The Growcer

Corey Ellis and Alida Burke, students at the University of Ottawa, pitched The Growcer, a company from Ottawa, Ontario that manufactures plug-and-play hydroponic systems built inside shipping containers, capable of growing 12,000 pounds of food in temperatures as cold as minus 59 degrees Celsius. They asked for $250,000 for 25%. Each unit costs about $200,000 including installation and training, with a 30% margin, and the business has $500,000 in revenue over 18 months with $1 million in confirmed sales across seven units, though only two have been delivered so far to customers including a research station in Churchill, Manitoba.

Manjit Minhas and Vincenzo Guzzo made no offers, citing lack of familiarity with the space. Michele Romanow offered $250,000 for 33%. Jim Treliving offered the requested $250,000 for 25% and proposed bringing it to his Edmonton contacts. Arlene Dickinson also offered $250,000 for 25% and then teamed up with Lane Merrifield for a joint offer of $250,000 for 30%. The founders countered with a three-way combined offer of 33% which Arlene Dickinson declined as too diluted, and ultimately accepted the joint offer from Arlene Dickinson and Lane Merrifield of $250,000 for 30%.

The Growcer is still operating and sells through its website.