Mixit

Oldrich Blaha, Stephanie Jackson and Alexander Jackson Blaha of Montreal, QC asked for $60,000 for 10% equity in Mixit, an online platform (Mixit.ca) letting customers create custom breakfast cereal mixes from more than 75 ingredients, with about 90% of ingredients containing no added sugar. A tube of the product holds about the same amount as two boxes of store-bought cereal and retails for about $15. The company launched about ten months earlier, has generated $50,000 in total revenue over the last six months of real operation, with a gross margin of 55%, customer acquisition cost of $20 to $30, and an average customer lifetime value of about $110.

Joe Mimran went out citing a high valuation and the amount of work still needed to drive online traffic. Michael Wekerle went out because he does not invest in products with expiry dates. Michele Romanow offered $60,000 for 25% equity, and Manjit Minhas joined her offer for the same joint terms. Jim Treliving made no offer, saying it was too early. The founders countered with $60,000 for 15%, which the two Dragons declined as too low given the stage of the business, and no deal was made.

We haven’t confirmed whether Mixit is still operating.