The Rise and Fall of Companies Funded on Dragons’ Den
John McCrea, 19 December 2024
BBC’s Dragons’ Den has been running for almost 20 years, with would-be entrepreneurs pitching projects to some of the UK’s most high-profile high net worth individuals.
Long-time viewers will have seen the highs and lows of pitching a company to investors, from Levi Roots’ memorable pitch for Reggae Reggae Sauce to the infamous Air Oasis pitch, where the product didn’t work.
To celebrate 20 years of Dragons’ Den, we’ve taken a look at some of the successes and failures from the programme. Which companies saw success with equity from the Dragons? And which of the companies that failed to secure investment went on to make a success of their business?
Dragons’ Den success stories
Using data from the Beauhurst platform, we can reveal the high-profile success stories. To do so, we’ve used this criteria:
1. Companies that secured investment;
2. Companies that rejected investment from the Dragons; and
3. Companies that failed to secure investment
The companies included are then ranked by their current post-money value.
The gold standard:
Companies backed on Dragons’ Den
From impressive pitches to lucrative investments, these companies won the Dragons over and turned their backing into thriving businesses.
03.
Kirsty's
Value at funding: £108k
Most recent valuation: £7.59m
You’ve probably seen Kirsty’s ready meals stocked in your local supermarket, but the company started out from more humble roots as a homemade free-from ice-cream company named Worthenshaws.
Pitching to the Dragons in 2010, Kirsty Henshaw secured a £32.5k investment from Peter Jones and Duncan Bannatyne. Eventually, she would buy out the Dragons and launch the current Kirsty’s brand, which expanded into ready meals and other desserts — all with a dairy and gluten-free guarantee.
Since then, the business has gone on to secure five fundraisings worth £2.79m, achieving a current valuation of £7.59m.
02.
The Snaffling Pig Co.
Value at funding: £350k
Most recent valuation: £11.4m
In 2016, Nick Coleman and Andrew Allen pitched their gourmet pork scratchings brand, The Snaffling Pig Co. on Dragons’ Den. They secured a £70k investment from then-Dragon Nick Jenkins for a 20% stake.
The company specialises in elevating the humble pork scratching into a premium snack, complete with creative flavours and bold branding. Such was Jenkins’ confidence in the business, that the deal came with an option for the entrepreneurs to buy back 10% of the equity within 18 months.
At the time of the investment, the company was valued at £350k. Today, its most recent valuation stands at an impressive £11.4m, according to data from our platform.
Since its appearance on the show, the company has expanded into pubs, supermarkets, and online marketplaces, building a loyal following along the way.
01.
GripIt Fixings
Value at funding: £315k
Most recent valuation: £23.0m
When 18-year-old Jordan Daykin walked away with a £80k investment from Deborah Meaden, for a 25% stake, he became the youngest ever entrepreneur to secure funding on the show. Daykin also went on to become the youngest millionaire made through Dragons’ Den.
GripIt produces a special fixing for mounting heavy items onto walls made of plasterboard by spreading the weight more evenly. The company, which was valued at £315k following Meaden’s investment, recently raised £1.19m via crowdfunding, taking its latest valuation to £23m.
The product has since been stocked in a number of high street DIY stores and sold online, and remains one of the major success stories from Dragons’ Den.
Wing and a prayer:
Companies that rejected investment on Dragons’ Den
Now we turn to companies that received offers from at least one of the Dragons, but elected to turn down the offer and go their own way.
03.
LoveRaw
Value before Dragons’ Den appearance: £1.74m
Most recent valuation: £9m
In February of 2018, entrepreneur Rimi Thapar entered the den with a snack business valued at £1.74m, following a £240k investment in late 2017. The pitch was for LoveRaw, an innovative plant-based chocolate product, which tempted Deborah Meaden into offering £50k for a 5% stake.
Thapar turned down the offer, wanting to retain the equity, and sought investment from different places. That investment came in the form of £2m from Blue Horizon Group, which had also backed Beyond Meat. Further investment in early 2024 from an unnamed investor brought the company’s valuation up to £9m.
02.
Oppo Brothers
Value before Dragons’ Den appearance: £1.30m
Most recent valuation: £9.75m
In 2016 — just six years after the pitch for Kirsty’s ice cream — brothers Charlie and Harry Thuillier presented their luxury, low-calorie ice cream brand to a panel of Dragons. On that day, concerns around unsold stock meant that the brothers walked away without a deal, in spite of their previously successful investment.
Despite failing to secure a deal with the Dragons, the duo turned to crowdfunding and external investors to drive growth. Today, Oppo Brothers has secured its place in major supermarkets, offering what they claim is a guilt-free alternative to indulgent treats.
The company’s valuation has grown from £1.3m prior to the company’s appearance on the show, to an impressive £9.75m as of the latest valuation data on the Beauhurst platform.
01.
HungryHouse
Value before Dragons’ Den appearance: Unannounced
Most recent valuation: £200m*
HungryHouse entered the Den in 2007 as a fledgling online takeaway ordering service. Ahead of its time, the Dragons saw potential, with Duncan Bannatyne and James Caan making an offer of £150k for 50% equity. However, HungryHouse turned down the offer after the filming concluded.
Instead, the company pursued alternative funding from a number of unnamed investors — including a £50m injection in 2014. HungryHouse’s turnover almost tripled from just under £12m in 2013 to £35m in 2017, and the business quickly became a major competitor to Just Eat.
In 2018, the company was acquired by Just Eat for £200m, cementing its place as one of the most successful rejections in Dragons’ Den history.
* Valuation data is not formally available for HungryHouse. Instead, this figure represents the value that the company was acquired for.
The ones that got away:
Success stories turned down by the Dragons
The Dragons aren’t infallible — every now and again, companies that were rejected on the show prove the dragons wrong and strike it big.
03.
Tangle Teezer
Value before Dragons’ Den appearance: Unannounced
Most recent valuation: £165m*
Another missed opportunity in 2007, Tangle Teezer was pitched by inventor Shaun Pulfrey as a revolutionary detangling hairbrush. The Dragons, seeing limited market potential, declined to invest in Pulfrey’s business.
Believing in his idea, Pulfrey persevered by funding the business himself and used word-of-mouth marketing to make Tangle Teezer a success. Now available in over 70 countries worldwide, the product is a staple of the premium haircare world and was subsequently acquired by BIC in December 2024 for £165m.
* Valuation data is not formally available for Tangle Teezer. Instead, this figure represents the value that the company was acquired for.
02.
Gousto
Value before Dragons’ Den appearance: £672k
Most recent valuation: £239m
The rise, fall, and rise again of meal subscription service Gousto has been well documented. But their appearance in 2013 on Dragons’ Den saw entrepreneurs James Carter and Timo Boldt fail to secure funding from the Dragons.
Since appearing on the show, the company secured investment from a number of business angels and a huge £74m investment in 2022 from SoftBank’s Vision Fund II, which saw the company valued at a height of £1.51b.
The company may have since lost its unicorn status, for now at least, but it continues to operate efficiently, making an operating profit of over £50m based on 2023 data from the Beauhurst platform.
01.
BrewDog
Value before Dragons’ Den appearance: Unannounced
Most recent valuation: £1.87b
BrewDog, which was founded in 2007, is the ultimate ‘one that got away’ on Dragons’ Den. In fact, the company never made it to the screen, as their application to appear on the show was rejected.
Since then the punk-loving craft beer company developed its own crowdfunding vehicle, has amassed £320m in investment, and acquired two companies on its journey to becoming one of the UK’s biggest unicorns. The business now sells globally, has a retail presence, and a value just shy of £2b.
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