Dragons tackle a staggering valuation – Dragons’ Den

Dragons tackle a staggering valuation – Dragons’ Den


my name is Henry and I’m will we’re
cofounders of look after my bills our
service minimizes the price you pay for
gas and electricity because right now
people get ripped off we all know that
we should switch but we don’t so look
after my bills does the switching for
you you sign up on our website in just a
couple of minutes our algorithms get to
work and then we move you to the best
deal every year automatically you don’t
have to lift a finger
that’s the key difference between us and
comparison sites with energy alone we’re
taking on and disrupting a market worth
billions and we’re offering 1% of our
business for 90,000 pounds thanks for
listening we’d love to take any
questions a confident pitch from will
Hudson and Henry to zut asking for
90,000 pounds for a tiny 1% of a website
that automatically finds the best deal
for your gas and electricity
but the multi-million pound price tag
appears to her ruffled tej Lala nice
feathers
hi guys will Henry hi wondering where to
start well they should start with the
evaluation how do you get to that figure
and why do you think your businesses is
worth nine million pounds it’s a
combination of our track record
experience in this space but also the
size of the market in front to us so
right now people spend twenty nine
billion pounds on energy in Britain
alone they’re 20 that doesn’t excite me
too much a lot of the time people come
into the gym they’re quote market sizes
and say well because of that but let’s
start with more basics how many
customers do you have because a
valuation like that I presume you’d have
a lot of customers on board be around 60
to 70 thousand who’ve done this which
people have signed up for the
opportunity to take our deals it’s a
larger number around 250 300,000 in
terms of it before you set up the
business four years ago what did you
both do I’ve got a political background
actually so I started off doing policy
and think tanks I then was a special
advisor in government so different
approach to to Henry I actually did some
work for the Green Party and I decided
that I wanted to do what I could about
big business not giving the best
treatment it could to normal people and
consumers will and I have been all for
instance University I left government in
2014 we’d been talking you know as best
mates for years about doing something
together so we started the big deal what
the business did to start off was
one-off switches so we say people huge
money with great deals but then the
deals expired and they got to a higher
price now customers asked us to start
switching for them and that’s where look
at my bills comes in
the entrepreneurs put up a robust
defense of their valuation citing a
growing business born out of consumer
demand but Deborah maidens worried the
new laws protecting personal data could
short-circuit their chances of success
well Henry do you see any changes in the
legislation that’s gonna stop you from
simply being able to take decisions on
your consumers behalf know the direction
of travel in this space is all towards a
service like look after my bills I’m
sure you will realize that the energy
market just doesn’t work for customers
because they don’t keep engaging with
the market and people of course don’t
switch because it’s a complete pain in
the neck and if you do it once you’re
certainly not going to get around to
doing it every year thank you how many
competitors have you got in this field
the big players would be the large
comparison websites they do normal
switching manual switching in terms of
automatic switching this really is an
early green industry
no one has established themselves a
central player which is our aim there’s
been zero innovation in this market for
twenty years
price comparison websites look like they
did 20 years ago big list that’s it and
still 60 70 percent of people do not
switch there has to be some new
innovation to change this and we think
we’re the ones that can do that a
groundbreaking website that’s also first
to market it looks like the
entrepreneurs have all the elements for
success but Jenny Campbell wonders if
they’re at the mercy of the big players
not joining their utility revolution
energy companies whatever big one is
choosing not to be on your platform
because frankly it costs them money too
I would call it slick their own throats
yeah there’s a race to the bottom we try
to get people with the best price we can
find and supply as they can trust now if
a supplier doesn’t want to engage with
the service that gets customers a great
deal year-on-year
I’m not sure that’s the kind of company
that we want to be moving people to
are you not compromised on independence
because surely whoever pays you the most
you know deal done isn’t it I think
ultimately all we can do is be totally
transparent and honest with our users
they know there might be cheaper dealers
out there about some companies that we
wouldn’t necessarily recommend
a rare occurrence in the den as the
entrepreneurs reveal cash won’t always
be king on they’re switching site Tesla
Varney has quietly taken a reading of
the numbers and is ready to supply his
verdict on the proposition you guys want
smart money right and there’s a cost to
having the value in the den what we’re
gonna prove I think what you need to do
is to grow your brand and to build it
create the awareness and that’s what I
can do and at the same time you’ll need
to raise money future and I can help
with that too
right I’m not gonna waste any time I’m
gonna give you an offer the offer is all
of the money but at 7% thank you thank
you
tage Levani provides an early boost for
the entrepreneurs but the deal he wants
is 6% more than the 1% on offer
does Peter Jones feel the entrepreneurs
have what it takes to look after an
investment I think you’ve done
incredibly well I really like the idea I
think got a real chance of making this a
success so I’m gonna make you an offer
and I’m making this offer because I
bring so much more value than – I don’t
have you so I don’t need to compete with
that I’m gonna offer you all of the
money but in return I’d like 10% of the
business
technology guru Peter Jones electrifies
the den using his track record to go in
higher than his fellow dragon demanding
a whopping ten percent of the company
but does touka Sulaiman feel he can come
up with a better deal impressive your
impressive
and I believe my offer can add great
value to you so I will give you all of
the money per eight percent I love this
business for many reasons I think
anything that disrupts the blinkin
energy industry has got to be good news
and I’d really love to be involved and
what I really want to be involved in
something I get quite competitive so I
am gonna make you an offer and good off
you all of the money
but they want 3% of the business
Debra Medan dramatically undercuts her
rivals encouraging the entrepreneurs to
switch to her deal of 90,000 pounds for
just 3% Jenny Campbell can also be quite
competitive is she about to turn up the
heat in the dead the thing that I really
really like is the ethical peace that
comes through this you’re launching
today is about making energy companies
honest at the end of the day and it’s
it’s longer would you so what is there
not to like I’m gonna throw a little bit
of a curveball in and say that I would
offer you 1/5 of the money for 1% which
means you need to get the rest of us to
agree mm-hmm do want to go and talk at
the back guys yeah
a full house Peter Jones offers all the
money for a hefty 10% to KO Suleiman
wants 8% taze LaVon ease after 7 Jenny
Campbell wants 5% shared equally but
Deborah Medan has been the most
competitive asking for just three
percent of the company
having discussed it any now incredibly
flat flattered we’re willing to double
the amount of equity we’re giving away
in our business from 1% to 2% but we
need slightly more money we need to ask
for 150 K for that 2% look guys I think
you have to understand the real value
here at 2% even a struggle you need to
be a bit more realistic guys can I just
say that I do understand the predicament
I like it even more so just on that or
half my offer so I will offer you all of
the money ninety thousand for five
percent not 10%
this I’m afraid has to be our our final
offer and we’re really really keen to
make it work
120,000 pounds for 2% of the business I
didn’t get out of bed for 2% that’s for
sure understand
so on that basis I’m out
touka Suleyman
stays in bed refusing to give in to the
entrepreneurs equity demands but is 2%
enough to tempt the other dragons from
under the covers I actually think it’s a
great shame because this could make a
lot of difference to you we don’t want
to give up on you
please please believe that this is as
far as we can go
I’m sorry guys
No
I’m out guys feel that you’ve taken the
negotiation way too far and that shows
to me there’s a naivety in business that
really concerns me and I think you will
walk away from here now
having completely missed a massive
opportunity you’re about to make one of
the biggest mistakes of your life is
that your final offer
2% so final offer
on the basis of that’s your final offer
I’m out
they’ve had five offers but now just two
dragons remain our Jenny Campbell and
Tesla Vani willing to negotiate okay
guys here’s where I’m at
you asked for hundred and twenty
thousand for two percent but I urge you
to reconsider and see the value that the
Dragons are going to bring we do I’ll do
one hundred twenty thousand but for
three percent and that’s my final offer
it was very happy to bring Jenny with us
both
okay both is what we would like I would
share with TAFE
that’s three percent so we’re part by
one percent you could walk away on the
basis of one percent
it’s half a percent each
there is no way that you two would do
what 124 two percent as we as we
describes well we gave you our final
offer
Jenny and finish we have a deal right
ago she ations well done they almost
lost it but having given away just 3% of
the company will and Henri leave with a
hundred and twenty thousand pounds and
two switched-on dragons

100 thoughts on “Dragons tackle a staggering valuation – Dragons’ Den”

  1. I nearly cried watching this, this service is too important to lose dragon's help over a couple of percent. Was on the edge of my seat for this one!

  2. Hey lookaftermybills is still running, and they have big companies behind them now, they must be dong well, especially if what there website says is true.

  3. Peter Jones is a titan, the man is worth close to half a billion pounds, has great experience in the tech sector, and I truly believe they would have made more money giving him a 5% share than they'll make with the shared 3% between two dragons, one whose experience is in medicine, the other in banking.

  4. They harp on about the energy companies being greedy and yet show themselves to be equally as greedy.

  5. Narrator: "Jenny Campell.. can also be very comptetive"
    Me: "For what? The attention and the free water?"

  6. I don’t get why anyone would want to invest for a measly 1.5% especially when you’re already a multimillionaire.

  7. Well they’re lucky that it’s not Germany.
    Otherwise they would have been dead by now cuz of the new rules of privacy and stuff, so automatic switches won’t work.

  8. 100 percent we believe they worked for the government . Only a crooked politician could bring down a dragon to 3% and that too rob them for more money . One should be prime minister other should be central bank chief .

  9. Jenny Campbell offered this deal to make it look good that she is a valuable Dragon. She isnt brave enough to offer such a substantial amount.

  10. Fascinating to watch.

    I have NEVER seen anyone let alone two people have that much in them to pretty much lay down the law to the dragons and REFUSE to budge on their demands.

  11. My names jenny and im in, no out, in out in out shake it all about, do the hokey kokey and i turn it around oh sod this i am out out out

  12. 'Look after my bills'… do you think that's what President Clinton actually said to the hard-of-hearing Monica Lewinsky?

  13. Jenny Campbell, no offers for an extremely long time, does one offer, gets it, and it's one of the most successful ones ever

  14. Id go on and at start of my pitch id make it known the pitch is not for jenny cos she aint gona invest. Love to see her reaction and face, and refuse to answer any of her questions

  15. 4:20 "A groundbreaking website that's also first to market. It looks the the entrepreneurs have all the elements for success. But Jenny Campbell…" I genuinely laughed out loud there.

  16. There must've been other shareholders since they offered 1%. Why did the dragons not ask them about that?

  17. Jenny not only made a deal but won the bidding war and got knocked down in percentage and for more money I feel like I'm in the twilight zone

  18. I like it my electricity bill keeps going up although i'm only using equipment that i've used for years, if that makes sense.

  19. Peter Jones was sick as a parrot after that, he was trumped by what's his name's 7%, and they didn't make the biggest mistake of their lives as he declared they would if they didn't accept his offer!

  20. Jenny: “I’ll throw in one 5th of the money for 1% of the company”

    The BBC did a great job here in blocking out the noise made in the studio when everyone broke into a fit of laughter that lasted for a good whole 20 minutes.

  21. I would not be able to put my trust in such a company that would leave you in the dark, how would you know that they have not made a deal with a provider that is costing you more money than you should be paying, also how can you trust that they will make a smooth change-over that does not cost you far more than it should. They don't care about you and they are only interested in making money! The only person that can watch your back is you.

  22. I'm Jenny, let me call a buddy of mine to check your business out.
    I am taking all the risks here… And for that reason I'M OUT!

  23. It's the government who drive your energy bills up, the EU green initiatives and taxes.
    NOT THE ENERGY COMPANIES

  24. Balls of solid steel these 2. Think most people, I would probably do the same, panic and accept the offer in fear of walking away empty handed

  25. British Gas are once more in control of the British market when it comes to controlling the energy market, so what use is it switching when whoever you switch to is controlled by British Gas and will simply take the opportunity to up their prices too.

  26. Tbh Peter Jones is the only Dragon in that building. He is an absolute savage. The rest are merely Whelps.

  27. We all make mistakes Jenny don’t let this deal get you down
    You can turn them all down now with ‘I’m Jenny I’m out’

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