Apogee Trailers

Christopher Goffoz and Jean-Michel Brunet, from Montreal, Quebec, asked for $500,000 for 10% of Apogee Trailers, maker of the Adapt-X, a foldable aluminum trailer that can be stored in 38 inches of space and towed up to one tonne of cargo, available in sizes up to 12 feet. The smallest version sells for about $3,000, roughly 10-15% more than a comparable non-folding aluminum trailer. They have sold more than 100 units in Quebec, had $370,000 in sales last year, and are targeting 432 units and $1.5 to $2 million in sales this year, with a three-year plan aiming for $20 million in revenue. They valued the company at $5 million, though they had just closed a funding round valuing it between $4 million after raising $1.1 to $1.3 million, with a new contract worth $600,000 cited as the reason for the higher valuation; after the close the two founders would retain about two-thirds ownership, with other undisclosed partners holding the rest.

All five Dragons went out. Vincenzo Guzzo, Lane Merrifield and Jim Treliving cited a lack of transparency about the ownership structure and multiple undisclosed partners as reasons they could not trust the founders. Manjit Minhas said the projections were unrealistic. Michele Romanow said the pitch and share structure were too confusing. No deal was made.

Apogee Trailers is still operating and sells through its website.