JamStack

Chris Prendergast, from Toronto, Ontario, pitched JamStack, a portable device that attaches to a guitar strap and uses third-party software for effects, loops, backing tracks and recording, asking $200,000 for 20% of his company. The device retails for $249, costs about $70 Canadian to manufacture, and in its first 30 days on Kickstarter generated $90,000 in orders for about 400 units. Chris Prendergast had invested $85,000 of his own money along with a loan from BDC and Futurpreneur, and had received about 3,000 email signups with no paid marketing before starting ads; he owns 100% of the company and was seeking funds for inventory, distribution and part-time staff.

Michael Wekerle went out first citing valuation concerns given fast-moving technology, followed by Joe Mimran and Manjit Minhas, who both said it was not a fit for them. Michele Romanow offered $200,000 for 40%, citing her e-commerce and hardware experience, which Chris Prendergast and others felt was a steep ask. Jim Treliving and Michael Wekerle then teamed up to offer the original $200,000 for 20%, with Jim Treliving promising to make introductions and Michael Wekerle offering to connect Chris Prendergast with producer Eddie Kramer, and Chris Prendergast accepted this joint offer.

JamStack is still operating and sells through its website.