Peter's Threatened By Tech Tycoon | Dragons' Den

first into the den is Londoner Dan Hubert an entrepreneur on an upward trajectory I don't want just a sounding board I want to springboard as well so it's that person who can mentor would like for some propane into my rocket and Dan is aiming high when it comes to the valuation of his company I'm prepared to defend my evaluation all the way there probably so scoff a little bit but it's it's understanding the true depth of our business and in a true potential but will the Dragons notoriously fiery when it comes to a business's price tag be convinced his enterprise is worthy my name's Dan Hubert I'm the founder of a P parking today I'm here to ask for 200,000 pounds in return for two percent equity drivers are currently lost when it comes to parking and as a result of all this confusion the average brit in their lifetime weighs 347 days and 37,000 pounds on fuel looking for that elusive parking spot appiy parking isn't like any other parking app imagine being able to drive into any city and understand every parking rule even on single yellow lines imagine being disabled while only an electric car or motorbike and having every destination mapped out in the palm of your hand imagine being able to choose between on and off street or a cheapest or the nearest what if the roads had sensors and they told you if there's a free bail not and you could drive into that free Bay and your car automatically took a payment what if the average parking time was reduced from 20 minutes down to 30 seconds appiy parking is all of these solutions happy parking is available via a free website or award-winning app that gets downloaded tens of thousands of times each month we also license a parking data feed which can be consumed by fleet companies in car manufacturers the European parking market is worth thirty three billion pounds and in the U K nine hundred billion by 2025 your investment will go towards making a P parking into the world's best parking marketplace saving drivers time money stress and parking tickets thank you for this thing I look forward to questions a finely tuned pitch from Dan Hubert hundreds it's not real the dapper entrepreneur behind the app that aims to solve our parking dilemmas he's offering just two percent equity in exchange for a hefty two hundred thousand pound investment Sarah Willingham wants to get a grasp of how his app operates so did you say you've got national coverage now it's 11 cities so how does it work because parking it's not the same in every street and every corner yeah in every city yeah so we have to choose two levels of data so the consumer app basically yeah it has pins like you know here's a spot here's a spot and the price is it's got the paper phone provider linked into it and it's got zones as well so every every street of control parking zone currently you can say yes there is parking on this street yeah we are mapping every on-street and off-street car park and I can show you exactly the spots right for you for price time a day all that sort stuff because I use apps at the moment when I'm in London that tell me where my nearest parking is well that ocean doesn't give you sort of like controlled hours no absolutely it's no one nowhere near that way we have a payment gateway built into our sort parking knowledge there's another thing I want to understand about this model which is how do you are you able to tell me where there is an empty parking space yes how'd you do that so this is an on Street sensor so we just rolled out 72 of these into Coventry with every single bit disabled Bay in Coventry so the answer is that you can do this by using sensors yes okay until every parking space has a sensor what is the other way that you can tell if there's an empty parking space we've just currently did a solution with Westminster Vodafone and Pimlico upon us and this basically turns pickles into inter sensors okay i canti that's really clever that's brilliant you're still in development and you're over steel can't raise two hundred thousand today how much more money do you think it's actually going to take right okay so we need about twenty it'd be about three million you must have gone quite a long way with this already yeah we found raised 1.2 million and we're from from angels and men from institutional investors as well so you've got institutional investors on board yeah okay right what was the last penny vation that you brought my needs of the company had poor million base for 4 million okay at the thicket do you know how this works in Dragon's Den I mean essentially we're expected to give our time contacts and expertise mmm in return for that you know what we kind of don't expect to get evaluation which is twice as much as the as that as the last round so just to be clear that's been sort of a year or more progress what are your figures in terms of revenue I'm sorry projected for half a million this year and then next year we're projecting for two million and you're after that five million five any profit yes that's it was a four million profit I've been but a million running costs I think it's really good I think you're obviously very very good I mean that's like you know but you don't doubt that for a minute either you know I think for me it's about finding business that I can add value to know with people that I can work with that actually need my help and I love that and that's not who you are you've got to go out and raise lots more money so either I continue to invest a very passive investor mm-hm or I get diluted by an enormous amount very very quickly you know it's not for me I'm out Sarah Willingham joins Deborah Medan in exiting the deal with concerns this isn't a business that would benefit from her hands-on approach the 10 million pound valuation is clearly an issue in the den can Tuco Suleiman find a way to drive through a deal to get a dragon on board you'd have to really look at your evaluation it because hopefully we'll add some value and I'm saying to myself he's not here for the money that's not actually correct so are you willing to give up 15% of your business for 200,000 no well exactly we'll all impress with technology but I feel this is just a passive investment you're looking for and for that reason then I'm not gonna invest in you and I'm out with the entrepreneur unwilling to negotiate touka Suleiman also puts the brakes on a deal Peter Jones with his powerful black book of contacts in the world of technology has so far remained silent time for some nifty maneuvering how much equity of you got yourself and I've got forty six point eight five or so it wouldn't affect or offend your other shareholders if you decided to do it yourself just to prove talkers point so why would that be such a big thing for you oh yeah that's a valid question and I guess it really depends on sort of limits well down I'm going to test that limit and the reason why I'm going to test that limit is because I've I I I like it a lot I think you're onto something but there is a there is a risk to anything here and there are many companies such as yourselves as you well know that that sadly don't give anywhere I'm not convinced that you're one of those I generally believe you're going to get somewhere [Music] this is a marketplace where I'm actively involved I do a lot of work with Google I've got very good relationships there and I think that where you're going those relationships will be tested and sometimes a friendly face that's been around that knows and has those contacts that could not just open the doors but actually conclude those transactions and deals very quickly will propel the business faster than it than others so I'm going to offer you all of the money 200,000 pounds [Music] but I want 20% of the business pretty happy to share it if Nick he's interested Nick's still in a racy offer from the dragon known for his skepticism about high valuations he's boldly asking for 18 percent more equity than Dan is offering we'll Nick Jenkins take him up on his offer to go halves [Music] you know you know what you've got the right to say no here we go give you half the money for 10% share Peter but or you can do it all with Peter for 20% thank you and I and I think I would definitely prefer Nick involved because I think it Nick adds immeasurable value yeah and both of us working with you directly is that propulsion that you're looking for yeah [Music] do you want to go to the back room and have a think about it yeah if you'll never have a thing finally a bid for Dan's business from both Peter Jones and Nick Jenkins but their equity demands of 10 percent each is ten times the 2% that Dan originally offered it's an honor to be offered that something by two dragons I think in terms of twenty percent two hundred thousand I'm gonna have to say no to that what I would put back to you or both you is five percent for two hundred thousand so five percent each No five percent in total yeah an audacious counteroffer back from the entrepreneur who wants Pizza Jones and Nick Jenkins to share a 5% stake will the two dragons be prepared to compromise at 15% less than they originally offered that's why we dropped to 15% I can't do 15 I'm sorry okay Dan well I think it doesn't get me excited yeah as much if I was sharing it with Nick it's two and a half percent each it's it's yeah are you sure done yeah thank you very much for time I'll give you back your polite notice and hope that you don't it takes nerve to turn down the multi-millionaire investors but Dan who's opted to decline dragon capital leaves the den still holding all his equity I'm not sure I've got any regrets right now you know every percent counting was cut in any company you you

Channel: Dragons' Den

Views: 1,530,448

Rating: 4.4242887 out of 5

Keywords: dragon's den, dragon's den uk, evan davis, deborah meaden, peter jones, touker suleyman, tej lalvani, business pitching, entrepreneur, game show, reality tv, shark tank, dragons, den, best, new, worst, pitches, funniest, shocking, products, businesses, dragons den funny, dragons den best pitch, peter jones dragons den, 2019 dragons den, new episode, 2019

Id: HBny95WBTIg

Length: 13min 21sec (801 seconds)

Published: Fri Aug 09 2019