‘Stupidity or genius?’ exclaimed the Dragons’ Den cast after a man invested £720,000 of his own money.
The entrepreneur panel was blown away by one pitch on DRAGONS’ DEN, which returned to the small screen this evening.
One business owner took advantage of the opportunity to pitch to five multimillionaires on Dragons’ Den.
Edward Hancock and Richard Simpson, both from London, were the first to face the Dragons.
The couple, who have known each other since they were teenagers, were hoping to raise money for their cheese company, Cheese Geek.
The company hoped to raise £100,000 in exchange for a 3% stake in the company.
Edward expressed his desire to establish Cheese Geek as a “dominant brand” in the UK cheese industry and beyond.
The company sells one-time cheese boxes as well as a subscription to receive a variety of cheeses on a regular basis through its app.
Cheese Geek made £96,000 in its first full year of business, rising to £280,000 in the second year and £1.54 million in the third year, indicating growth.
Deborah Meaden, a seasoned eco-investor, was eager to learn more about the company’s worth.
Richard explained that the company’s technology was second to none, with profiles on each cheese and a personalized “cheese profile” for each customer based on their preferences.
Deborah, on the other hand, expressed concern.
While cheese is currently popular due to sourcing crises in France, this may change in the future, potentially reducing demand for the industry.
Peter Jones, on the other hand, was not convinced by the price, calling it “smellier than the cheese.”
Edward explained the figures, revealing that he had personally invested £720,000 in the company, a revelation that left new Dragon Steven Barlett visibly stunned.
“How much?!” exclaimed Steven, “Where did you get £720,000? Do you have any more?”
Edward said he got the money from his finance career, plus an extra £700,000 from investors, but he didn’t have any other money, demonstrating how much faith he had in his company.
Steven exclaimed, “That’s either stupidity or genius!”
“Numbers are my game,” Edward added.
I’m not the type to claim that I’m not a businessperson.
We’re budgeting £5.6 million for our fourth year.”
Peter scowled at the figures, implying that profitability was still a long way off, but the partners insisted that the company was profitable now, albeit only marginally at £2,000 earnings before interest, taxes, depreciation, amortisation, and restructuring or.
“Brinkwire News in Condensed Form.”