Frame Again hit the “biggest mover by percentage raised” status soon after appearing on BBC’s Dragon Den. The startup up quickly surpassed their £20,000 crowdfunding goal on Seedrs.
Co-founders Jake Hayman and Joe Kenyon appeared on the long running show offering up 20% equity in their company for £60,000. Their new company allows people to print & frame a photo and have it delivered at their doorstep the next day. Perfect for instagram users.
The frame portion costs them £8 each now but with scale they expect to drop that number in half. The delivered product (picture in frame) currently costs £21.99. The entrepreneurs expect to sell about 10 thousand frames over the next year. In 3 years they project to be selling 50,000 of their Frame Again product.
The twist to the Dragon’s Den pitch was the fact that Peter Jones (a Dragon) is the owner of Jessops – camera chain shop, a natural partner. Jones first asked if the pair would like jobs working for “UK’s leading imaging company”. After a brief private discussion Hayman and Kenyon decided to “roll the dice” and turned down the offer – hoping to return to his door and sell the company in a few years. As of today the equity crowdfunding campaign is over-funded at around £35,000.
Some pundits believe the whole Dragon’s Den approach has run its course and become long in the tooth (or perhaps it is just the specific Dragons). If that is the case – equity crowdfunding is poised to fill the small gap left by the BBC television show.
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