$1Mfor 10%
Protein Candy
Valued at $10M
The pitch
Laura Burget and Connie Lo from Toronto, ON, pitched Three Ships in Season 15, Episode 2, asking the Dragons for $350K for 10% of the company.
- Asked for$350K for 10%
- Valuation$3.5Mimplied by the ask
- OutcomeDealwith Jim Treliving
- Final deal$350Kplus a royalty: 5% royalty until Jim Treliving's investment is repaid, then dropping to 2% for five years after that, with no equity
Offers in the Den
| Dragon | Offer | Result |
|---|---|---|
| Michele Romanow | $350,000 for 25% | Withdrawn |
| Arlene Dickinson | Likes the product but believes others would be better partners | Out |
| Vincenzo Guzzo | Advises negotiating hard against equity dilution but makes no offer | Out |
| Michele Romanow and Manjit Minhas | Joint offer of $350,000 for 25% | Withdrawn |
| Manjit Minhas | $350,000 for 10% | Withdrawn |
| Jim Treliving | $350,000 as a royalty deal: 5% royalty until repaid, then 2% for five years, no equity | Accepted |
Laura Burget and Connie Lo, from Toronto, ON, sought $350,000 for 10% of Three Ships, a natural skin care line of 16 products with an average retail price of $27, all plant-derived and researched with a public ingredient glossary of over 150 ingredients. The company grew from $100,000 in sales in its first full fiscal year to $650,000 the next year, and was projected to hit $1 million this year, with margins between 78% and 92% depending on the SKU, roughly $500,000 gross profit and $100,000 net profit; the products are carried in over 400 stores across North America and were launching into Target and Whole Foods in January, with Target's opening order at $200,000 and weekly reorders expected to make it a million-dollar account by year end.
Michele Romanow initially offered $350,000 for 25%, later joined by Manjit Minhas for the same joint terms, but Manjit Minhas separately then offered the full $350,000 for just 10% equity. Arlene Dickinson and Vincenzo Guzzo went out, with Vincenzo Guzzo advising the founders to negotiate hard. Jim Treliving ultimately offered $350,000 structured as a royalty deal, no equity, with a 5% royalty until repaid and then 2% for five years, which the founders accepted.
Pitch details from CBC’s Dragons’ Den pitch page.
Three Ships today
- StatusStatus unknownLast checked September 2026
Three Ships, a natural beauty brand founded by Connie Lo and Laura Thompson, appeared in season 20 for a one-year-later style update (originally from season 15). Since their original appearance, the company raised $6 million in funding, grew from two founders to a team of 22 people, moved into a 4,000 square foot warehouse shipping 10,000 orders a month, secured a Target partnership expected to be worth a million dollars by year end, and grew from a projected $1 million in sales to an expected $16 to $20 million this year.