32:31Will you just tell me a little bit about your background?
32:34What were you doing before you started this business?
32:37So my background comes from pirate radio,
32:39community radio and commercial.
32:40I worked behind the scenes in production
32:42and worked my way up to being a presenter.
32:44And now I'm the voice of Channel 4 and E4.
32:47So you may have heard me introducing
32:48some of your favourite shows
32:49like Gogglebox and First Dates.
32:51I love that.
32:52And do you still do that now?
32:54Yes, I still do that.
32:55But now I'm at the perfect point
32:56where I can use my media background
32:57and my training to really help with my business.
32:59So I'm working on cool things
33:00like documentaries and the grief space,
33:02looking at different traditions and cultures
33:03and the way we grieve,
33:05which nicely feeds into my business,
33:07but also allows me to really connect
33:08with my audiences and my potential customers.
33:12So tell me, what does that actually look like?
33:13How do you find customers?
33:14Because I'm imagining
33:15that you are not just wandering around cemeteries everywhere.
33:18No, definitely not.
33:19You've still got to find a customer.
33:21Still got to find the customer.
33:22So a lot of it comes from word of mouth,
33:23but social media has been a catalyst.
33:26We have got over 1.8 million organic views
33:29across 24 videos,
33:30and that was accidental.
33:31Me, cleaning graves the same way
33:33you watch a viral pool cleaner
33:35or a viral carpet cleaner.
33:36People were really understanding the stories behind it
33:39and fascinated by the cleaning that I was doing,
33:41the different products that I was using.
33:43And from that...
33:44Clean talk is a thing, right?
33:45So that's how you picked up customers.
33:47And people are what?
33:48Like they're just DMing you and messaging you
33:49and then you're providing the service that way.
33:51Yeah, they're coming to us that way
33:52and then they refer them to the website.
33:54They choose the package that they think they want.
33:55And then we go down and we assess the graves,
33:57make sure it's suitable.
33:58And then we get clean within seven days.
34:00Wow.
34:02And one last question from me.
34:03How are you charging?
34:04How are we charging?
34:05So we've got three packages.
34:06Our violet package is at £110
34:09and that's for monthly grave cleans and tidy dups.
34:12Our willow package is £440 per year
34:15and that's quarterly care on four dates of your choice.
34:18And then our lavender package is £120
34:21for a one-off grave clean and tidy up.
34:25How many customers have you got, Jay, at the moment?
34:28So we are pre-revenue at the moment.
34:30We have done this on a pool of
34:3110 recurring subscription customers
34:33and we've used all the data
34:35that we've been getting from social media
34:36to target the locations
34:37that we want to scale and reach nationwide
34:40once I can grow a team of grave guardians.
34:42We want to have a nationwide network of grave cleaners
34:46and you can do this part-time around your job.
34:48So is that going to be the model?
34:50You're not going to necessarily employ the cleaners?
34:52You're going to assign local cleaners to do the job?
34:55Yes, the main aim is to scale
34:58so that we can have a network and regional hubs.
35:01Everyone will have the same training
35:02and the same sensitivity around what we're doing
35:05and then we'll be able to let them carry out
35:08the Graceful Graves work depending on their area.
35:11Interesting.
35:12Jay.
35:14Hi.
35:14I can remember when I was little
35:17and every month I used to take my grandma
35:20she used to want to go and clean my granddad's grave
35:23and we used to pack the little kit
35:25and I used to walk her up to the cemetery
35:27because she couldn't walk very well
35:29and I used to have to link her and walk her up to the cemetery
35:31and it would take us a couple of hours
35:32we used to fill a pop bottle right up
35:34with washing up liquid water and scrub it all down.
35:38And like you said, it was a healing process for her.
35:40It meant a lot to my grandma to do that herself.
35:43Yeah.
35:44And a couple of times when she wasn't well enough to
35:46I went and did it for her
35:48but I don't feel like she would have ever wanted someone else to do that
35:52because it was a bit of a private family thing.
35:54Do you come across that barrier very much?
35:57We do come across that
35:58but that's when it gets to a point where those kind of older generations
36:02do have to come to a point and say
36:04look, my health issues are not allowing me
36:06and they would rather it be done and know that
36:08their little flowers are there, their note is there
36:10if there's anything personal they'd like us to include
36:12we can do that.
36:14Well that also speaks to my final concern on it is
36:16it felt really expensive to me.
36:20For somebody to commit £110 a month
36:24that's a lot of money annually
36:26for someone to be spending on this.
36:28Are you seeing that much as a barrier to people signing up?
36:31Not at the moment
36:32because we have had families
36:34ask to split the costs between themselves
36:36so for example if a parent dies
36:38and there are a couple of siblings
36:39a lot of them will spread that payment out between them
36:42so it doesn't feel like one heavy cost
36:43and for me it's like
36:45I see this as a gift you could buy somebody
36:47once they've had a loved one that's passed away
36:50like a practical gift and supports their flowers are great
36:52but here's something that might give you some peace of mind
36:54and you know we are going to cover this for you
36:57for your loved ones.
37:01Jay, hi.
37:03Hi.
37:03I feel your pain because I lost my dad last year
37:06so I know that feeling.
37:09I'm sorry to hear that
37:10and thank you for sharing that with me.
37:11This is really difficult to invest in
37:16at the moment
37:17because what we want to see
37:19and I particularly would want to see
37:20is a little bit of a proof of concept.
37:22Yeah.
37:23I'd like to see that
37:24okay, could this scale
37:26and what could that scale look like
37:28because that enables me then
37:29to get an understanding
37:31of where this business could go
37:32and if you're able to sort of have
37:34two to three hundred customers
37:35and you can see the regularity of those customers
37:38and then you can see how this could sort of grow out.
37:42Do you know what?
37:42I think this could be something
37:44that might be really interesting to invest in.
37:47At the moment though
37:48I do think it's just too early for me
37:51to come and jump in with you
37:53but the reason why I'm spending a bit of time
37:55telling you this
37:56is that I want to encourage you
37:58to keep going with this
38:00but as you've pitched today
38:03it's not something I can invest in
38:04I'm going to say that I'm out
38:05but I just wanted to share my thoughts and feelings
38:08because I was quite touched by your pitch.
38:11I really appreciate that
38:12and completely respect that you're out.
38:15Jay.
38:16Hi.
38:17The thing I'm really struggling to grapple with
38:20is it's okay for you to build a business
38:24because you're building a living
38:26out of doing this.
38:28As an investor
38:29all I am doing
38:30is making profit
38:32from a service connected with people's grief
38:35and that is something
38:36I'm really struggling with.
38:38However
38:38I don't think that is a reflection
38:40on you as a fantastic entrepreneur
38:42on this as a very needed business model
38:44in the market
38:45and I don't think there is any reason
38:47why you shouldn't
38:48make money out of this
38:49because for you
38:50it is about earning a living
38:52doing something you're passionate about.
38:54It just doesn't feel right
38:55as an investor
38:56to make money out of it.
38:56Does that make sense?
38:58Yeah that's fair enough.
38:58I hope that makes sense.
39:00It's with a heavy heart
39:01but I have to say
39:02it just doesn't feel right for me
39:03so I'm going to say that I'm out.
39:05Okay thank you.
39:09I think you are definitely
39:10going to make a good business
39:11out of this.
39:12I question
39:14how big it is going to get
39:16because I think
39:16as you get bigger
39:17you're going to be loaded
39:18with a load of costs
39:20because you'll want it
39:21to be as good as
39:21every grave
39:23to be delivered
39:24in the same way
39:24that you deliver it
39:25and that is going to take
39:27a lot of time
39:28in terms of quality control
39:29and recruitment control
39:31so I'm really sorry
39:33although I applaud you
39:34for your thinking process
39:35and you are very impressive
39:37but I'm afraid
39:38it's not an investment for me
39:39I'm out.
39:41I appreciate that.
39:43Jay.
39:44Hiya.
39:46I'm questioning
39:47first of all
39:48when I invest
39:50normally I'm hands on
39:52Yeah.
39:53and I get involved
39:54I don't know how I can get
39:56hands on here
39:57how I can get involved
39:58however
39:58You're a pair of marigolds
39:59Yep.
40:00Yep.
40:01However
40:02I think at the moment
40:03you're a bit early
40:04and I think
40:05it's been said
40:07you need to grow
40:08a little bit bigger
40:09but for me
40:11it's just
40:13I don't feel passionate
40:14about it
40:14so I'm out.
40:17No that's fair
40:17and thank you so much
40:18for sharing those thoughts.
40:21Oh Jay
40:22such a difficult one
40:23this one
40:24because
40:25like everybody said
40:26like you are
40:27phenomenal
40:28I've been sitting here
40:29listening to everybody
40:30give their feedback
40:31and
40:33you know
40:34it sounds awful
40:35it's like
40:36I have zero ambition
40:38to be in the cleaning business
40:40for Graves
40:41for anything else
40:42I feel like I spent
40:42my whole bloody childhood
40:44like cleaning up
40:45I had a mum
40:46who was like a clean freak
40:47and I don't want to go back
40:48in any way
40:48shape or form
40:49it's just not
40:50where my head's at
40:51so I don't want to
40:52discourage you
40:53because I think
40:54that you have to
40:55follow your heart
40:56and do your own journey
40:57and I wish you
40:58the best of luck
40:58with it
40:59but for me
40:59I'm out.
41:04Jay
41:04I don't think
41:07this is an investable
41:07business for me
41:08however
41:10when I look at
41:11how I would run
41:12this business
41:12if I was in your shoes
41:13I actually wouldn't
41:14be seeking an investor
41:15I'd go
41:16one grave at a time
41:18and I'd scale
41:19the business
41:20slowly
41:21because sometimes
41:22in business
41:23when you're at the start
41:24capital can be a curse
41:25because it means
41:27that you can rush
41:28and when you rush
41:29you overlook
41:30some of the things
41:31you have to figure out
41:32to ensure the business
41:33is solid and sustainable
41:34so I actually think
41:35you can do this
41:36without an investor
41:37and I actually think
41:37you should
41:38because I think
41:39if you do
41:40you'll build a much
41:41more sustainable business
41:42I'm going to say
41:43that I'm not
41:43but I wish you
41:43the very best.
41:44Thank you so much
41:45I really appreciate that.
41:47Good luck Jay.
41:48Thank you very much.
41:49Nice to see you.
41:52Sadly for Jay
41:53she departs the den
41:54without a deal.
41:56I think you're
41:56going to clean up.
41:57Oh good one.
42:00But she walks away
42:02with plenty of positives
42:03upon which to reflect.
42:05I think there's always
42:06a level of disappointment
42:07when you don't get investment
42:08but how can I be disappointed
42:10when they believe
42:11so strongly in me
42:12and they believe
42:13in the business.
42:15hello my name is
42:28Francisco Jimenez
42:29I live in London
42:31and I'm originally
42:32from Mexico City.
42:34Our product
42:35is the biggest innovation
42:37in the hairdressing world
42:39since the hairdryer.
42:40It's paint.
42:45It's hair dye, no?
42:46It's mixing paint
42:47to create new colours.
42:48I think it looks hair dye-ish.
42:50I wonder if they can match my hair.
42:53I'm not sure there's much
42:54going to be done with that
42:55to be fair.
42:56Our business is pursuing
43:01a very large opportunity
43:02in a very large industry.
43:05So obviously our ask is high
43:07but we believe
43:09that this will be
43:10a billion dollar company.
43:11Hello, Dragons.
43:23My name is Francisco Jimenez
43:24and I am the CEO
43:26and founder of YouBeauty.
43:28Let me get you started
43:30by imagining the following.
43:32You are a hairdresser
43:33in the salon
43:34and your client just showed up.
43:36And then you have to prepare
43:38her perfect hair colour formula.
43:40This is what YouBeauty is going to solve.
43:44How it works
43:44is you log in,
43:48find your client,
43:50put the ball
43:51in the hair colour device
43:53and start dispensing
43:57your hair colour
43:57for your client.
43:59Very light blonde violet.
44:01She's got good hair,
44:02that client.
44:03That's amazing.
44:04Great hair choice, yeah.
44:06So before you are actually laughing
44:08or thinking
44:09what am I hearing
44:10about a ball guy
44:11telling me about
44:12a hair colour business,
44:14let me tell you
44:15that this is my second
44:16beauty tech company
44:18in hair colour
44:19and the first one
44:20I successfully sold
44:21for more than 200 million.
44:26Francisco,
44:26I'd like to make you a offer.
44:29I'll offer you
44:30all of the money
44:32you're about to ask me for
44:33for the percentage
44:34that you want.
44:35So let me tell you
44:39about You.
44:40It helps eliminate
44:41the waste that happens
44:42in the salon
44:43where the hairdresser
44:44has to open
44:44multiple tubes of colour
44:46to mix colour
44:47for a single client.
44:48But it is a lot more
44:49than just a dispensing device.
44:52It actually saves automatically
44:53all of your formula creations
44:55for your clients,
44:56keeping the hair colour history.
44:58It actually tracks
44:59all of the inventory
45:00that you have been using
45:01and it automatically restocks you
45:03so that you don't have to worry
45:04about ordering.
45:06Wow.
45:06To tell you about
45:07the business model
45:07is quite straightforward.
45:08It's very similar
45:09to that of the printer
45:10and ink business model
45:12where we are not selling
45:14the hair colour device.
45:15We really are selling
45:17the proprietary hair colour
45:18that goes inside our system.
45:20You, as a salon,
45:23will pay £49 per month
45:24to lease all of the equipment
45:26and then on top of that
45:28you pay for the hair colour
45:29that you actually use
45:30as you use it.
45:32To put it in perspective,
45:34a salon of four to five
45:35hairdressers
45:36can use between
45:37£800 to £1,000
45:38in hair colour per month
45:40and we have
45:41an operating margin
45:42of 55%.
45:44So, a salon that uses you
45:46should contribute
45:47about £500 per month
45:49in profit.
45:50We have a couple of patents.
45:52We have been working
45:53in this for three years.
45:54We just launched,
45:55literally just launched.
45:57We have already
45:57a waiting list
45:58of about 500 salons.
46:00So, I am here
46:01requesting an investment
46:03of £250,000
46:05for 1% of the company.
46:121%?
46:14Thank you for your
46:16consideration.
46:20A tech platform
46:22intended to revolutionise
46:24the way professional
46:25hairstylists apply colour
46:26is the brainchild
46:28of Francisco Jimenez.
46:30Well done.
46:31Great pitch.
46:35Francisco is seeking
46:37£250,000
46:39in return
46:40for a 1% stake
46:42in his business.
46:42I think, Peter,
46:43is only half-joking now.
46:44I actually thought
46:45he was going to get up
46:46and shake your hand
46:46on an offer.
46:48News of the entrepreneur's
46:49previous success
46:51appears to have
46:52softened up
46:53Peter Jones.
46:54But can Francisco
46:56convince the Dragons
46:57that his current enterprise
46:58has similar potential?
47:03Francisco,
47:04going back
47:06back to what you said
47:07to what you said about
47:07you give these
47:09to the salons
47:10and they pay a rent
47:1349 pounds per month
47:16just for the equipment.
47:18Just for the equipment.
47:18That includes the iPad.
47:20And what does all
47:21that cost you?
47:22So, the only
47:23economics for us
47:23is that right now
47:24with low volumes
47:25we're paying
47:26£600 per device.
47:27So, it pays for itself
47:29over a year, say?
47:30Yeah.
47:30Now, so the actual dye
47:32now, I'm assuming
47:34that you are challenging
47:36the big dye companies
47:38or are you buying this
47:39directly wholesale
47:41in bulk
47:41from the companies?
47:44No, we engineer
47:45our own formulas.
47:46We work with a lab
47:47in Switzerland
47:48that specializes
47:48only in hair colour
47:49formulation.
47:50Right.
47:50And that's where
47:51the business is
47:52like doing it
47:53buying the
47:55the highest quality.
47:56So, fine.
47:58So, I have a salon
47:59and I'm buying
48:01Clarion
48:02or whatever
48:02the dye stuff is.
48:04Like for like
48:05what would your price be?
48:08Like, gram by gram
48:09our product
48:10costs the same
48:11as the top
48:11luxury colour
48:13professional colour
48:14in our category.
48:16But with our system
48:17we're reducing
48:18so much waste
48:19that you as a
48:20salon owner
48:21should see savings
48:22or whatever
48:23you're spending today
48:23because think about it
48:25if you're in the salon
48:26a hairdresser
48:26will normally open
48:27two tubes of colour
48:28to create a mix.
48:30There's a really good chance
48:31that the second part
48:33of that tube of colour
48:33doesn't get used
48:34and goes to waste.
48:36Right.
48:36So then that's
48:37we can be quality
48:39but you get to save money.
48:44Francisco
48:45I'm a woman
48:46of a certain age
48:47I dye my hair
48:48pretty consistently
48:49but I'm extremely
48:51brand loyal
48:51and it's my understanding
48:53that most
48:53incredible stylists
48:55and even certain salons
48:56are
48:57they have
48:58an affiliation
49:00with a certain brand.
49:02So are you seeing
49:03any kind of pushback
49:04so far?
49:05Obviously there's
49:06legacy of the people
49:07who may be with
49:08brand A or B
49:09and then they're
49:09training that system.
49:11So there's
49:12a little bit of friction
49:13but I will have to say
49:14when they see this
49:15they get it.
49:16That's the incentive.
49:17The machine is the incentive.
49:17The hardware is the incentive.
49:19That's the incentive
49:20to get them started
49:21and then after that
49:22then they want to test
49:24and make sure
49:24that it works
49:25and just about
49:26every single demo
49:27that we have done
49:28to the people
49:28that have requested one
49:29have switched.
49:31So you're not getting
49:32a lot of resistance?
49:34No.
49:34Quite honestly
49:35I'm not.
49:39Francisco
49:39have you got revenue
49:41forecast for the next
49:41couple of years?
49:42Yeah.
49:42So for this year
49:43we should be doing
49:44slightly shy
49:45of like a million pounds
49:47and then next year
49:49we should do
49:49about six million.
49:52You said
49:52your previous business
49:53was acquired
49:54for 200 million dollars?
49:56Euros.
49:57Euros.
49:58Okay.
49:58So presumably
49:59you can fund
50:00this business yourself.
50:01I have invested
50:02significantly into this
50:03but I have two funds
50:06that are partners
50:06with me in this journey.
50:08And how much
50:09have they invested
50:09in total?
50:10So the total amount
50:11of investment
50:11to the business
50:12is north of
50:13five million pounds.
50:15And in terms
50:16of the capital
50:17you've raised
50:17are you raising
50:18more money?
50:19I'm raising more money
50:19so obviously
50:20like this is part
50:20of a larger
50:21fundraising effort.
50:23How much?
50:24So we're raising
50:25four million in total.
50:26Okay.
50:27And how much
50:28of that have you
50:29raised already?
50:30We are three quarters
50:31of the way through.
50:33There's a million pounds
50:34left in this round?
50:36Okay.
50:37And who are those
50:37investors?
50:38What kind of investors
50:39is?
50:40So I have a couple
50:42of high-neigh worked
50:43individuals.
50:44They have a connection
50:45to the BBE industry
50:46as well.
50:47And then the existing
50:48investors are participating.
50:49And they've all invested
50:51at a pre-money valuation
50:52of 25 million?
50:53Yes.
50:54That's part of the round.
50:55It's really like
50:56having more smart people
50:57working and being my partners
50:59that make it successful.
51:01You're the smart one
51:03asking for 251%.
51:05Look, I think you're great.
51:09However, if I have to stick
51:11to my true rules,
51:14I don't get out of bed for 1%.
51:15Yeah, I get it.
51:18So for that reason,
51:19I'm out.
51:20Well, I appreciate it.
51:21Thank you very much
51:22for the honest feedback.
51:24Francisco,
51:25you're very, very good,
51:27but you don't need
51:28any of us to tell you that.
51:30You know that.
51:30You've got a proven track record.
51:32You've put your own money.
51:33You've just got
51:34everything going for you.
51:35And I'm guessing
51:35the offer that's on the table
51:36is kind of like,
51:38this is what I'm offering.
51:39Are you in or are you out?
51:42Quite honestly,
51:42it is the case
51:43because most of the people
51:44who are participating
51:45in the round
51:45have been the previous investors.
51:47And then the ones
51:47who like helped me
51:48from the beginning
51:49have believed in this
51:50since I said,
51:51hey, like,
51:51are you willing to come
51:52with me on this ride?
51:53I cannot feel
51:54that I could shortchange them.
51:57Because you believe
51:57all investors
51:58are created equal?
52:00No, but everyone's money
52:02and then they will
52:03ruin my relationship
52:04with the other investors
52:05and it just creates
52:07a nightmare
52:08if it doesn't happen like that.
52:09It's fine.
52:10I'm in.
52:11Oh, wow.
52:11I'd be in on this
52:12and I understand
52:13it's just a small little seat
52:15on a big bus,
52:17but I tell you what,
52:17it's a good bus
52:18to be honest, isn't it?
52:19Oh.
52:19So, yeah,
52:20I would give you
52:21all that money,
52:21the quarter of a million
52:22for one percent.
52:22I'm very flattered.
52:29Francisco,
52:30I just don't think
52:32that I can do
52:32a better deal for you
52:33than Sarah's done here.
52:35I would happily
52:36give you the 250 grand,
52:37but I wouldn't do it
52:38for one percent.
52:39I'd need three percent
52:40of the business.
52:41So I'm just going
52:42to be really honest
52:42with you,
52:43but I think
52:43what you're doing
52:43is great.
52:44So is that an offer?
52:45That's an offer.
52:46I mean,
52:46it's a straight offer.
52:47I'd do 250 grand
52:48for three percent.
52:49Having said that,
52:50my experience,
52:52and I've raised
52:52a lot of money,
52:53hundreds and hundreds
52:54and hundreds
52:54of millions of dollars,
52:55and not all of my investors
52:56are created equal.
52:57There are some
52:58that are more useful
52:59depending on the stage
53:00that I'm at,
53:01and that's not about
53:02being disrespectful
53:02to anybody
53:03on your cap table.
53:04It's just that
53:05different people
53:06are good at different times.
53:07So I'd give you
53:08that offer.
53:09You have a different offer
53:11right next to me,
53:12and I'm sure
53:12you'll get something else,
53:14but you know
53:15where I stand
53:15at least at this time.
53:16Thank you very much.
53:16Congratulations to you.
53:18And Francisco,
53:19do you know what?
53:19I could not
53:20have described
53:21that better than Emma
53:22because I made you
53:23an offer
53:23before I even knew
53:25how much you wanted
53:25and what equity
53:26you wanted, right?
53:27So I'm going to keep
53:29to my honour there
53:30and keep that offer.
53:32So my offer is there
53:34with a slight tweak.
53:35Okay.
53:36And my tweak
53:37comes in the form
53:38of advisory shares
53:39to Emma's point
53:40because I think
53:41that that is so true.
53:44Not everybody
53:44is equal
53:45on that cap table
53:46when you look
53:46through it.
53:47You do always
53:48and often get
53:49avengers
53:51and investors,
53:53and I feel
53:53that I'm also
53:54one of those.
53:55So I want
53:563% advisory shares,
53:58and the benefit
53:59of that is
53:59that you can keep
54:00your cap table
54:01without offending
54:01anybody at that 1%,
54:03and nobody gets diluted.
54:05The only person
54:05that dilutes
54:06is you
54:07because you believe
54:08in the value
54:08of having me,
54:09so that's my offer.
54:151% plus 3% advisory.
54:18So you're at 4%.
54:194%.
54:19Yes.
54:20You are at 4%,
54:21Emma's at 3%.
54:22Francesca,
54:30I think you're great,
54:31and I love
54:32the vision.
54:35It doesn't bother me
54:36whether it's
54:38a smaller percentage,
54:38because if you've
54:39got a business
54:40that you expect
54:41is going to
54:41really,
54:42really gun it,
54:44then, you know,
54:45that's a great thing
54:46to be part of.
54:47Yeah.
54:47So I am going
54:50to make you an offer.
54:51Oh, wow.
54:52And I'm going
54:53to offer you
54:53all of the money.
54:54I want 2%
54:56of the business.
54:56Oh.
55:00Thank you very much.
55:02Just Stephen left.
55:07I,
55:08I'm going to do
55:09something that
55:10I don't typically do.
55:11I like to park myself
55:12above the other dragons
55:13when I make an offer,
55:14typically.
55:16But I actually
55:17believe
55:17that if you took
55:19an offer today
55:19that was outside
55:21of this ask,
55:22it probably
55:23wouldn't happen.
55:24It would annoy
55:25too much of the people
55:26that have supported you
55:27on the journey
55:28you've been on.
55:29So I've sat here,
55:30the reason I've paused
55:31is because
55:31I've come to a point
55:33where I realised
55:33that the offer
55:34is the offer.
55:38And you are
55:39so fantastic
55:40that I am going
55:41to give you that.
55:43I'm going to give you
55:44the $250K
55:45for 1%
55:46of the business.
55:47Yeah, it's really,
55:50really rewarding.
55:55I mean,
55:56this is really
55:56overwhelming.
55:58It's been a surreal
55:59experience,
55:59to be quite honest.
56:01and now
56:03definitely
56:04on Sarah
56:07and Stephen
56:08like,
56:09it is why I came here
56:11asking,
56:11so what can I say?
56:13You want to raise
56:14a million,
56:14don't you?
56:15I want to raise
56:16a million,
56:17but I'm very fixed
56:18about the valuation
56:19for the reasons
56:20what I said.
56:21but you could always
56:22accept those two offers
56:23at $250,000
56:24for 1% each
56:25and then you will
56:26get $500,000
56:27for 2%.
56:28Yeah.
56:32I'm happy to accept
56:35both offers
56:35because there's still
56:36room in the round.
56:38Absolutely.
56:39I had a feeling
56:39that's the only way
56:40I was getting on the journey.
56:44Thank you so much.
56:47It's wonderful.
56:49Thank you, everyone.
56:49You deserve it.
56:50You really do.
56:51So you've raised
56:52half a million?
56:53Yes.
56:54Woo-hoo!
56:56An historic outcome
56:58for Francisco.
57:02Who earns his place
57:03in the Dragon's Den
57:04Hall of Fame,
57:06leaving the den
57:07with a cool
57:07half a million pounds.
57:09I couldn't be
57:10more thrilled about it.
57:12What can I say?
57:13It's unbelievable.
57:14And a duo of dragons
57:16that can help him
57:17build a business
57:18even more successful
57:20than his last.
57:21Isn't that the biggest
57:22investment ever
57:23on Dragon's Den?
57:24Yeah, biggest deal
57:25in the den,
57:26half a million.
57:28It is just like
57:29this coffee machine
57:30that mixes
57:31pallet.
57:33It's not that special.
57:35Can you feel that?
57:36I can feel that, yeah.
57:38Next time.
57:52I've got quite a huge
57:53level of humility.
57:54The irony of saying
57:55I've got a huge level
57:56of humility.
57:57So what do you say
57:58on Dragon's Den?
58:00Let's go.
58:01Tuka, go on.
58:02Go on.
58:05That's your new slogan.
58:07I do get out of bed
58:08for one percent.
58:09She's broken the curse.
58:10Could you be due
58:16compensation
58:17from miss-sold
58:18car finance?
58:19The Martin Lewis podcast
58:20on BBC Sounds
58:21has the latest.
58:22Here, unsuspecting
58:24faithfuls
58:24about to be taught
58:25a lesson.
58:26The Celebrity Traitors
58:27coming next
58:27on BBC One.
58:28The Celebrity Traitors
58:35of a Great World
58:37at a time.
58:37Today, we will
58:39continue to be taught
58:39as a result.
58:39We'll be taught
58:40for three.
58:41We'll be taught
58:42this later.
58:42We'll be taught
58:43in a moment.
58:43We'll be taught
58:45through our
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