- Investment: £50,000
- Investor: Peter Jones and Richard Farley
- Equity Offered: 40%
- Business: Reggae Reggae Sauce (jerk barbecue sauce)
- Target Audience: General consumers seeking flavorful condiment alternatives
- Challenges: Scaling production, competitive market, high-risk nature of food industry
In a remarkable turn of events on Dragons' Den, Levi Roots, the charismatic entrepreneur behind Reggae Reggae Sauce, successfully secured a £50,000 investment. The deal was struck with two prominent Dragons, Peter Jones and Richard Farley, each contributing £25,000 for a combined 40% equity in Levi's business.
Levi Roots, known for his vibrant personality and musical pitch, captivated the Dragons with his unique Reggae Reggae Sauce—a flavorful jerk barbecue sauce. Initially seeking £50,000 for a 20% stake, Levi faced rigorous questioning about his business's scalability and his understanding of the market. Despite a miscalculation regarding a potential order size, Levi's enthusiasm and potential convinced Peter Jones and Richard Farley to invest, albeit at double the equity he initially offered.
Summary of the Pitch:
Levi Roots introduced himself with a catchy jingle, showcasing his sauce's appeal. He shared his extensive background in music and his experience selling the sauce at the Notting Hill Carnival. Levi's sauce replaces traditional condiments with a blend of garlic, peppers, coriander, scallion, and other herbs and spices, offering a flavorful alternative to bland tomato ketchup and overpowering hot pepper sauces.
He mentioned a tentative deal with a meat company in Yorkshire, which could potentially lead to a significant order, initially misunderstood as two and a half million liters but later clarified as two and a half thousand kilos. Despite this confusion, Levi's charm and the product's potential swayed the Dragons.
Investment and Future Prospects:
Peter Jones and Richard Farley saw potential in Levi and his product. Peter Jones offered £25,000 for 20% equity, contingent on securing the full £50,000. Richard Farley matched the offer, resulting in a total investment of £50,000 for 40% equity. This partnership provides Levi with not only the capital but also the business acumen and industry connections necessary to scale production and distribution.
Levi's acceptance of the deal marked a pivotal moment, promising growth and broader market reach for Reggae Reggae Sauce. His journey on Dragons' Den ended on a high note, with the potential for his sauce to become a household staple.
Levi Roots' pitch on Dragons' Den highlights the power of passion, personality, and a well-loved product. With the support of Peter Jones and Richard Farley, the future of Reggae Reggae Sauce looks bright and flavorful.