SPATULA Foods

Ian, Wallace, and Shela, from Toronto, ON, asked for $250,000 for 5% of SPATULA Foods, a company selling gourmet flash-frozen meals made with Toronto chefs and restaurants, ready in about 10 minutes with just a pan and a spatula. The meals are sold through an online subscription service as well as Uber Eats, DoorDash, and specialty grocery stores in Ontario, priced between $20 and $30 per pack. The company had been operating for about a year and a month, generating $480,000 in gross revenue, with over 25% retention on subscriptions, an order rate of 9.8 times a year for repeat customers, and 30% gross margins. The founders also described a plan to partner with content creator chefs who would get a royalty on branded recipe bags.

All five Dragons made offers: Michele Romanow offered $250,000 for 6.5%, Manjit Minhas offered $250,000 for 7%, Wes Hall offered $250,000 for 7%, Vincenzo Guzzo offered $250,000 for 5%, and Arlene Dickinson offered $500,000 for 12%. The founders asked Arlene Dickinson and Michele Romanow to partner for $500,000 at 10%, but Arlene Dickinson said she would only do the deal alone at that valuation, and Michele Romanow matched it. The founders declined Michele Romanow's offer and accepted a deal with Arlene Dickinson for $500,000 for 10%.

SPATULA Foods is still operating and sells through its website.