Welo

Jack Baker, Stef Prodea, and Katie McKinnon, of Mississauga/Toronto, ON, asked the Dragons for $200,000 for 10% of Welo, a company making functional bars and beverages containing probiotics for gut health. The bars retail for about $3 and contain only three grams of sugar with three billion probiotics per adult bar (one billion in kids' bars), while beverages range from $4 to $6; products are sold in Whole Foods, are newly launched into Loblaws nationally, and are about to launch into 270 Bulk Barn stores. The company has generated $812,000 in revenue in under two years, projects $2 million in sales for 2018, values itself at $2 million, and currently loses about $25,000 a month, though it expects to be profitable by about $80,000 by year end after investing in production to lower cost of goods.

Lane Merrifield and Michele Romanow both went out, saying the founders already had the retail knowledge and distribution relationships they needed. Vincenzo Guzzo considered an offer but declined to make one, saying the founders would not accept it. Arlene Dickinson and Jim Treliving both offered the full ask of $200,000 for 10%, with Jim Treliving noting he could have gone to 25% given the strength of the other offers but chose to match the ask; the founders accepted Arlene Dickinson's offer.

We haven’t confirmed whether Welo is still operating.