Underworld LARP

David Ashby, from Toronto, returned to the Den asking for $50,000 for 10% of Underworld, a live action role playing game business. Players build characters under the company's rules and pay to attend multi-day events; the company earns $15 per character created, with the average player making 1.5 characters per year, plus microtransaction revenue including character death-back fees of $350 and $1,150. Since first appearing in season nine seeking funds for land, the company purchased 100 acres in Fenelon Falls, Ontario, and expanded to 10 chapters across Canada, one in the US, and one in Japan; revenue grew from $55,000 to $80,000 over the past year, projected to reach about $110,000, with individual chapters earning franchisees $40,000-$50,000 a year.

All five Dragons declined to invest. Jim Treliving felt the revenue did not support the implied $500,000 valuation. Michael Wekerle wanted to try the game himself before investing and had doubts. Joe Mimran said the business was not suited to his preference for high-tech companies. Manjit Minhas and Michele Romanow both felt there was not yet enough revenue to justify an investment, with Michele suggesting he return again once revenue grows. No deal was made.

We haven’t confirmed whether Underworld LARP is still operating.