$1Mfor 10%
Protein Candy
Valued at $10M
The pitch
Keelen Gagnon & Asif Hasan from Fredericton, NB, pitched Simptek Technologies in Season 10, Episode 6, asking the Dragons for $200K for 6.6% of the company.
- Asked for$200K for 6.6%
- Valuation$3.03Mimplied by the ask
- OutcomeNo deal
Offers in the Den
| Dragon | Offer | Result |
|---|---|---|
| Joe Mimran | Out, too hard to assess pre-revenue valuation | Out |
| Manjit Minhas | Out | Out |
| Jim Treliving | Out, no revenue means no valuation | Out |
| Michele Romanow | Out, doubts on consumer engagement model | Out |
| Michael Wekerle | Out | Out |
Asif Hasan and Keelen Gagnon of Fredericton, New Brunswick, co-founders of Simptek Technologies, pitched a software platform that collects data from smart meters to show homeowners a breakdown of energy use by appliance, asking for 200,000 dollars for 6.6 percent of the company. The business model charges utility companies a 2 dollar per month per home connection fee, and the company was pre-revenue, with one utility in a negotiation for a pilot program and five others in discussion in the United States, implying a 3 million dollar valuation.
Joe Mimran said it was too difficult to judge the valuation given the company was pre-revenue and went out. Manjit Minhas, Jim Treliving, Michele Romanow, who questioned whether the product would maintain consumer engagement for utilities, and Michael Wekerle all went out as well, citing the lack of revenue and unproven business model. No deal was made.
Pitch details from CBC’s Dragons’ Den pitch page.
Simptek Technologies today
- StatusStatus unknownLast checked ########
We haven’t confirmed whether Simptek Technologies is still operating.