Management / Dock & Bay win backing from Dragon Den’s Deborah Meaden
Dock & Bay win backing from Dragon Den’s Deborah Meaden
11 September 2017 |
Dock & Bay, the company who reinvented the travel towel, specialising in vibrant and compact towels founded by ex-colleagues and best friends Andy Jefferies and Ben Muller, has won over Deborah Meaden on Dragons’ Den with a passionate pitch that inspired with a cheeky spark of charm and wanderlust.
Impressed by the pair’s entrepreneurialism, enthusiasm and energy, the concept piqued the interest of not one but three of the dragons – Deborah Meaden, Tej Lalvani and Touker Suleyman – who all offered to invest £75,000 for varying stakes in the business. They went with Meaden’s offer of a 10 per cent stake.
Commenting on the investment, Meaden said: “I’m always interested in the people behind the business and I loved Andy and Ben’s energy. The fact that they took a leap, quitting their corporate jobs to start running a worldwide business from other sides of the globe, in a generation where many have begun to look for ways to run their own lives and be in control is brilliant. I have every faith in their passion and look forward to being part of the next phase in their journey.”
The pair said: “We were on the lookout for an investor with strong experience and a great contact base to help take us to the next level, so taking Meaden’s offer was a no brainer for us as she seemed like a genuinely great person to work with, had the best connections and put forward an offer that we couldn’t refuse.
“With Meaden’s support, we can up the ante and continue to push to become bigger and better than ever before. We are continually coming up with innovative, high quality, affordable and convenient products that our customers can’t seem to get enough of and we won’t rest until everyone on this planet has dried themselves silly with one of our unique towels.”
With Meaden’s backing, Jefferies and Muller are set to take the business to the next level with a focus now around growing their brand online as well as moving further into the retail space.
Since joining forces with Meaden, the company has made its first full time hire and turned over an impressive £1.1m in the first five months of this financial year, already matching last year’s total and exceeding the growth rate of 45 per cent predicted in the Den.
They are now on a mission to continue to grow their brand globally and inspire others to step outside of their comfort zones, whilst adding a touch of colour every step of the way.