CoolWay (formerly CoolWhey)

Noah Bernett, Benjamin Outmezguine and Dino Vassiliou, three friends from Montreal, Quebec, asked for $50,000 for 5% equity in their protein ice cream company, CoolWhey. Each serving tub contains 23 grams of protein, is naturally sweetened with xylitol, is low in fat with zero added sugar, and comes in chocolate, peanut butter, strawberry banana and lactose-free coconut flavours. The product is sold in about 110 gym and supplement store locations across Ontario and Quebec, including all Popeye's Supplements Canada locations, with discussions underway with GNC; the company had $70,000 in sales over four months, projected to reach $110,000 by month's end and over 400 locations with more than $1 million in sales by year end, based on a $1 million valuation.

Joe Mimran offered $50,000 for 40% equity, and Jim Treliving offered $50,000 for 25% equity plus a 50% say in the company; the founders countered Jim Treliving's offer at $50,000 for 10% with an equal vote, which he declined as too low. Michael Wekerle went out, saying the founders were not listening to feedback, and Manjit Minhas and Michele Romanow also declined, citing math inconsistencies, product quality concerns, and the business not being far enough along. The founders ultimately declined both the Joe Mimran and Jim Treliving offers, and there was no deal.

CoolWay (formerly CoolWhey) is still operating and sells through its website.