$1Mfor 10%
Protein Candy
Valued at $10M
The pitch
Elliot Kimelman from Winnipeg, MB, pitched C-Spray in Season 14, Episode 8, asking the Dragons for $100K for 10% of the company.
- Asked for$100K for 10%
- Valuation$1Mimplied by the ask
- OutcomeDealwith Michele Romanow
- Final deal$100K for 40%valued at $250Kplus a royalty: 10% royalty forever
Offers in the Den
| Dragon | Offer | Result |
|---|---|---|
| Manjit Minhas | Out, said the valuation didn't make sense given real-world investing versus classroom theory | Out |
| Vincenzo Guzzo | Out, said a deal was impossible given the valuation approach | Out |
| Jim Treliving | $100,000 for 50% | Declined |
| Lane Merrifield | Out, required a patent to be granted first | Out |
| Michele Romanow | $100,000 for 40% equity plus a 10% royalty forever | Accepted |
Elliot, a 20-year-old business student at Ivey Business School from Winnipeg, asked for $100,000 for 10% of C-Spray, an all-natural chlorine-eliminating spray for skin, hair, and swimwear that neutralizes chlorine and converts it to salt using an ingredient formula including vitamin C. The product launched in 2018, had generated $15,000 in sales through Amazon and 12 retailers plus one hotel across Canada, with large bottles retailing for $30 offering about 160 uses, and margins around 80%. The product was not yet patented, and Elliot valued the company at over a million dollars using a discounted cash flow projection based on planned sales growth.
Manjit Minhas and Vincenzo Guzzo went out over the unrealistic valuation methodology, and Lane Merrifield went out due to the lack of a patent. Jim Treliving offered $100,000 for 50%, which Elliot did not accept, and Michele Romanow offered $100,000 for 40% equity plus a 10% royalty forever, which Elliot accepted.
Pitch details from CBC’s Dragons’ Den pitch page.
C-Spray today
- StatusIn businessLast checked September 2026
C-Spray is still operating and sells through its website.