Nexxbar Equipment Inc.

Ross O'Keefe, Michael Shelley
St. John’s, NL and Baie Verte, NL

The pitch

Ross O'Keefe, Michael Shelley from St. John’s, NL and Baie Verte, NL, pitched Nexxbar Equipment Inc. in Season 13, Episode 9, asking the Dragons for $100K for 10% of the company.

Asked for$100K for 10%
Valuation$1Mimplied by the ask
OutcomeDealwith Manjit Minhas
Final deal$100K for 20%valued at $500K

Offers in the Den

Dragon	Offer	Result
Vincenzo Guzzo	Concerned that sales of $50,000 don't support the requested valuation	Out
Jim Treliving	$100,000 for 25%	Declined
Arlene Dickinson	Not confident in the founders' ability to scale with her capital	Out
Manjit Minhas	$100,000 for 20% with a seat at the table	Accepted
Michele Romanow	Concerned about capital efficiency	Out

Ross O'Keefe and Michael Shelley, from St. John's and Baie Verte, Newfoundland, pitched Nexxbar Equipment Inc., a leverage-based massage and stretching tool called the Nexxbar, asking for $100,000 for 10% equity. The device uses a telescopic arm and strap system to allow controlled pressure and traction for muscle recovery, retails for $129 online, and is used in 17 physiotherapy clinics in Eastern Canada. Four months into the market, the company had $50,000 in revenue and had invested $325,000 to date, including $75,000 on app and website development, and had secured a distribution partnership with a major gymnastics equipment supplier reaching 85% of the global market; Olympic gymnast Ellie Black appeared to demonstrate the product.

Michele Romanow and Vincenzo Guzzo went out over concerns about capital efficiency and the gap between sales and the requested valuation, while Arlene Dickinson said she lacked confidence in the founders' ability to scale. Jim Treliving offered $100,000 for 25%, and Manjit Minhas offered $100,000 for 20% with a seat at the table; after considering both, Ross O'Keefe and Michael Shelley accepted Manjit Minhas's offer.

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