Lumo Interactive

Meghan Athavale, Jocelyne Le Leannec & Keith Otto
Winnipeg, MB

The pitch

Meghan Athavale, Jocelyne Le Leannec & Keith Otto from Winnipeg, MB, pitched Lumo Interactive in Season 11, Episode 8, asking the Dragons for $2M for 20% of the company.

Asked for$2M for 20%
Valuation$10Mimplied by the ask
OutcomeNo deal

Offers in the Den

Dragon	Offer	Result
Joe Mimran	Felt sales projections were unrealistic and valuation too optimistic, out	Out
Manjit Minhas	Felt traction was too slow for such a fast-moving industry, out	Out
Michael Wekerle	Concerned market is smaller than social or e-commerce markets and recurring revenue too small, out	Out
Michele Romanow	No offer made, comments not clearly recorded as out but implied	Out
Jim Treliving	Felt the 20% equity ask was too much for the money, out	Out

Meghan Athavale, Jocelyne Le Leannec and Keith Otto, of Lumo Interactive in Winnipeg, MB, asked for $2,000,000 for 20% equity, valuing the company at $10 million. The company has developed a patented self-serve platform allowing advertisers to design and manage interactive digital signage without coding, used in museums, malls and events; it started as a consulting company building custom installations before shifting to a software platform. Last year the company had $500,000 in sales, is projecting $1 million this year, and forecasts $20 million by 2017, funded so far by about $100,000 in loans, with seven full-time staff and results currently just above breakeven.

Joe Mimran and Manjit Minhas both went out over unrealistic sales projections and valuation. Michael Wekerle was concerned digital signage is a smaller market than social or e-commerce and that too little revenue was recurring. Jim Treliving said the 20% equity stake was too much for the money despite liking the opportunity. Michele Romanow did not make an offer, and no deal was reached.

Pitch details from CBC’s Dragons’ Den pitch page.