A family from Meaford is walking away with $200,000 after conquering Dragons’ Den.
Co-Owners of Gingerbug Megan and Bren Silk made their debut on the popular show when it aired on the CBC on Nov. 30.
“We went in there with a $2 million valuation and we were asking for $200,000 for 10 per cent of the company and it was fantastic. We actually received two competing offers for exactly what we came into the den for,” says Megan Silk.
She says the valuation was a determination of what their company was worth based on the brand, the positioning, and the result of the market testing period.
Silk says one of the dragons pointed out how Gingerbug, which is a wild-fermented ginger beer, is a new category of beverage.
“When we set out to launch Gingerbug, we went through various exercises trying to determine exactly what our positioning in the the market place would be,” says Silk. “We are essentially creating a brand new category in the functional beverage space, which is both exciting and a little bit nerve wracking,” says Silk.
Silk says while she has been confident in their brand since the beginning, after conquering Dragons’ Den it was an exciting moment and validated their product.
She adds they plan to use the funds from the show to upgrade their facility as they scale into the new year.
“We are in talks with several major national retail chains right now and so we are going to have to up production and improve our facility,” says Silk.
The beverage is currently sold at retail stores across the country and is brewed in Owen Sound.
