Dragons Tamed: Sussex Beard Company Scores Deal
TORONTO–“We have a deal.”
With that, Matthew White of the Sussex Beard Company closed a deal with two “dragons” in the popular CBC series Dragons’ Den on Sunday night.
The New Brunswick entrepreneur’s clear vision for his product line, and his truly epic beard, convinced Michael Wekerle, described as a “rock star in the world of Canadian finance,” and Michele Romanow, co-founder of Buytopia.ca and one of the 100 Most Powerful Women in Canada, to invest in the company.
“You’re one of the best pitchers I’ve seen so far,” Joe Mimran, the founder of Joe Fresh and Club Monaco, said to White.
Fifty-three-year-old White founded Sussex Beard Oil Merchants three years ago. The company sells grooming products for men, particularly those with facial hair. It has pulled in about $30,000 revenue over the last 18 months. White set the valuation of his company at $260,000.
Michael Werkerle first offered $65,000 for a 25 per cent equity stake in the company, plus a 5 per cent royalty for five years. Werkerle then convinced Romanow to come in on the deal, taking their share up to 30 per cent.
For White, the experience of pitching the Dragons was an affirmation. “It got me to see a bigger picture in what I’m doing. It gave me a sense of validity for what I’m doing. It pushed me to be able to test my convictions about my product before some people who were really hard to talk to,” he told Huddle.
You can watch White battle the dragons below.