A free-to-use start-up impressed the Dragons with its money saving browser extension, attracting offers from all five of the investors.
Pouch founders Ben Corrigan and Jonny Plein entered the Den asking for £75,000 investment for 15% of their business. The young entrepreneurs gave a confident and passionate pitch to the Dragons, introducing Pouch as the next evolution of the voucher code market for online shoppers.
After their pitch, Jenny Campbell offered the full £75,000 for the 15%, followed by Touker Suleyman, Tej Lalvani, and Deborah Meaden who also offered all the money, but for 20% of the business. Finally, Peter Jones was willing to offer the £75,000 for 25% equity in Pouch.
Faced with a situation that has only happened once before in the show’s 13-year history, Ben (26) and Jonny (25) had a difficult decision to make.
Finally, the founders agreed a joint deal with Touker, Tej and Jenny for £75,000 for 18% of the business, split equally at 6% for each Dragon. The money will be spent on marketing and product development.
Speaking after their experience in the Den, co-founder and chief revenue officer for Pouch Ben Corrigan said: “Being in the Den was an amazing experience for us, and we really enjoyed sharing our plans for Pouch with the Dragons.
“When all five Dragons said they were in, we were thrilled! We agreed before we went in what our negotiating tactics were and how much equity we were willing to give away, but we never thought we’d have the option to work with all five investors so that was an interesting curveball that put us on the spot a bit.
“We’re looking forward to seeing what we can achieve with substantial investment behind us and are excited for the future of Pouch post-Den.”
Jonny Plein, co-founder and chief financial officer Pouch, added: "We’re delighted with how things went in the Den!
“With five dragons backing us after just nine months in business, it’s clear validation that Pouch is a great tool for both the online shoppers and the retailers we work with. With investment and support we’re confident we can turn Pouch into the worst-kept secret in online shopping."
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