Naked Coconuts

Paul Gill, from Vancouver, BC, asked for $350,000 for 10 per cent of Naked Coconuts, a coconut-based food brand with three products: coconut nectar syrup, a soy-free soy sauce called Coconut Aminos, and coconut oil. The oil retails for $11.99 and the products are sold in more than 500 stores across Canada, with ingredients imported from the Philippines and bottled in Vancouver. Gill said the business did $250,000 in sales in its first year and $600,000 in the most recent 12 months, valuing the company at $3.5 million, though it is not yet profitable. Gill funded the business partly through a $300,000 line of credit taken against his mother's house.

Joe Mimran went out, saying the valuation reflected poor business acumen and that Gill had put his mother's finances at risk. Jim Treliving went out, calling the valuation unrealistic given the company was still losing money. Michael Wekerle went out, saying Gill had not properly built out his business model. Manjit Minhas went out, saying an accountant was needed to sort out the valuation. Michele Romanow went out, saying the business should be saved without outside investor money. No deal was made.

Naked Coconuts is still operating and sells through its website.