Dragons go nuts for Cocofina

Dragons go nuts for Cocofina

Entrepreneur and coconut enthusiast Jacob Thundil is celebrating after walking away from the Dragons’ Den with an investment of £75,000 in his business Cocofina.

Cocofina manufactures a range of goods using raw coconut ingredients from food and drink all the way through to health and beauty products.

The company was founded back in 2004 after founder Jacob Thundil dreamt up the idea whilst on holiday in Brazil.

Jacob was relaxing on a beach sipping a coconut when he came up with the idea to bottle coconut water and begin selling it.

Born and raised in Kerala, which means ‘land of coconut trees’ in Sanskrit, he grew up enjoying coconuts and knew there was scope for the water in the marketplace.

12 years on and Cocofina now sells its products in 3,000 speciality and healthy outlets across the UK and in 28 countries worldwide.

With ambitions to grow the company, he decided to try his luck pitching to the renowned entrepreneurs on popular BBC TV show Dragons’ Den earlier this year.

Airing last night, Jacob walked into the den with the aim of giving away only 10% equity in his business.

“We wouldn’t have given away anything more than 10% and I was adamant about that figure not rising,” said Jacob.

He started his pitch by providing each of the five dragons with a tray of small samples to taste comprised of Cocofina’s coconut snack bars, coconut oil, coconut amino soy sauce alternative, coconut water and low GI coconut sugar.

All five complimented Jacob on the quality of his products with Deborah Meaden being the first to break rank with some questions. The rest followed suit with Peter Jones being the last to question the two entrepreneurs.

After impressing all five of the dragons, Jacob was persuaded to accept an offer for 20% of his business from Sarah Willingham and Nick Jenkins. 10% more than he expected.

The duo offered him £75,000 for 20% equity in the business with an agreed option for Jacob to buy back 10% of this after 12 months.

Speaking to BQ, Jacob said: “Being in the den was an amazing experience and I would strongly recommend this to any young brand.

“I am very pleased with the feedback received for Cocofina from the Dragons and flattered that we received five offers.

“Our belief in Cocofina has been reinforced and we have already started to see the results of being in the den.”

The impact of appearing on the show and winning them over has already become apparent as new listings with premium lifestyle retailer Lakeland have been secured.

Cocofina products will now be available in all 60 UK stores and its award winning Organic Coconut Oil, Nectar and Butter will feature in the 2016 Lakeland Christmas catalogue.

 

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