The pitch
What walked into the Den
Noveltea appeared on Dragons' Den in season 16, episode 7, which aired in 2018, pitched by Lukas Passia and Vincent Efferoth.
In the pitch, Noveltea asked the Dragons for £80,000 for 30% of the business, valuing the business at about £266,667.
After the show
What happened next
Noveltea left the Den without a deal.
Our read
The Hub verdict
Not every good pitch turns into a deal, and Noveltea is a case in point, though not in the way the phrase usually suggests. Lukas Passia and Vincent Efferoth asked for £80,000 in exchange for 30 percent of their spirit-infused cold tea, a valuation of about £266,667. An offer came back at exactly those terms, from Jenny Campbell, Tej Lalvani and Touker Suleyman together, and the founders turned it down. Walking away from your own asking price with three Dragons attached to it is a decision about who you want in the business rather than a judgment on the price.
Three Dragons met the ask, and the founders still walked.
