Saltwinds Coffee

Laura Richard and Brad Rideout, of Fredericton, New Brunswick, pitched Saltwinds Coffee, asking for $1,000,000 for 10% of their company. Laura Richard, who has a PhD in chemistry from the University of Oxford, developed a patent-pending process that infuses coffee beans with ocean air to replicate the taste of coffee historically transported on sailing ships, allowing lower-grade beans to taste more premium. The coffee retails for $22, and the founders have personally invested about $370,000, including selling their house and a vehicle. They reported first-year sales of $150,000, second-year sales of about $650,000 with a $150,000 loss, and gross sales just over $1,000,000 this year, with only a few months of financial runway remaining.

Wes Hall went out citing the amount of capital needed and ongoing losses. Brian Scudamore went out due to the highly competitive coffee market. Manjit Minhas went out citing no clear plan to profitable growth. Michele Romanow went out saying she wasn't the right partner for building a consumer brand around the technology. Arlene Dickinson offered $1,000,000 for the technology itself, which would let her own the process while the founders kept the Saltwinds brand and could license the technology through a co-packer, but the founders declined, believing the technology was worth more.

Saltwinds Coffee is still operating and sells through its website.