AquaMermaid

Marielle Chartier Henault, from Montreal, pitched Aqua Mermaid, asking for $300,000 for 10 percent of the company. Aqua Mermaid is a mermaid swim school offering training, spandex mermaid-tail equipment with a monofin, and pool access for kids' swimming classes and adult aqua fitness, with lessons starting at $60 an hour plus group classes and monthly memberships. The business had launched four months earlier and generated $50,000 in sales, with Marielle valuing the company at $3 million and citing 20 franchise requests across Canada and the US, plus a pending deal with Sandals resorts for a seven percent royalty on sales that she projected could reach $900,000 a year across 15 resorts. Marielle had invested $3,000 of her own money to start the business.

Michael Wekerle offered $300,000 for 75 percent equity, later revising to 74 percent, saying at 10 percent he would not be a real partner given the size of the investment relative to what Marielle had put in; Marielle declined. Joe Mimran, Jim Treliving, Michele Romanow, and Manjit Minhas all went out, citing concerns about the unproven business model, the high valuation, and safety issues with the product. No deal was made.

AquaMermaid is still operating and sells through its website.