- Investment: £40,000
- Investor: Stephen Bartlett, Sara Davies, and Touka Suleiman
- Equity Offered: 15% total (5% each)
- Business: Adaptability
- Target Audience: Disabled community, especially wheelchair users
- Challenges: High cost of product, dependency on external suppliers, lack of IP ownership
Game-Changing Mobility Product Amazes Dragons on Dragons' Den
Deal Details
Investment: £40,000
Investors: Stephen Bartlett, Sara Davies, and Touka Suleiman
Equity Offered: 15% total (5% each)
Matthew Walker and Christian Brownlee, the founders of Adaptability, successfully secured a £40,000 investment on Dragons' Den for their revolutionary mobility device, the Omeo. The trio of dragons—Stephen Bartlett, Sara Davies, and Touka Suleiman—each took a 5% stake, totaling 15% equity.
The Pitch
Matthew and Christian, both with spinal cord injuries, introduced the Omeo, the world's only hands-free mobility device. This innovative product allows users to move by simply shifting their body weight, offering unprecedented independence and accessibility over various terrains, from muddy pathways to sandy beaches. The founders highlighted the limitations of traditional wheelchairs, which often lead to poor posture and injuries.
Business Highlights
- Established: 2020
- Product: Omeo, a self-balancing mobility device
- Assembly: Parts sourced from New Zealand and China, assembled in the UK
- Sales: £254,000 turnover in 9-10 months
- Target Audience: Individuals with disabilities, especially wheelchair users
Challenges
Despite the impressive product and sales figures, the dragons raised concerns about the high price point of £17,230 for a new unit. The cost is driven by expensive components, including £7,000 for seat steering technology and £5,000 for self-balancing technology. Additionally, the business does not own the intellectual property (IP) for these technologies and relies on annual agreements with suppliers, posing risks to long-term scalability and profitability.
The Dragons' Offers
Initially, Stephen Bartlett expressed his emotional connection and respect for the founders' journey, making an offer of £40,000 for 15%. Sara Davies and Touka Suleiman quickly matched his offer, each asking for 15% equity. After a brief discussion, the founders proposed splitting the equity among all three dragons. This collaborative approach resulted in a deal, with each dragon acquiring a 5% stake for a total of 15% equity.
Conclusion
Matthew and Christian left the Den with the investment they sought and three high-profile investors to support their mission. Their journey underscores the importance of innovation in improving quality of life for individuals with disabilities. With this investment, Adaptability is well-positioned to scale their operations and bring their game-changing mobility solution to a wider audience.