my name is Henry and I'm will we're cofounders of look after my bills our
service minimizes the price you pay for gas and electricity because right now
people get ripped off we all know that we should switch but we don't so look
after my bills does the switching for you you sign up on our website in just a
couple of minutes our algorithms get to work and then we move you to the best
deal every year automatically you don't have to lift a finger
that's the key difference between us and comparison sites with energy alone we're
taking on and disrupting a market worth billions and we're offering 1% of our
business for 90,000 pounds thanks for listening we'd love to take any
questions a confident pitch from will Hudson and Henry to zut asking for
90,000 pounds for a tiny 1% of a website that automatically finds the best deal
for your gas and electricity but the multi-million pound price tag
appears to her ruffled tej Lala nice feathers
hi guys will Henry hi wondering where to start well they should start with the
evaluation how do you get to that figure and why do you think your businesses is
worth nine million pounds it's a combination of our track record
experience in this space but also the size of the market in front to us so
right now people spend twenty nine billion pounds on energy in Britain
alone they're 20 that doesn't excite me too much a lot of the time people come
into the gym they're quote market sizes and say well because of that but let's
start with more basics how many customers do you have because a
valuation like that I presume you'd have a lot of customers on board be around 60
to 70 thousand who've done this which people have signed up for the
opportunity to take our deals it's a larger number around 250 300,000 in
terms of it before you set up the business four years ago what did you
both do I've got a political background actually so I started off doing policy
and think tanks I then was a special advisor in government so different
approach to to Henry I actually did some work for the Green Party and I decided
that I wanted to do what I could about big business not giving the best
treatment it could to normal people and consumers will and I have been all for
instance University I left government in 2014 we'd been talking you know as best
mates for years about doing something together so we started the big deal what
the business did to start off was one-off switches so we say people huge
money with great deals but then the deals expired and they got to a higher
price now customers asked us to start switching for them and that's where look
at my bills comes in
the entrepreneurs put up a robust defense of their valuation citing a
growing business born out of consumer demand but Deborah maidens worried the
new laws protecting personal data could short-circuit their chances of success
well Henry do you see any changes in the legislation that's gonna stop you from
simply being able to take decisions on your consumers behalf know the direction
of travel in this space is all towards a service like look after my bills I'm
sure you will realize that the energy market just doesn't work for customers
because they don't keep engaging with the market and people of course don't
switch because it's a complete pain in the neck and if you do it once you're
certainly not going to get around to doing it every year thank you how many
competitors have you got in this field the big players would be the large
comparison websites they do normal switching manual switching in terms of
automatic switching this really is an early green industry
no one has established themselves a central player which is our aim there's
been zero innovation in this market for twenty years
price comparison websites look like they did 20 years ago big list that's it and
still 60 70 percent of people do not switch there has to be some new
innovation to change this and we think we're the ones that can do that a
groundbreaking website that's also first to market it looks like the
entrepreneurs have all the elements for success but Jenny Campbell wonders if
they're at the mercy of the big players not joining their utility revolution
energy companies whatever big one is choosing not to be on your platform
because frankly it costs them money too I would call it slick their own throats
yeah there's a race to the bottom we try to get people with the best price we can
find and supply as they can trust now if a supplier doesn't want to engage with
the service that gets customers a great deal year-on-year
I'm not sure that's the kind of company that we want to be moving people to
are you not compromised on independence because surely whoever pays you the most
you know deal done isn't it I think ultimately all we can do is be totally
transparent and honest with our users they know there might be cheaper dealers
out there about some companies that we wouldn't necessarily recommend
a rare occurrence in the den as the entrepreneurs reveal cash won't always
be king on they're switching site Tesla Varney has quietly taken a reading of
the numbers and is ready to supply his verdict on the proposition you guys want
smart money right and there's a cost to having the value in the den what we're
gonna prove I think what you need to do is to grow your brand and to build it
create the awareness and that's what I can do and at the same time you'll need
to raise money future and I can help with that too
right I'm not gonna waste any time I'm gonna give you an offer the offer is all
of the money but at 7% thank you thank you
tage Levani provides an early boost for the entrepreneurs but the deal he wants
is 6% more than the 1% on offer does Peter Jones feel the entrepreneurs
have what it takes to look after an investment I think you've done
incredibly well I really like the idea I think got a real chance of making this a
success so I'm gonna make you an offer and I'm making this offer because I
bring so much more value than - I don't have you so I don't need to compete with
that I'm gonna offer you all of the money but in return I'd like 10% of the
business
technology guru Peter Jones electrifies the den using his track record to go in
higher than his fellow dragon demanding a whopping ten percent of the company
but does touka Sulaiman feel he can come up with a better deal impressive your
impressive
and I believe my offer can add great value to you so I will give you all of
the money per eight percent I love this business for many reasons I think
anything that disrupts the blinkin energy industry has got to be good news
and I'd really love to be involved and what I really want to be involved in
something I get quite competitive so I am gonna make you an offer and good off
you all of the money
but they want 3% of the business
Debra Medan dramatically undercuts her rivals encouraging the entrepreneurs to
switch to her deal of 90,000 pounds for just 3% Jenny Campbell can also be quite
competitive is she about to turn up the heat in the dead the thing that I really
really like is the ethical peace that comes through this you're launching
today is about making energy companies honest at the end of the day and it's
it's longer would you so what is there not to like I'm gonna throw a little bit
of a curveball in and say that I would offer you 1/5 of the money for 1% which
means you need to get the rest of us to agree mm-hmm do want to go and talk at
the back guys yeah
a full house Peter Jones offers all the money for a hefty 10% to KO Suleiman
wants 8% taze LaVon ease after 7 Jenny Campbell wants 5% shared equally but
Deborah Medan has been the most competitive asking for just three
percent of the company
having discussed it any now incredibly flat flattered we're willing to double
the amount of equity we're giving away in our business from 1% to 2% but we
need slightly more money we need to ask for 150 K for that 2% look guys I think
you have to understand the real value here at 2% even a struggle you need to
be a bit more realistic guys can I just say that I do understand the predicament
I like it even more so just on that or half my offer so I will offer you all of
the money ninety thousand for five percent not 10%
this I'm afraid has to be our our final offer and we're really really keen to
make it work
120,000 pounds for 2% of the business I
didn't get out of bed for 2% that's for sure understand
so on that basis I'm out
touka Suleyman stays in bed refusing to give in to the
entrepreneurs equity demands but is 2% enough to tempt the other dragons from
under the covers I actually think it's a great shame because this could make a
lot of difference to you we don't want to give up on you
please please believe that this is as far as we can go
I'm sorry guys
No
I'm out guys feel that you've taken the negotiation way too far and that shows
to me there's a naivety in business that really concerns me and I think you will
walk away from here now having completely missed a massive
opportunity you're about to make one of the biggest mistakes of your life is
that your final offer 2% so final offer
on the basis of that's your final offer I'm out
they've had five offers but now just two dragons remain our Jenny Campbell and
Tesla Vani willing to negotiate okay guys here's where I'm at
you asked for hundred and twenty thousand for two percent but I urge you
to reconsider and see the value that the Dragons are going to bring we do I'll do
one hundred twenty thousand but for three percent and that's my final offer
it was very happy to bring Jenny with us both
okay both is what we would like I would share with TAFE
that's three percent so we're part by one percent you could walk away on the
basis of one percent
it's half a percent each there is no way that you two would do
what 124 two percent as we as we describes well we gave you our final
offer
Jenny and finish we have a deal right
ago she ations well done they almost lost it but having given away just 3% of
the company will and Henri leave with a hundred and twenty thousand pounds and
two switched-on dragons