acuProducts

Dr. Michael Cohen, a chiropractor from Toronto, ON with 26 years of practice, asked for $1,000,000 for 15% of acuProducts, a line of self-heatable massage tools including balls and pads that can be heated in a microwave for over 60 minutes of warmth and are designed to work using body weight alone. Prices range from $20 to $60, and the products are used by professional sports teams including the Raptors, Leafs, Canadiens, Coyotes and Oilers. In 2014 the company had $480,000 in sales across about 400 stores, growing to about 700 stores and $800,000 in sales in 2015 with $200,000 in net margin; the products were about to launch in Shoppers Drug Mart, adding 700 more stores, and Cohen has invested over $1,000,000 of his own money over 15 years developing the line.

Manjit Minhas went out over the high valuation and low per-store sales, and Joe Mimran went out citing sticker shock and a lack of command of the numbers. Michele Romanow liked the product but felt the valuation was out of line, and Michael Wekerle was concerned the founder was reverse engineering numbers to recoup his investment. Jim Treliving felt Dr. Cohen should remain a chiropractor rather than pursue this as an entrepreneur. All five Dragons declined and there was no deal.

We haven’t confirmed whether acuProducts is still operating.