SmartyPantz

Dan Civiero and Chris Ricard, from Vancouver, British Columbia, asked for $500,000 for 10 percent of SmartyPantz Entertainment (Smarty Pants), an escape room entertainment business where groups have 45 minutes to solve puzzles to escape a themed room. The company had one location in Vancouver, open only two months, with plans to expand to Edmonton and Calgary, charging $25 per person and operating at a capacity of 48 people per hour over 14 hours a day. Based on projected 25 percent weekend and 10 percent weekday capacity, the founders estimated about $58,000 in monthly revenue and $40,000 in monthly costs for the Vancouver location, implying roughly $700,000 in annual revenue against $480,000 in costs; the partners had invested about $405,000 of their own money and valued the company at $5 million.

Michele Romanow went out over the risk that interest in escape rooms could fade. Jim Treliving went out due to concerns about repayment given the early stage of the business. Michael Wekerle went out, calling the $5 million valuation unrealistic. Joe Mimran went out, citing insufficient homework and an unrealistic valuation. Manjit Minhas went out as well, criticizing the lack of clear numbers and a concrete plan, and no deal was made.

SmartyPantz appears to have closed. Its products may no longer be available.