Dragons' Den failure SendmyBag packages new funding deal
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Door-to-door baggage service SendmyBag has secured investment from a venture capital firm after failing to secure capital on BBC's Dragons' Den.
Northern Ireland-based SendmyBag has been backed by Lough Shore Investments by way of a seed funding round.
SendmyBag, which has received an undisclosed investment, was founded by Adam Ewart and provides baggage transportation services that can be booked online.
Its new seed funding will reportedly allow it to grow internationally in new markets as it aims to attract customers which do not want to pay increased baggage handling charges when flying.
The business appeared on Dragons' Den on 9 September looking for a £100,000 investment for a 5 per cent stake, an offer which was turned down by all five Dragons based on a valuation which was too high and an idea that could be easily copied. Ewart referred to the business' new investor as a software entrepreneur while on the show and angered the panellists by revealing that he would be getting a better equity deal than they would.
Ewart says that his appearance on Dragons' Den, where he was described by Dragon Peter Jones as 'disappointing and insulting', was a 'real eye opener' and a great experience.
He adds, 'I feel better placed taking investment from a reputable firm such as Lough Shore that has the infrastructure, expertise and contacts to help grow my business into a global success.'
Lough Shore Investments focuses on what it describes as 'high potential management teams from next generation start-ups'. It looks to parter with companies based in Northern Ireland and Ireland in the web, mobile and enterprise sectors.
Danny Moore, principal and founder of Lough Shore Investments will be taking a position on the board of SendmyBag as a non-executive director.
Moore comments, 'From the outset, we saw the tremendous potential in both Adam and SendmyBag - it is a potential the Dragons obviously missed and something I think they will soon come to regret.
'As an investment, SendmyBag is a fantastic opportunity in that it is an exceptionally disruptive service and technology that focuses on an ever growing pain point for travellers the world over.'