$1Mfor 10%
Protein Candy
Valued at $10M
The pitch
Melodie Reynolds from Victoria, BC, pitched Elate Beauty in Season 19, Episode 8, asking the Dragons for $250K for 10% of the company.
- Asked for$250K for 10%
- Valuation$2.5Mimplied by the ask
- OutcomeNo deal
Offers in the Den
| Dragon | Offer | Result |
|---|---|---|
| Wes Hall | Out, says she needs a lot of money and marketing that he cannot provide | Out |
| Brian Scudamore | Out, not the right Dragon for her | Out |
| Manjit Minhas | Out, thinks her optimism is blinding her to the business's realities | Out |
| Michele Romanow | Out, wants her to identify a competitive advantage | Out |
| Arlene Dickinson | Out, concerned about $800,000 in debt financed through mortgaging her home | Out |
Melodie Reynolds, a makeup artist and founder from Victoria, BC, asked for $250,000 for 10% of Elate Beauty, a company making vegan, cruelty-free cosmetics with refillable, sustainable packaging made from water-treated bamboo, including refillable foundations, mascaras, and glosses sold in recyclable glass tubes. Over 10 years the company has done almost $12 million in sales with a 13% profit margin, doing $1.9 million last year with a projection of $2.2 million and 15% profit this year; the founders have invested $450,000 of their own money and carry a $350,000 BDC loan.
Wes Hall said the business is profitable and applauded the founder, but felt she would need a lot of money and marketing beyond his help, so he went out. Brian Scudamore, Manjit Minhas, Michele Romanow, and Arlene Dickinson all went out as well, citing concerns including lack of clear competitive advantage and around $800,000 in total debt financed through home refinancing, resulting in no deal.
Pitch details from CBC’s Dragons’ Den pitch page.
Elate Beauty today
- StatusIn businessLast checked September 2026
Elate Beauty is still operating and sells through its website.