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 Replies to “Dragons tackle a staggering valuation – Dragons’ Den”

  1. 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.

  2. 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.

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

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

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

  6. 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.

  7. 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 .

  8. 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.

  9. 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.

  10. 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

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

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

  13. 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

  14. 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.

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

  16. 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

  17. 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.

  18. 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!

  19. 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.

  20. 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.

  21. 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!

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

  23. 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

  24. 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.

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

  26. 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’

  27. It just goes to show that any business that requires computer algorithms to make money is an excellent idea. The fact that they both abandoned politics shows that they saw the morality of it. If this was any other business they would have been thrown out due to their ridiculous offer of 1%. The business would have to make a profit of £9,000,000 before the dragons got their money back.

  28. I don't think they are naive…quite the contrary. I think they understand the value of their business….so to have him say that is just a sign that he is angry…

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