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00:01the doors to the den are open for business a place where fortunes are made and futures
00:09are forged but this time the game has changed a fresh wave of fierce investors are out to
00:17shake things up and steal the deals tonight I'm Jenna Meek I'm a serial entrepreneur
00:26I'm currently the co-founder and CEO of a five beauty Jenna welcome back to the den no thank
00:32you for having me back I'm excited for today when I look into the eyes of an entrepreneur there is
00:36literally one thing I'm looking for it's their belief that their idea is gonna succeed I can see
00:42in people's eyes if they're lying to me I know exactly what I can bring to a business so if
00:46there's a fight for an investment I will be absolutely fighting for it I love disagreeing
00:51with the dragons I really really do I am not scared of any of the dragons if anything they
00:55should be scared of me I'm Zahira my business is called Hattie I want to start a movement of human
01:13connection and my pitch starts in quite a unique way I'm just trying to throw the dragons a little bit
01:22off kilter okay absolutely no idea zero idea I'm stuck there's something a bit eerie about it there is
01:35something a bit eerie my perfect match in a dragon for my business would be Steven he understands like
01:45the millennial generation and the Gen Z generation can really get us front and center
01:52so
02:01so
02:01so
02:02so
02:02so
02:02so
02:04so
02:19Hello, Dragons. I'm Zee, and I'm the founder of Hattie.
02:23We are gathered here today to finally lay to rest traditional dating apps.
02:28Because for those of us, like myself, who are in such a real human connection,
02:32they've wasted enough of our time.
02:35Now, before I tell you any more, I wanted to give you a quick question.
02:40I can either continue to pitch this to you myself,
02:43or I can put the rest of the pitch up on the screen behind me,
02:46lay in this coffin, and allow you to read it.
02:48The choice is yours.
02:50I'd say get in the coffin.
02:51I'd say get in the coffin.
02:53You should never ask that of a dragon.
02:54We're all going to say get in the coffin.
02:56OK, I'm really going to need you to let me pitch this to you, please,
02:59rather than just reading the screen.
03:00You're all right. Go on.
03:01No, we'd love to hear from you instead.
03:03It would have been really awkward if you actually wanted me to get in the coffin.
03:06Because let's face it, you'd never make a business decision over text alone.
03:10So why are we dating that way?
03:1280% of users of traditional dating apps are emotionally burnt out by them.
03:16And I should know, because I'm one of them.
03:19After deleting them for what felt like the hundredth time,
03:21I hit my absolute breaking point.
03:24And from the ashes of my absolute despair at that point, Hattie was born.
03:28The online dating industry is potentially worth over $9 billion.
03:32And yet today, only 15% to 20% of matches ever turn into a two-way conversation.
03:38On Hattie, we're completely flipping the script.
03:40Instead, every single match will turn into a five-minute scheduled voice or video call.
03:46So once you connect, there's no messaging, there's no dialing in, there's no scheduling.
03:50The app automatically does it for you.
03:52There's no exchanging numbers.
03:53The app calls you both at the right time and connects you.
03:57After the call, you choose.
03:59You can speak to that person again or end the match forever.
04:03We launched on the 14th of February.
04:05We made revenue in 10 days and we've already grown to over 5,000 downloads.
04:09Today, I'm offering you the opportunity to invest £150,000 for 5% of a business
04:15that will become the next unicorn.
04:17Dragons, this isn't just an investment in an app.
04:20It's an investment in re-humanising the way that we find love.
04:23Are you in?
04:25You're going to have to wait to find out.
04:28I was really hoping you were just going to go straight to yes.
04:34Looking to spark a connection with a dragon
04:37is online romance revolutionary Zaheera
04:41and her next-generation dating app.
04:44The entrepreneur is seeking £150,000
04:48for a 5% share in her business.
04:52First to lean in with a question is Deborah Meaden.
05:00So, I'm sorry, I didn't catch your name.
05:02Did you say?
05:03Zee.
05:03Zee.
05:04Well, my full name is Zaheera, but everyone calls me Zee.
05:06Zaheera, that's lovely.
05:07Zee.
05:08OK, so, I mean, the idea sounds great.
05:12Just explain where you are with the business at the moment.
05:15What's your revenue model
05:16and how much money have you made to date?
05:18I'm assuming you mean February the 14th this year you started.
05:21Right, so it is quite new.
05:23Brand new.
05:24And, like, my whole point with launching it
05:26was to prove that there is a different revenue model
05:28you can have against a dating app.
05:30So, some of the traditional ones
05:31took anywhere between two and five years to monetise.
05:34So, one of the ways we make revenue
05:35is through booking dates through the app.
05:38So, we get a commission for every date that's been booked.
05:41The other way is we've integrated with dating coaching
05:44and mental health,
05:45because my philosophy isn't just get people on better dates,
05:48it's actually make people better daters.
05:50So, we also get commission from any dating coaching
05:53that's been booked through the app.
05:54And then, eventually, we want to trial things
05:56like minimum subscription.
05:57So, it's everyone, and it's not a lot.
05:59It's, like, £2.99 a month.
06:00Is that the longest version of you saying it's pre-revenue
06:03that I have ever heard in my life?
06:04So, we've only made about £48 of revenue so far.
06:07OK, yeah.
06:08All of those words you gave were good and really interesting,
06:11but you're pre-revenue, really.
06:12Pre-revenue, yeah.
06:14OK, so, you've got 5,000 people signed up.
06:16How many of those are actually active users?
06:19So, it varies on the day.
06:20We've had about 17,500 likes sent.
06:23We've had 100 phone calls,
06:26but a lot of people have now run out of people
06:28to actually go on a date with.
06:29So, we largely grew through, like, organic TikTok.
06:32So, we had a couple of videos go massively viral,
06:35just me explaining the concept.
06:37But then, you get users all over the country.
06:39You don't just get them in London, which is a real problem,
06:41because, really, this is hyper-localised, right?
06:43So, you want to launch in London and then scale it.
06:46So, yeah.
06:49Zee, I have a lot of experience in this industry.
06:52I've spent some time with the founder and CEO of Hinge.
06:55I've also spent some time with the CEO of Tinder.
06:58Good friends with the CEO of Bumble.
07:01So, this is a very difficult challenge, right?
07:03And a lot of everything you've said about people's dismay and dissatisfaction
07:06with dating apps is so unbelievably true.
07:08I hear it all the time from everybody.
07:10I would just hate to be on the dating app circuit.
07:15And that video that went viral.
07:17Yeah.
07:17What were you saying in the video?
07:19Literally just me explaining the concept.
07:20And what part of it was resonant?
07:22I think, A, it's very novel, right?
07:25We've completely scrapped messaging.
07:27The app auto-shedules you a five-minute call with your date.
07:30So, I think there's a couple of things in the community aspect of it.
07:34Of, like, we will only accept people on there
07:35who are willing to actually get verified.
07:38And also, we have a ghosting penalty.
07:39So, if people don't turn up, they get banned from the app.
07:42And I think that's resonating for a lot of reasons right now.
07:45Because the younger generation are demanding more.
07:47The Gen Z lot.
07:48Who are like, no, we want human connection.
07:50Like, they want raw authenticity
07:53in a way that I don't think the traditional dating apps have.
07:56So, you're the anti-dating app.
07:59You've taken every feature that people hate
08:00about the traditional dating environment
08:02and, basically, you're trying to do the opposite.
08:05So, there's a narrative there.
08:09Z, Z, you've come in with a three million valuation
08:13and a project that's been worked on for a few months.
08:16How can you justify that?
08:19So, part of the reason for that is I've got a letter of intent
08:22from an investor at four and a half million,
08:24but I completely recognise how much value
08:26you would all bring to the table.
08:28How much is that investor going to bring?
08:31$150,000.
08:32Yeah, I think you should have signed that and got that money.
08:36Then you wouldn't have needed to come here.
08:39I think this is still an incredible opportunity, though, right?
08:41Like, whether I walk out with money
08:43or the chance to just have interacted with all of you.
08:46No, I do, but I think it's...
08:47You've come in with a valuation of three million
08:50and you're pre-revenue.
08:52You can't, for one minute, have thought
08:55that that wouldn't be fairly controversial.
08:59I agree. It is controversial.
09:01Yeah? So, what about you?
09:03What have you done from a business perspective?
09:06Because that would justify why.
09:08Have you done something from a business perspective before
09:11and made millions from a seed of an idea?
09:13No.
09:14So, where do you get the valuation
09:16and what's the reason and rationale for the valuation?
09:19Because it's quite punchy.
09:20I think, so, part of it is that
09:23what I'm looking for the $154,000
09:24is really to get to 100,000 users.
09:27And then assuming that 1% of our user base
09:29book a therapy session once a month,
09:32that's £25 for every therapy session that gets booked.
09:35So, that gives you £25,000 a month in revenue from that.
09:39We then get between £3 and £12 per date.
09:42And if you assume that 10% of our user base
09:46goes on one date,
09:47you make another, like, £50,000
09:49from just commission from that.
09:51So, for me, like, yes, the valuation is high,
09:54but I think, for me,
09:55there's a huge growth opportunity here
09:56and it's about looking at the future growth of the business.
10:01You see, I've never used a date cap.
10:05And the numbers you're talking about,
10:08commissions, are in relation to where you're going.
10:11It's very small.
10:13Get a percentage of a date.
10:17Get a percentage of therapy.
10:20That's not going to make...
10:21Those bits are not going to make the next unicorn.
10:27So, for that reason,
10:28I'm going to let you carry on with the other drags.
10:31I'm out.
10:32Well, I really appreciate your time.
10:33Thanks, Tukor.
10:36Zee, hi.
10:37Hi.
10:38This is a world to me that...
10:40I just don't understand tech.
10:43They talk about building an app at work
10:44and then they go, oh, it blows my mind.
10:47So, for that reason, I am out,
10:48but I wish you the best of luck.
10:50I appreciate it.
10:52And, Zee, I think this is a market that's clearly very overcrowded.
10:59It's not something that I would want to invest in.
11:02So, I'm going to say that I'm out.
11:04But it's not a reflection of you as an individual for the way you've presented.
11:11I absolutely echo that.
11:12You've presented really, really well.
11:14And I feel like anything that you came up with, you will find a way to make it successful.
11:19Um, I have a bit of a worry for you.
11:21Okay, fine.
11:22My worry is you are working in a space where a lot of your competitors have to win.
11:28So, if you do find that magic combination that says, ah, that's where we earn our money,
11:35your competitors are in a situation where they can just say, oh, that's working.
11:41Okay, let's do it.
11:43That is a big risk for you.
11:45So, I'm really sorry, but I won't be investing.
11:48I'm out.
11:51Zee, this is a, I think this is a really perfect business for me
11:57because I'm particularly interested in community, loneliness,
12:00and how technology can solve that at scale.
12:08Um, putting like 150 grand bet on this at this point
12:16is just like too high of a bet to make.
12:20Can I convince you of one data point?
12:22What's that?
12:23Do you know Tim Ferriss?
12:24Yeah.
12:24So, Tim Ferriss went on the Modern Wisdom podcast last year, and he said,
12:28can someone just build a dating app where the sole purpose is a 10-minute voice or video call?
12:34We did five.
12:35That's just our thought process.
12:37But he is one of the best tech investors in Silicon Valley.
12:41I think even if you don't want to invest today, and I can completely understand why,
12:45what I would love is if you do know Tim Ferriss, an introduction to him and Simon Sinek,
12:49because Simon Sinek is actually one of my biggest inspirations for this,
12:52because he always talks about the eight-minute call.
13:06Just give me a minute.
13:13It's a big problem.
13:16I understand the problem.
13:23I am going to make you an offer.
13:27However, if I'm investing £150,000 in a business at this stage,
13:32which I consider to be, with all due respect, an idea,
13:38I consider myself basically a partner in the business.
13:43OK, so you asked for £150,000 for 5% of your business.
13:50I will make you an offer to give you all of the money for...
14:0335% of the business.
14:06Vampire, as you would call me.
14:08I'm going to call everybody, but it's just, there's just no, there's just no,
14:10I just can't see another way.
14:13OK.
14:14Well, somebody just turned in their grave in the, in the box.
14:18Um, would you go down to 20%?
14:25No.
14:26I wouldn't.
14:2930?
14:3432 and a half and we've got a deal.
14:36Oh, ho, ho, ho, ho, ho.
14:37Come on, Stephen, 30.
14:38Be a good one, Stephen.
14:39Come on, come on, Stephen.
14:42Come on.
14:43Go on.
14:44I know, but it's...
14:45Even the dragons want you to do this.
14:47Come on.
14:49OK, fine.
14:50Woo!
14:55Thank you so much.
14:57After a tense back and forth, Zaheera seals the deal.
15:01I'll see you soon.
15:04And with Stephen Bartlett now on board, her dating app just found its perfect match.
15:14It is one of the greatest opportunities that I've ever had in my life.
15:18I think it is utterly incredible that the dragon I want, wanted me.
15:39I'm James Martin and I'm from Harrogate in North Yorkshire.
15:42We wanted to create something where people could enjoy the great outdoors in a bit of luxury.
15:48It's called glawning.
15:50Which means?
15:51Glawning is a lawn, isn't it?
15:53I feel like it's glamping, but you buy the tent.
15:57Well, they're really readily available.
15:59We've got one of those.
16:00To be fair, it doesn't have the awning.
16:02The what?
16:03So the awning is the bit between the tent and the car.
16:06So that's an awning.
16:07Yeah, but it goes with glawning.
16:08It was completely lost on you, wasn't it, Stephen, when Peter said glawning?
16:12100% lost on you.
16:16I'm passionate about the business and I've started to invent some new products.
16:20So this, I think, is a real exciting time and a great time for dragons to come on board.
16:32Hello, dragons.
16:34My name's James and I'm here today seeking an investment of £60,000
16:39in return for a 10% share of my business, glawning.
16:43We aim to redefine what it means to go camping.
16:47It all started when I was on a camper van holiday with my wife.
16:50We had the freedom of the open road and we had the world's most miserable awning attached to the side
16:55of our camper van.
16:57It was boiling hot when the sun came out.
16:59It was freezing cold the rest of the time and it flapped around like a tent possessed.
17:04Worst of all, it was really, really boring.
17:06So we decided we're going to do something about it and we created the glawning,
17:10which is a glamorous canvas awning that can be attached to the side of a camper van, caravan, motorhome or
17:16large vehicle.
17:17It can also be used as a standalone tent by zipping off the connecting canopy.
17:22Since we launched, we have achieved net revenue after VAT of just over £4.3 million.
17:30And we also have our own festival, which attracts around 2,000 people every year.
17:35But this is just the beginning.
17:36We now want to build a go-to camping lifestyle brand.
17:41We have some fantastic new products in the pipeline.
17:44And we believe that these are going to open up massive new markets.
17:47And we'd love for you guys to be on that journey with us.
17:51So, Dragons, I invite you now to join us on the glawning revolution.
17:56A glammed-up camping classic, which attaches canvas to camper van or caravan, is the brainchild of James Martin.
18:05Please feel free to come and take a look at the product.
18:10Oh, wow. After you.
18:12This is nice.
18:14Oh, it's quite big.
18:15The entrepreneur is seeking £60,000 in exchange for a 10% share in his business.
18:23So, this is a bell tent.
18:25So, really, the unique bit...
18:26Is the attachment to a van.
18:27Is the attachment. It's the awning, isn't it?
18:29It is, yes.
18:29Because normally that would be closed off.
18:31Yes, yeah.
18:33First to take a closer look at what's on offer is seasoned camper Jenna Meek.
18:43Hi, James.
18:44Hiya.
18:44So, I love caravanning.
18:46As a kid, I used to always caravan with my parents.
18:49And each time we got away, I'd be like,
18:51are you putting the awning up?
18:52Because then there'd be arguments because it took so long to put this awning up.
18:56So, how difficult is this one to put up?
18:58How long does it take?
18:59Well, that's one of the reasons we chose a bell tent as the kind of base tent
19:04because they're very easy to put up.
19:05And it's usually about eight and a half minutes on my own to go from start to finish.
19:10Okay.
19:11And you mentioned this 4.3 million.
19:14So, what is the current business architecture right now?
19:17Are you selling these at festivals?
19:19Or have you got another company that is a, you mentioned a festival.
19:23What have you sold to make 4.3 million?
19:25Yes.
19:26So, the 4.3 million is solely to do with the Glawning business.
19:30So, 75% of sales come online and about 25% at festivals.
19:36We do have a festival.
19:37We run that as a separate company.
19:39So, the first year we did that was 2017 and we had about 150 people.
19:43And then it's just grown year on year and there's now about 2,000 people come along to that.
19:46So, that has a separate turnover with its own profit.
19:50James, do you buy these individually or separately?
19:54You buy them separately.
19:55So, you buy the base tent and then you buy your connecting canopy.
19:59And that varies in size.
20:01So, we do a standard height one which will fit on the likes of the transporter which is here.
20:05And then we do a high-top version which will go on caravans, motorhomes and bigger vehicles.
20:10And we now do an inflatable one which we've just launched but we haven't got them in stock yet.
20:14But we've kind of sold half of them already.
20:16OK.
20:17So, when did you start this?
20:19I came up with the product in 2013.
20:22At the time, I was actually running a start-up law firm.
20:26So, my focus kind of wasn't on this.
20:28OK.
20:29So, are these sort of like side hustles for you?
20:33And you're a lawyer by day?
20:35So, at the start, it was a side hustle.
20:38Then it started to do pretty well.
20:40Right.
20:40So, you're now doing this full-time?
20:42Yes.
20:46James.
20:47Yeah.
20:48So, I'm assuming you're buying this in from China.
20:52Yeah.
20:54So, there's no barriers to entry on this.
20:58If I wanted to do this, I'd pick up the phone.
21:01Yeah.
21:01And within 12 weeks, I'd have it in my warehouse.
21:05Yeah.
21:05Well, we do have design rights on this particular configuration.
21:08Yeah, but your design right might be you've got 24 inches higher.
21:12But something similar I can get.
21:15Yeah.
21:16I mean, there have been people who have tried to copy it.
21:19I'm not going to copy it.
21:20I'm just going to ring up my team in China.
21:23I'm going to pick the ones I want.
21:25Easy as that.
21:29James.
21:30Yes.
21:31On the 4.3 million in revenue you've generated over the last,
21:34is it 10, roughly 10 years, just over 10 years?
21:35Yes, yeah.
21:36What's the net profit been, the cumulative net profit?
21:39About 150,000.
21:41Okay.
21:43So, hmm.
21:46So, when I look at the business,
21:49it doesn't look very investable.
21:53Mm-hmm.
21:54Because if I were to invest 60,000 pounds,
21:58say it was for 10% or in that region,
22:00it would take some time based on the profits being generated
22:02in the business to ever get a return.
22:04So, how does a return happen in this business
22:07if the cumulative net profit over the last decade has been $150,000?
22:12So, my plan is now to build the business on innovation, primarily.
22:18We have some great new products in the pipeline.
22:20So, we've got one that we've just recently released,
22:23which is the inflatable version of the Glawning.
22:28We've already sold half of those,
22:30and we should sell the others fairly quickly.
22:33I also have applied for a patent for a new design,
22:38which I think is going to be a game changer.
22:41So, there's future innovation coming, which I'm betting on?
22:43Yes.
22:44Versus what I see here and the business in front of me.
22:48I always, it's always a bit of an amber flag for me
22:50when an entrepreneur says to not invest in the thing in front of me,
22:54but in something that is coming.
22:55For me, I'm always like, ah, I want to invest in...
22:59I can tell you about it.
23:01Yeah.
23:01As I say, the patent that we've just applied for
23:06is something that I think will take this to the next level.
23:10What is that patent?
23:11So, it's for a roof box,
23:14which has an inflatable awning integrated inside of it.
23:20You open the roof box, you plug into your 12-volt,
23:23you press a button,
23:23and the awning inflates out of the side of the van.
23:26So, it's taking the pain points
23:27of having to get the awning out of its bag,
23:30connect the pump up, pump it up, line it all up with the van,
23:33connect it, all of that is kind of done.
23:35And is that a patent or a design patent?
23:39That's a patent.
23:40That's a patent.
23:40These are just design rights, but that's a patent.
23:43See, James, that's so much more exciting than this.
23:47Yes.
23:48Yeah.
23:48Yeah.
23:49I wish you could have come in and at least demonstrated that.
23:52Yeah, well, it's...
23:53Even if it was in a prototype shape or form,
23:55because that could be investable.
23:57Yeah.
23:58But this is just a tent.
24:02It's tough.
24:04Where are you in your patent?
24:07We've applied for it.
24:08And when?
24:10Yesterday.
24:12Right, OK.
24:13So, well, I wanted to get it in and have it applied for...
24:16So, you have no idea whether or not somebody else is going to pop their head up and said,
24:20I actually did that about ten years ago?
24:21No.
24:26James, it's, um, there's quite a lot of frustration here.
24:33And it also feels a little bit disingenuous because you only applied for a patent yesterday.
24:41So, it feels like, pfft, I've got this inflatable idea.
24:46Let's quickly pivot.
24:47Let's get this invention because I know they like patents.
24:50I'm just going to have a go.
24:51That's how it feels.
24:52It feels a bit disingenuous, the pitch now, with what you just said.
24:56Why is it, if this is something that you've been working on and something you've been thinking about,
25:01why did you apply yesterday for a patent?
25:03Well, I did, I did bring it forward to yesterday, so I would have the patent applied for.
25:08But I wonder whether your pitch could have been much better, James.
25:12It could have been, you know, I've spent the last eight years of my life creating the perfect awning.
25:18And I've given up being a lawyer to focus on this.
25:21But I've got a seed of an incredible idea that I think is going to make millions.
25:26And it's called the inflatable roof box awning.
25:30I've now got a patent, Dragons.
25:32Yeah.
25:33And all of a sudden I've got a different, I've got a different pitch.
25:36Yeah.
25:37I genuinely, I think we'd be fighting over who invested.
25:41Sadly, I'm going to say that I'm out.
25:44But I encourage you, if you do get the patent, please come straight to me and I'll deal with you
25:51directly.
25:52Thank you, Peter.
25:56James, I always sit here trying to figure out whether the entrepreneur is selling me a measurable past or a
26:02hypothetical future.
26:03Yeah.
26:04So I'm trying to piece together from what you're saying what I would actually be investing in, because it's not
26:09in the den today.
26:10I'm a big fan of the inflatable idea.
26:13If I tried to put up a tent like this, it would end up looking like a sleeping bag.
26:16But for me, as an investment proposition, it's not for me.
26:18So I'm going to say that I'm out.
26:20OK, thank you, Stephen.
26:25James.
26:26I think it's quite cool.
26:28I think it's, I think it's actually quite, it's one of those innovations you think, why didn't somebody do it
26:33before?
26:34It feels so obvious.
26:35Yeah, it's very simple.
26:36Very simple, absolutely.
26:38Had you been further down the route of the patent, I might well have been more inclined to invest, to
26:44be honest.
26:44But right now I've got a clue.
26:46I haven't got a clue whether or not tomorrow 27 people go, yeah, no, I did that 10 years ago.
26:52And neither have you.
26:55So I'm afraid I won't be investing.
26:58And I'm out.
26:59But I really do wish you all the best.
27:01I really do.
27:05James.
27:06I take care.
27:11It's a shame.
27:16Because innovation came quite late in the pitch.
27:20So today, unfortunately, it's not investable.
27:23But I wish you all the best, but I'm out.
27:30James, hi.
27:32So I really wish I could have helped you do your pitch, because you came in and you said, I've
27:37got this tent and I've got this festival, but the festival's a different business.
27:40Or actually, if you come in and being like, my vision is to own this, this world, and you've got
27:46this community of 2,000 people at your fingertips, at a festival, in real life.
27:52If I'm like, oh, my God, there's something there, and you're not seeing the two together, and how that is
27:57the start of what could be something huge.
28:00Because you cannot replicate community.
28:04I think, for me, it's about going away and understanding with this community that you've already got.
28:09Start there.
28:11Start there.
28:11Ask them questions.
28:12Hey, how can we develop this?
28:14How can we make this one better?
28:15Who's interested in the inflatable?
28:17And try and understand, how can you be that camper van business of solution and make it easier for the
28:23customers that want this life that you're trying to sell?
28:26Because I want it.
28:27I've been looking at camper vans.
28:28Then you will just fly, because I think this is really cool, and I would want my camper van to
28:33look like this when I do get one.
28:35But it's not an investment for me, so I am out.
28:37Okay.
28:38Thank you very much.
28:39Thank you, Dragons.
28:40Thank you, mate.
28:42Cheers.
28:43That's it for James.
28:46The Dragons admired his creativity, but felt the focus had been on the wrong product, and he leaves the den
28:53with nothing.
28:56Yes, that was intense.
28:58Peter gave a great alternative pitch, which, in hindsight, would be lovely to have done, but it's hard to know
29:05what they're going to focus on and what they're going to build on, so hey, hey.
29:09Onwards and upwards.
29:28You want some water?
29:30Yeah, let's do this.
29:31I'm Connor.
29:32I'm Harry, and we're two of the founders of Club Cultured.
29:35Cheers.
29:36Cheers, mate.
29:37And we make delicious, premium, high-quality for mints and pickles.
29:42We're in the den.
29:43We're going to get the deal we want.
29:45The missus don't like the smell of kimchi, and we close all the time, but it's all right.
29:50We're dedicated.
29:50We're here.
29:51We're doing the work.
29:53Kimchi.
29:54Oh, fermented foods.
29:56Fermented foods, yeah.
29:58Very good for the gut microbiome.
29:59Very good.
30:00Ready, bro?
30:02All right.
30:03Love you.
30:04Love you, too.
30:05We've done our research on the dragons, and we know they're into gut health.
30:08We know they're big foodies, and they've made a series of food investments before.
30:11There you go.
30:14That's what we've been waiting for.
30:16So we're just super excited to get into the den and share our products and our business with them.
30:31You all right, dragons?
30:32How's it going, dragons?
30:33Hello.
30:33What if we told you there's a fermented food brand that produces proteins, sides, and sauces?
30:39Well, we're the founders of that brand, Club Cultured.
30:43I'm Harry.
30:44That's Connor.
30:45And our journey began in our business partner, James' back garden, where we turned an old fridge into a DIY
30:50fermenter and made our first batch of tempeh.
30:52Since then, we have built a delicious range of premium, plant-based ferments and pickles, crafted by a chef who's
30:59trained in Michelin star kitchens that deliver bold flavors and known gut health benefits.
31:05We believe food that does good should taste amazing, too.
31:08That's why our naturally fermented and pickled products, such as our umami-rich kimchi to tangy krauts and punchy sauces,
31:14are designed to slot effortlessly into your daily meals, making gut health easy and enjoyable.
31:19We've produced and sold over 200,000 kilos, generated 1.4 million in sales, and supplied some of the UK's
31:26biggest food brands.
31:28After maxing out our second site, we moved into our brand new 4,500 square foot fermentation facility in Norfolk.
31:36We make everything in-house, giving us total control over quality, flavor, and consistency.
31:44We're now forecasting to hit 4.5 million in sales in 2028, with a deep pipeline spanning across manufacturing, food
31:51service, and retail.
31:52We're here today to ask for a £50,000 investment in exchange for 3.5% equity into our brand.
31:58So, Connor's prepared some delicious samples for you guys.
32:02We have some tempeh sushi rolls and some kimchi pancakes, and there's some little samples of the pickles and ferments
32:06for you to try as well.
32:09A range of gut-friendly pickles and ferments, including tempeh, a traditional Indonesian staple made from soybeans, is the proposition
32:19from Harry Watmo and Connor Jordan.
32:23I'm not sure everyone's spice tolerance is, but the red one obviously has some chili in it, so don't go
32:27eating the whole pot in one go.
32:29The pair are seeking £50,000 in exchange for a 3.5% share in their company.
32:36That smell, that is amazing.
32:39Thank you, it was, um, I bought it in Selfridges.
32:42I'll show you the bottle if you want.
32:44Ode to kimchi.
32:45Yeah, ode to kimchi.
32:47Their products may smell and taste the part...
32:50Really good.
32:52..but will their enterprise prove just as appetising?
32:58Connor, Harry.
32:59Hello.
33:00Hello, Debra.
33:01That tempeh is absolutely delicious.
33:03So, you probably know I'm plant-based.
33:06Yeah.
33:06This looks like the contents of my fridge.
33:09But that tempeh is, I think, the best I've ever, ever tasted.
33:15But I don't understand, do you sell the tempeh or are you just giving that to me?
33:18We supply the ones in the sleeves there as tempeh.
33:21So we actually, when we first discovered tempeh, we taught ourselves how to make it.
33:24And after a while, we didn't know what we was doing.
33:26We was losing batches, we was working night shifts, taking it home.
33:29Nothing was working.
33:30So it was like, we need to find the tempeh yoda.
33:32So we went to Indonesia for a week's training, learned how to make it properly.
33:36And we pride ourselves on making Indonesian grey tempeh,
33:39really doing homage to the quality of that product.
33:42And if you look at the reviews on our website,
33:44it's consistently the same comments, what, like, people say,
33:46it's the best tempeh I've ever had.
33:49Connor, Harry.
33:51Really interesting business.
33:52I'm a big duck microbiome fan.
33:53Yes.
33:54What are your backgrounds and what brought you to the gut microbiome world?
33:58Let's go first, Chef.
33:59So we've known each other since we were five years old.
34:02My background is I didn't do particularly great at school,
34:04but my love was cooking.
34:06So I went to college and done three years,
34:10professional chef's diploma.
34:12And then I got work experience in the Ritz Hotel in London.
34:15Then I ended up going there two weeks after I left college at 18.
34:19I stayed there for six years.
34:20And then my background.
34:22So I also left school at 16, got a job at a stockbroker.
34:25Worked there for six years.
34:27And our other business partner, James,
34:28we're best friends from year seven at school.
34:30We worked with each other from 19 to 22 on the same desk.
34:33We realised that life wasn't for us.
34:35Went travelling for 18 months to where we sort of first discovered kimchi,
34:39tempeh, and we just fell in love with it.
34:40And then when we came back to England,
34:42we could just see that everything was really processed.
34:44And we felt like, you know,
34:45there's a huge opportunity for fermented foods.
34:48And we went for it.
34:50So if I'm looking at this business from a financial perspective,
34:53what year does it really begin for you?
34:562020 was the first year we did manufacturing.
34:58Okay, so let's go from 2020.
35:00Give me the revenue and net.
35:01Yeah, so 90k revenue, a loss of 44k.
35:0544k?
35:05Yeah.
35:05The following year was 275k, a loss of 73k.
35:10The following year after that was 342k and a loss of 123k.
35:15And the year after that was 359k and a loss of 104k.
35:19And then last year was 253k and a loss of 83k.
35:24You've lost probably almost £400,000 since the business's inception.
35:28Yeah.
35:30Where has that money come from?
35:31So we've had investors.
35:32So we've raised just under half a million since we started.
35:36And for kitting out our last space,
35:37we took out a loan ourselves to fund the kit out for our move to Norfolk.
35:42So you've raised 500k for investors.
35:44Yeah.
35:44And how much of the business do you guys still loan?
35:4756%.
35:4756% between three of you?
35:49Yeah.
35:49Okay.
35:50And you've taken a loan of what?
35:51So that last loan, it was 225k.
35:54And the outstanding amount we have left is 174,000.
35:57And how much cash have you got in the bank?
35:59About 85k.
36:01Okay.
36:01And what are you forecasting for this year?
36:03This year, 450,000 and a net profit of 22 and a half.
36:08And how are you tracking so far for this year?
36:10We've done about 75k so far this year.
36:12But we actually had a new big customer come visit us two days ago.
36:16And we have some big contracts lined up for them.
36:20So for me, it looks like the business is going down rather than up.
36:25So what's the goal?
36:26What are you trying to do?
36:27So for us, it's been the leader in the industry
36:29in UK manufacturing for these products.
36:32But you need to do about 100x compared to where you are,
36:35don't you, to be able to do that?
36:36Yeah.
36:37But we're confident we can build our brand position
36:39as well as on the food service side.
36:41But my big thing here is that
36:43if you want to try and get half a million in sales,
36:46you haven't got the cash.
36:49Well, we're confident with these contracts coming in
36:51that will enable us to grow and bring more revenue to the business.
36:54But how? How will you do that?
36:55How are you going to pay for it?
36:58Well, we're confident with what we've got at the moment.
37:00And we have other investors who said before,
37:03when it gets to a stage...
37:04No, that's the point, though.
37:05So what does that mean?
37:06So I invest today, 50k, 3.5%.
37:09Other investors put more money in.
37:10I'm going to go down, aren't I?
37:12I'm going to dilute.
37:13So how much money are you looking to raise,
37:15in essence, over the next 12 months?
37:17Well, this would be the only money we've raised
37:19over the next 12 months.
37:20That's not enough.
37:21I think it will be enough.
37:23It's not enough.
37:24It definitely isn't enough.
37:26Because you've raised 500,
37:27you've nearly spent all of that,
37:29you're out of cash.
37:31You've only got cash in your business
37:33because you've got £170,000 of a loan.
37:36You have no cash.
37:37You're currently insolvent.
37:39Well, today, our current cash position is £85,000.
37:42Yeah, I know, but you owe £174,000.
37:44You can't afford to pay the loan back.
37:45So I'm putting in £50,000 into a business
37:48that already hasn't got enough cash
37:50to pay back its debts.
37:52It's not a good investment, guys.
37:57So I'm going to have to say, sadly, that I'm out.
38:00But I wish you every bit of luck.
38:02And your product does taste beautiful, stunning.
38:05Thank you, Peter.
38:06Great chef.
38:07Thank you very much.
38:10Can I ask when you're going to be making £400,000 profit?
38:14In a single year?
38:15No, as a cumulative.
38:17So by 2026, we're forecasting £1 million
38:22and a net profit of £100.
38:23And then the following year, £2.5 million
38:26and a net of £375.
38:27So between those next two and a bit years.
38:30OK, so in two years, you'll have made up your losses.
38:33Yeah.
38:33OK.
38:36I really, really want to invest in this.
38:43Actually, I'm going to be quiet.
38:45I'm going to be quiet.
38:48Hi.
38:50I'll just tell you where I am, because I think you guys are great.
38:54And you've done everything to make a beautiful, beautiful product.
38:57But you've got a lot of experts in here
38:59that are probably very clued up on this stuff.
39:01I am probably your more mass market customer here,
39:04because I go into Holland and Barrett,
39:05and I don't know what I'll go in for.
39:07And then I walk out with 20 prebiotics.
39:09I think as an investor to actually help you,
39:11I wouldn't really be able to do much.
39:14So for that reason, I am out.
39:16But I wish you all the best.
39:18Thank you, Jenna.
39:20Harry and Connor,
39:23I love the fact that you are very knowledgeable.
39:29But today, you've not convinced me to say,
39:31this is an investable opportunity at 3.5%.
39:39For that reason, guys,
39:40I'm not going to invest them out.
39:42Thank you, Jenna.
39:43Thank you for your comments.
39:46I'm also going to tell you where I am.
39:48My fridge is full of this stuff.
39:50And I had a little bit of a thought
39:53on the brand club culture,
39:55because I realized that all of the items that I have,
39:58the kimchi that I have in my fridge,
40:00looks authentic to its native country.
40:04And I think this has been branded
40:06as if it's a mass market product.
40:08But kimchi isn't quite there yet.
40:10So there's something about it looking
40:12authentic to its native country
40:14that has made it more compelling,
40:16that's made it look real,
40:18versus it looking like a rave.
40:21And I see a business that has historically lost money
40:25every single year
40:26and is in decline from a revenue perspective.
40:30So I'm going to say that I'm out,
40:31but I wish you the very best.
40:32Thank you for your feedback.
40:35Um, I actually completely disagree with Stephen.
40:39Ouch.
40:40Oddly, there are plenty of Korean-looking kimchi around,
40:45but the one that really has broken through
40:48isn't a Korean-looking kimchi.
40:50Yeah.
40:51It looks like a pickled product, you know,
40:54so it's sort of recognizable.
40:57And funnily enough,
40:58I think it's going to be more powerful
41:00to move it out of this,
41:01the sort of the shelf
41:02that is those things that other countries eat
41:05and move them onto mainstream.
41:06Yeah.
41:07So it clearly looks like something
41:09that everybody should have in their fridge.
41:10I shouldn't be worrying,
41:11I shouldn't be thinking about
41:12whether or not it's good for my gut or not.
41:13I'm not buying it as a medicine.
41:15I'm buying it because it tastes great.
41:16Yeah.
41:17And I want it in my fridge.
41:23Um...
41:30The thing is...
41:33I do love your story
41:35and I love where this has come from
41:38and I think that will come through to the consumer
41:40and that's, you know, that's really important.
41:43Um, I think there's a problem, though.
41:48And the problem is
41:49you only own 56% between the three of you.
41:53Um, who's your single biggest other shareholder?
41:57Uh, so two guys who come on previously.
42:01And what to say they own between them?
42:037% each.
42:047% each.
42:057% each.
42:09No, I can't...
42:15I don't like...
42:17I don't like the whole pattern.
42:20And I see this pattern of what's going ahead
42:23and this is how much cash you're going to need
42:26versus how much equity you have already given away.
42:30Yeah.
42:30You are going to be diluted.
42:32I mean, I can do things that stops me being diluted,
42:35but that isn't fair either.
42:36That's not the type of...
42:37That's not what I want to do.
42:38Um, so I...
42:40No.
42:40We always knew that we was going to be diluted.
42:41No, stop talking.
42:42I know what you're doing here.
42:43You're just keeping me talking
42:44so that I don't go out.
42:46I know what you're doing.
42:46I think it's good to keep you talking.
42:49It is, actually.
42:49I'll give you that.
42:50But no, guys, guys, guys, guys, guys, guys.
42:52You're great.
42:53All I can do is tell you
42:54that is a really, really good product.
42:58And I will be a customer
42:59and I won't be an investor.
43:01No worries.
43:01So, I'm out.
43:02Thank you very much.
43:03Thank you very much.
43:03Cheers, guys.
43:04Good luck.
43:04Cheers, guys.
43:07Harry and Connor
43:08must leave the den empty-handed.
43:12She was tempted by their tempeh,
43:15but ultimately,
43:16Deborah Meaden couldn't be persuaded
43:18to take a punt
43:19on the pickle-loving pair.
43:23That is what it is, aren't they?
43:24Still doing it.
43:25Still doing it.
43:26Cool shot.
43:28Obviously, we didn't get the deal
43:29like we hoped,
43:30but lots of great feedback.
43:33What's next for us
43:34is proving the Dragons wrong
43:35and making them regret their decision.
43:54My name's Sam Beeney
43:55and my business is Kibbu.
43:58While Kibbu's a product
43:59that people have seen before,
44:01it's quite unique
44:02in how we're doing things.
44:05Oh, this looks fun.
44:07Headphones for kids,
44:08but I feel like there's something
44:09more unique to it than that.
44:11Is it interchangeable?
44:13Yeah.
44:13Build your own headphones.
44:14I like that.
44:17It's so great
44:18when kids get the product
44:20and they get to try it
44:21and their feedback is just...
44:23It really motivates you.
44:24It'd be amazing
44:25to pitch in front of the Dragons
44:27and show them
44:28what Kibbu's all about.
44:36Hi, Dragons.
44:37My name is Sam Beeney,
44:39the founder of Kibbu,
44:40the children's headphones
44:41you build,
44:42repair,
44:44recycle.
44:44And today,
44:46I'm seeking £65,000
44:48in exchange for 10% equity
44:50in my business.
44:55Every year in the UK,
44:57over 18 million pairs
44:58of headphones and earbuds
45:00are thrown away.
45:01Most aren't easily fixed,
45:03especially not by kids.
45:04Yet kids are curious,
45:06capable,
45:07and love to build.
45:08So why do we keep
45:09designing tech
45:10that when it breaks,
45:11it gets binned?
45:12At Kibbu,
45:13we're doing things differently.
45:15The Kibbu headphones
45:16come as a simple kit
45:17that children
45:18or fun-loving adults
45:19can build themselves.
45:20No screws,
45:21no glue,
45:22no fiddly wires,
45:23just simple parts
45:25that snap together.
45:28Like that.
45:29And if a part breaks,
45:32you only need to replace
45:33that part,
45:34helping to reduce waste.
45:37Each pair is 3D printed
45:38in Hackney London
45:39in less than 30 minutes
45:41with our proprietary
45:423D printing code
45:43that doesn't compromise
45:45on speed or quality.
45:47The main material used
45:48is a recycled bioplastic
45:50that comes from plants
45:51like corn.
45:52And when the headphones
45:53reach the end of their life,
45:54the parts can be returned
45:55and recycled
45:56into new products.
45:57With your investment
45:59and experience,
46:00we can scale faster,
46:02develop new products,
46:03and shape a generation
46:04of builders,
46:05not just consumers.
46:10A kit for kids
46:11to make their own headphones
46:12is the offering
46:14from Sam Beaney.
46:15Lovely.
46:16Like my clothes and colour.
46:19It's got to be green.
46:19It's got to be green.
46:21He's seeking £65,000
46:23for a 10% share
46:25in his business.
46:27Will Sam's sonic startup
46:29hit the right note
46:30with the dragons?
46:33Sam, super interesting.
46:34So what really is the crux
46:35of this business?
46:36Are they aspiring
46:37to be really good headphones?
46:39Or are they aspiring
46:40to be something
46:40that teaches kids
46:41how to build things
46:42and to have a bit of fun?
46:44Yeah, I mean,
46:45we obviously want them
46:46to be great headphones,
46:48but our main goal
46:49is not to compete
46:50with the big players
46:51when it comes to sound
46:52or things like that.
46:53Ultimately,
46:54we're trying to deliver
46:55an experience to children
46:56and families.
46:57You know,
46:57it's being able
46:58to build your headphones
46:58yourselves,
46:59and we hope that then
47:00when they break,
47:01kids are then more likely
47:03to want to repair it
47:04and see the headphones
47:06go through their life.
47:10And is it just you involved
47:11in the business
47:12at the moment,
47:12or have you got a team?
47:13Yes, it's mainly me,
47:15but I have two main partners
47:19who are helping me,
47:20sort of businesses, rather,
47:22that are helping me.
47:22So one is a 3D printing
47:23manufacturing company
47:24that I used to work for,
47:26and another is an award-winning
47:27design agency.
47:29And what are the total sales
47:30and when did you begin?
47:33So we did our Kickstarter
47:35in April last year,
47:38and our total sales
47:40are about £25,000 to date.
47:44Yeah, and she sold
47:45over 450 pairs.
47:49Sam, hi.
47:50So how much
47:51do they sell for?
47:52So we sell them
47:53for £39.
47:54OK, and what do they
47:55cost you to make?
47:57The cost is £10.40.
47:59OK.
48:00And at the moment,
48:01are you only
48:02on the crowdfund platform?
48:04Are you already selling
48:06into retail
48:06or direct to the consumer?
48:08Yeah, so we're selling now.
48:11We're selling direct
48:12to consumers
48:12through our website,
48:13and we'd love
48:14to get into retail
48:15and really try
48:17and explore other avenues
48:19as well.
48:21So £40,
48:23that's expensive.
48:25You're limiting your market
48:26in retail
48:27because of that price.
48:29I can't see this,
48:30what I call it,
48:31mainstream toy shops, really.
48:33OK.
48:34But I think
48:35while the upfront price
48:37is slightly higher,
48:40the value
48:41over the long term,
48:42we were speaking
48:43to parents
48:43and they were
48:44having to replace
48:45their headphones
48:46like every year
48:47or even less than that.
48:48Yeah, it may cost you
48:50more up front,
48:50but if parts break,
48:53you know,
48:53there's this route here
48:54to fix it
48:55and make the headphones
48:56last longer.
48:58Sam, hi.
48:59I love it.
49:01Like, I really, really love it.
49:03I love,
49:03there's so many things
49:04I really like.
49:05I opened this up
49:06and I was like,
49:07oh my God,
49:08my inner child
49:08is so excited
49:09to build that
49:10because it's doing
49:11exactly what you're
49:12trying to do.
49:12It's helping kids
49:14get creative,
49:15understand how
49:16to make inventions
49:17and, yeah,
49:19just really, really love it.
49:20A few questions.
49:21If I went into
49:21your social channel now,
49:23what have you done
49:24so far on social?
49:25Like, if I'm looking
49:26at your Instagram,
49:27your TikTok,
49:28what am I seeing?
49:29So you're seeing
49:30mainly reels
49:32and posts
49:33showing the headphones
49:34and then the sort of content
49:35that tends to be
49:37more popular
49:38where the product is used.
49:40So,
49:40I guess this song
49:43kind of,
49:44for example.
49:45But we're trying
49:46to really get into that,
49:47you know,
49:47the organic engine,
49:48I guess,
49:49that reels
49:49and TikTok
49:50and stuff deliver.
49:50Has any of the content
49:51gone off?
49:52Like, have you got
49:52a lot of momentum?
49:53We've had posts
49:54that have,
49:57you know,
49:57done 50,000
49:58kind of views,
50:00that sort of thing.
50:01But I think
50:02the challenge we have
50:03is the average
50:04number of times
50:05people are seeing
50:06that content
50:06needs to be
50:07six, seven times.
50:08They're seeing it once
50:09in this organic post.
50:10They think,
50:10oh, that's interesting
50:11and we're not,
50:13because we don't
50:14have the capital yet,
50:14we can't, like,
50:16show it to them
50:16again and again
50:17and try and...
50:18You can't.
50:18So this is why
50:18I'm asking.
50:19Basically, you find,
50:20you've got a video
50:21with 50,000 views,
50:22you've got a video
50:23with 100,000 views.
50:24That's amazing.
50:25You've just got to keep
50:25creating more and more
50:26and more of that content.
50:27I build my home business
50:28to, like, five million,
50:29basically,
50:30off organic content.
50:31Like, you've got to
50:32keep going with it.
50:33Yeah, that's great.
50:34Advice like that.
50:35You know,
50:35that's what we really need.
50:39Sam.
50:40Hello.
50:41Hello.
50:43I started building
50:44computers when I was
50:45a teenager.
50:46I had no knowledge
50:47of it,
50:48but I loved it.
50:49Yeah.
50:50And I think this is
50:51something that kids
50:51would just love to do.
50:54So tell me about you.
50:55You work for this company.
50:57Yeah.
50:58Who are the company?
50:59It's this company
51:00called Batchworks
51:00and they mass-produce
51:01things using 3D printing.
51:02And you left them
51:03to start this business
51:04or what?
51:05So it was really
51:06a collaboration.
51:07So they are an equity holder.
51:09Oh, OK.
51:10Along with a design agency
51:11and we actually see
51:11that as a strength.
51:12How much do they own?
51:14They own 39%.
51:16Oh, wow.
51:19And you own?
51:2133%.
51:23Oh, that means
51:23there's somebody else in here.
51:25So, yeah,
51:25there's a design agency
51:27who own 20%.
51:29And who owns
51:30the other 8%?
51:31So we have
51:32a web developer
51:34who owns like 4%
51:35and then there's
51:362.5% that's owned
51:38by a brand agency
51:39and then I believe
51:41the rest is
51:43just a pool
51:44kind of left.
51:47This is an unusual situation
51:49because you're not
51:50the majority shareholder
51:51and if you were
51:53to receive an offer
51:54in here today,
51:58presumably you've agreed
51:59with your majority shareholder
52:00what your parameters
52:02of an offer are.
52:04Is that right?
52:05Yes.
52:05And would it be
52:06from a dilute?
52:07Would everybody dilute
52:08or does it come
52:09from your shareholding?
52:10Everyone's diluted equally.
52:11Everyone would dilute.
52:23All right,
52:23I'm going to tell you
52:24where I am.
52:25There is something
52:27that worries me about it,
52:27Sam and I really like you.
52:30I think the design
52:30is really, really lovely.
52:34There's something
52:34that just isn't
52:35hitting the mark for me.
52:37You know,
52:38I don't like the structure
52:39of the business.
52:40I really do like
52:41to be talking
52:41to a majority shareholder.
52:43Yeah.
52:45Just because I like
52:45to get a feel
52:46of where they are
52:47in all of this,
52:48you know,
52:48and understand
52:49if you've got
52:50a decent order,
52:51how much priority
52:52that would get.
52:53There's loads of questions
52:54I'd like to ask
52:54a majority shareholder,
52:55but they're not here today.
52:57So I'm afraid
52:58I won't be investing.
52:59I'm out.
53:00Thank you, Deborah.
53:05Sam,
53:05I really,
53:07the minute I saw it
53:08and the minute you
53:08explained what it was,
53:09I really fell in love
53:10with the idea of it.
53:13But on a personal level,
53:14maybe because
53:14I don't have kids,
53:18it hasn't personally
53:19resonated with me
53:20in the same way.
53:21So I'm going to say
53:21that I'm out,
53:22but I hope you're successful.
53:24Appreciate it.
53:27Sam,
53:28I'll tell you where I am.
53:29Yeah.
53:29You are credible,
53:31right?
53:31And the product's great.
53:34However,
53:35this needs a lot of money.
53:37Yeah.
53:38I think you need
53:39a lot more than 65
53:41to get this
53:42out there.
53:43So for that reason,
53:44I'm out.
53:45Thank you, Tika.
53:53I feel like
53:54I'm in the same place.
53:58Because it's just
53:59very difficult
54:00to find a way
54:02to monetise it.
54:06Have I missed something?
54:07Why you don't think
54:08it's monetisable,
54:10Peter?
54:10Have I missed
54:11the profit
54:12on the product?
54:13Yeah,
54:14the scale
54:14sell-up the volume
54:15at £40.
54:16You think that's
54:17too expensive?
54:18It definitely is,
54:19yeah.
54:19I mean,
54:19these products
54:20to kids are £9.99.
54:22Yeah,
54:22but I think
54:23more parents
54:23are becoming,
54:24um,
54:25are caring more
54:26and more
54:27about the products
54:27they give
54:27to their children.
54:28I get that,
54:29I get that,
54:29but that's a lot
54:29of cash
54:30to spend.
54:33Sam,
54:34I'll tell you
54:34where I'm at.
54:36So I've loved this
54:37from the start
54:37and I do think
54:40there is something
54:41here.
54:42Because the thing
54:43is with kids,
54:44it's cult.
54:45It is word of mouth
54:46and you get that right.
54:48It really,
54:49really works.
54:50What I'm brilliant at
54:51is building a brand
54:52that people want
54:52to buy into
54:53regardless of what
54:54that product even is.
54:55And that's what I feel
54:56like I can help with.
54:57And I think
54:58if you're willing
54:58to work,
54:58like,
54:59really,
55:00really,
55:00really,
55:00really hard,
55:01like,
55:01harder than you've
55:02ever worked
55:02to get this
55:03where it needs to be,
55:04this could be
55:04really huge.
55:07So I am going
55:08to make you an offer.
55:09You ask for £65,000
55:11for 10%.
55:13My offer is going
55:14to be
55:15all of the money,
55:19but I want
55:20about 15%
55:21of the business.
55:22OK.
55:23Thank you very much.
55:28Yeah, Sam.
55:32I think Jenna's
55:33given you a really,
55:34really good offer
55:35given the structure
55:37at 15%.
55:39But that's going
55:40to be tough for me
55:41because I think
55:43you're going
55:43to need a lot
55:45of work here
55:46and a lot of money
55:46to make this business
55:48a success.
55:49Yeah.
55:52Obviously,
55:52equity is important
55:53and it matters,
55:54but I think
55:55having a small part
55:56of a big thing
55:56is better
55:58than a big part
55:58of nothing.
56:00Peter,
56:01what about we share?
56:03Would you consider that?
56:09Yeah,
56:10I would consider that.
56:14I'll tell you what,
56:14I think I'm going
56:15to do two things.
56:16I'm going to give you
56:17an offer of all
56:18of the money,
56:20$65,000
56:24for 20%
56:25of the business
56:27or I would be willing
56:29to share it with Jenna
56:30and give you half
56:31the money for 10%.
56:33So I'd have 10%,
56:34Jenna would have 10%
56:36because I think
56:37I would have to do
56:38so much work
56:38and Jenna brings
56:39so much to this party.
56:47Okay.
56:49I think, yeah,
56:50I'd love to have
56:50both of you on board.
56:51That'd be all right.
56:56Yeah, it's great.
56:57Well done.
56:58Well done.
56:59Well done.
56:59Yeah.
57:00Yeah, fantastic.
57:01Well done.
57:02Appreciate it.
57:04Success for Sam,
57:06who secures the backing
57:07of two dragons
57:08who will help ensure
57:10his product makes waves
57:12in the world
57:13of children's headphones.
57:14I didn't quite expect
57:15to get one dragon,
57:17let alone two.
57:18It's just amazing.
57:20We're in business together.
57:21Yes, I think it could be
57:23really, really exciting.
57:26Really good.
57:27Okay, I need to go
57:28and plug in.
57:29Does he look like a cyber man?
57:31You don't watch Doctor Who,
57:32do you?
57:33He looks like a cyber man.
57:34Yeah, I definitely
57:35don't think they fit.
57:44Good luck.
57:45Next time.
57:46That one definitely
57:47isn't rubbish.
57:48You're on fire
57:48with your puns, Peter.
57:49I couldn't agree
57:51less with Susie.
57:52Oh, really?
57:53This is going to be ridiculous.
57:54I just know
57:54it's going to be ridiculous.
57:55I'm not looking forward
57:56to your questions,
57:57but I'm here now.
57:58Oh, my...
57:59What?
58:00I'll come and cry
58:01on your shoulder later.
58:03I've no idea
58:04why I'm engaging in this.
58:05I hate this game.
58:07I hate this game.
58:09I hate this game.
58:11I hate this game.
58:14I hate this game.
58:17I hate this game.
58:20I hate this game.
58:21I hate this game.
58:22I hate this game.
58:23I hate this game.
58:24I hate this game.
58:24I hate this game.
58:24I hate this game.
58:25I hate this game.
58:25I hate this game.
58:25I hate this game.
58:26I hate this game.
58:27I hate this game.
58:28I hate this game.
58:30I hate this game.