The pitch
What walked into the Den
Fuwa Fuwa, the Japanese souffle-pancake chain from Benson Lau and Sylvia Mah, took a season 20 spot in episode 16.
The ask turned heads for its ratio: $400,000 for only 2 percent, an implied figure of $20,000,000, far above most numbers that reach that room.
After the show
What happened next
Local coverage puts the footprint at around forty locations across Canada, the UK and the US.
Our read
The Hub verdict
The ratio is the whole story. Asking a mid-six-figure sum for just two percent implies a valuation of twenty million, one of the boldest self-prices in the set. A founder offering a sliver at that number is betting the room already sees a proven, scaling chain rather than a concept.
No Dragon paid it. Offering two percent means the founders were not really selling ownership, they were inviting the panel to endorse a twenty-million price, and a Dragon who says yes to that has almost no upside left to earn. The chain is expanding anyway, with franchise inquiries, an active grand-opening promotion and local coverage putting the footprint around forty locations across Canada, the UK and the US.
A two-percent ask at a twenty-million self-valuation.
Worth knowing: The location count comes from local coverage.
