What is Dragons’ Den Cheesegeek?
Cheesegeek is an Artisanal cheese company that follows a modern subscription-based business model. It provides a vast range of cheese boxes loaded with delicious and quality handmade cheese prepared through traditional methods of the art of cheesemaking. Edward Hancock introduced Cheesegeek in 2017. The company employs local resources to offer top-quality products to its customers. They believe that their business technology is unique and unmatched.
Cheesegeek stands out from the typical cheese companies by ensuring 100% customer satisfaction. The company offers a wide range of delicious and high-quality chilled cheese directly from cheesemakers to cheese lovers’ homes. Moreover, they create a personalised “cheese profile” for every client.
With Cheesegeek, cheese enthusiasts can choose boxes from timeless classic favourites, surprise seasonal cheeses and exclusive combinations. Moreover, customers with specific preferences can even select a ‘build your own’ cheese box, in which they can pick and mix different varieties of cheese.
Pitch of Cheesegeek on Dragons’ Den
Edward Hancock and Richard Simpson pitched their innovation Cheesegeek on BBC’s Dragons’ Den in January 2022. Edward is the CEO and founder of Cheesegeek, and Richard is the Chief Operating Officer and problem solver of the company. They entered the Den seeking an investment of £150k for 3% equity. In their pitch, the duo mentioned, “The UK produces over 750 different varieties of cheese. However, most of us are unaware of the types of cheese available in the market. We aim to promote different varieties of cheese and become a leading name in the UK cheese industry.”
Edward and Richard added, “We are implementing three significant steps to achieve our goals. Firstly, we provide an unrivalled experience by delivering the best and new cheese every month directly from UK’s best cheese makers. Moreover, our flagship subscriptions and one-of-a-kind boxes guarantee the finest cheese at the best time of its life. Secondly, our upcoming mobile application will revolutionise the industry by storing and rating every cheese you try. Thirdly, our sustainability and brand identity are the heart of our business.
The duo added, “We focus on making our customers’ boxes more and more personalised. We also deliver cheese canapes, hundreds of cheese profiles, and organic cheese to ensure customer satisfaction. Moreover, our business is completely ethical and technology-based.”
Did Dragons Fall for the Pitch of Cheesegeek on Dragons’ Den? Find Out Their Reaction!
After listening to the duo’s pitch, Deborah Meaden seemed impressed, but Peter Jones is unsatisfied with the company’s valuation. Peter stated, “I think your estimated valuation is smellier than your product. Why did you enter the den with such a ridiculous valuation?”
Further, Edward disclosed he had invested £720k in the business. Peter was annoyed and continued to slam the duo for their return on investment and estimated profits.
Steven Bartlett was impressed by the pitch of Cheesegeek. He stated, “Your business is quite fascinating.” However, when Steven inquired the entrepreneurs about their business’s risks, Edward replied, “I honestly can’t think.” This answer disappointed the Dragons, and Bartlett called it concerning. Rich replied, “I think the capacity of cheesemakers is our biggest risk. So we work with small artisans.”
After listening to Rich, Sara Davies said, “Your demand and supply chain is stopping me from investing in your business. I guess I am not the right investor for you, so with a heavy heart, I say that I am out.” Edward explained that Cheesegeek directly works with local cheesemakers and dairies to deliver high-quality products. Deborah Meaden declared herself out because she was concerned about the environmental effects of milk production.
However, after listening to Rich and Edward, Peter made an unanticipated offer for the requested money for 15% of the company. Following Jones, Steven also proposed to invest £150k in Chessegeek for a 7.5% stake in the company.
Bartlett added, “I want to invest in your business because I liked Cheesegeek. Your company will face several challenges, but I am confident you can overcome them. I joined Dragons’ Den to use my skills, experience and contacts to multiply the value of businesses I invest in. Moreover, I believe I am here for you, and you are here for me. I do not want you to suffer any losses, so I offered you all the requested money for 7.5% of Cheesegeek.” Rich and Edward happily replied, “Thank you for this fantastic and lovely offer.
Touker Suleyman also made an offer to invest in the business. He said, “I like your innovation and believe you deserve an investment. I am willing to help your business grow and propose to give you the requested money for a 15% equity.” With three competing offers to consider, Edward and Rich were confused about whose proposal to choose. After thinking for a while, the duo accepted Steven’s offer and received £150k from Bartlett in exchange for 7.5% equity. Interestingly, Steven signed a deal with Cheesegeek mentioning if the company returns his money in the next two years, he will drop down to 5%.
Fate of Cheesegeek After Appearing on Dragons’ Den
Cheesegeek is on a mission to revolutionalise the cheese industry every day. Following its appearance on Dragons’ Den, the cheese company launched a unique and enhanced mobile application that helps its customers quickly send and receive cheese. Moreover, the company has expanded across the UK and aims to deliver its delicious range of cheese worldwide.
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Cheesegeek is proud of building a unique, innovative and incredible tech company from scratch. Additionally, the founders are most proud of supporting numerous cheesemakers and creating an outstanding community of cheese lovers. The net worth of Cheesegeek is £1m. Moreover, the combined net worth of Edward Hancock and Richard Simpson is £800k. From starting a cheese subscription company to appearing on Dragons’ Den, Cheesegeek has become a thriving business. The startup proves that innovative ideas and correct execution can lead to success. We are excited to see the growth, continued success and future of Cheesegeek.