Steven Bartlett Gets Savagely Shutdown By MyoMaster Entrepreneur | Dragons' Den

Hi Dragons, it's great to meet you.

I'm Lottie and this is my co-founder Joe, and together we started MyoMaster.

We're here today to ask for £100,000 and of course your expertise in exchange for a 5% stake in our business.

Picture this, I'm living out my childhood dream of playing professional rugby for Harlequins.

But I'm sidelined yet again with another injury.

So, I decided to dismantle a jigsaw, weld a stool leg on the end and I started using it around my Achilles and I'm blown away with how it alleviates the pain.

The changing room erupts with laughter, as you could probably imagine.

Until the lads start using it for themselves.

Before I know it, they're pulling cash out of their wallets asking me to build them one.

And by the end of the day, I'd sold seven.

There are two billion people in the world right now suffering with muscle and joint issues.

So it's no surprise that the recovery market is scaling rapidly.

So, what are we doing about it? Well, we're building MyoMaster, the home of sports recovery.

Over the past two years, we've set about developing our incredible range of recovery tech.

From percussive massagers that are amazing for alleviating pain and mobility.

We have compression boots which are perfect for post-exercise.

We have our cold water immersion range and our CBD muscle and joint balm.

Everyday athletes love our products, but so do some of the most elite sports teams in the world.

We've had some really exciting traction today.

Generating over £1.3 million worth of sales in the last 24 months.

We're not stopping there, continuing to innovate.

We're currently building the physio in your pocket.

Software that will connect your workout tracker to give you guided recovery based on the exercise that you've just done.

Excitingly, we've just been backed by Google.

Google have a fund called the Black Founders Fund and they look at 4,000 people I think applied for it this year of which we were one.

Um, they describe it, their words, not mine, as what the most exceptional black-led tech startups across Europe and Africa.

They selected 40 out of those 4,000 of which MyoMaster was one.

So what's not to love?

Dragons, thank you so much for listening, we can't wait for you to come and try our products.

Am I getting in the bath?

What's yeah.

Yeah, give the bath a go.

A grant-backed business selling a range of sports recovery equipment and an app is the offering of Joe Gray and Lottie White.

Well, it's big enough for me.

What it's currently doing is it's blowing up from your foot to your calf, to your knee, to your quads.

It'll flush out the blood, what you then get is fresh oxygenated blood that'll flush back into the muscle.

So that helps rejuvenate your legs post-exercise.

They're asking for £100,000 in return for 5% of the company.

So I was, I was sat in one of these about two weeks ago at Soccer Aid.

Right.

It was basically a group of people who shouldn't have been playing with elite athletes.

Yeah, exactly.

Steven Bartlett might not be up to Gary Neville's high standards, but he has no fear of tackling Lottie and Joe's products head on.

So there's I've got a few questions.

But the big thing here for me is

I've been sent so many um massage guns

like this that kind of look quite similar.

Um from so many different brands.

And so and then with the ice bath thing, I've looked at so many investments in this space.

Because I'm really into the whole hot and cold phenomenon at the moment.

I actually can't remember the name of them anymore.

Mhm.

And that for me is a real kind of threat to this business.

Over the long term, that there's going to be so much.

There already is so many brands in this space.

What's your big point of difference?

So I'd say there's a couple, couple of key points.

So um we've developed our products to be unique in certain areas.

But also our customer and our community base um love that this company is actually

created and designed by a former elite athlete.

Did I just make a point on that?

Yes.

Because I mean I was an elite athlete.

An elite athlete.

And there's nothing different here than I saw 15 years ago in a club that invested heavily in world-class recovery products.

But what I want to ask you is what is it that Google helped with?

That was innovative.

Ah, great question.

So what Google helped in is us building the software that will connect your workout tracker.

It will say, okay, you've just done Parkrun 5K on a Saturday and you can log onto your app and it'll go, okay, let I've got 10 minutes to do my recovery.

It will take you through guided program in exactly what stretches you should do and it will also give the ability to use our products to help you with that recovery.

Okay.

You see, I'm interested in that.

How much of that currently is your business compared to the actual product?

Which I think is something that's being sold regularly by other brands.

Yeah, so um we forecast that it will make up 40 to 50%.

We're in the process of building the technology.

So you haven't built it yet?

No, so we're developing it at the moment.

Seems like a much more interesting business.

Because honestly, I've seen all of this before.

And what I said at the start of this is these massage guns.

They send me this stuff all the time.

And it's just piling up in my house.

With all due respect, you're not our core customer.

To be honest with you.

Like our core customer isn't getting sent free therapies.

They're people who love sport.

Good point.

They love running, they go to Parkrun, they sign up for 10K runs.

We meet thousands and thousands of them.

Let me understand the business now.

Turnover 1.3 million so far.

You should be pretty proud of that.

Thank you.

Profit?

Yeah.

So in 2021, we generated revenue of 216,000 with a net loss of 153.

For the full year of 2022, we generated net revenue of 599,000 with a loss of 95,000.

And year to date, we've generated 502,000 with a net profit of 48,000.

So 100% year on year growth year to date.

So that's really, I mean for you that's really good news for you.

That's great.

That's brilliant.

Lottie and Joe.

You talk very well.

However,

let's get back to reality.

At the end of the day, what you haven't said,

you'll get your money back in X time and you'll get

X times your investment in X in X period.

And that's why we're investable.

I'm glad you said all of those things because we've prepared for those questions.

Why are you glad?

That's reality.

We're ready.

We're ready.

And you wanted to see how credible we are.

So I'm about to show you.

Well, show me.

So our forecast is that in in seven years time.

How much?

In seven.

Seven years time.

You've got to wait seven years to.

Oh my God.

Seven years time.

Can I finish?

Is that okay?

Yeah.

Sorry.

Sorry.

Carry on.

Yeah, in six to seven years time, you want 250,000 athletes to be spending £250 a year with us.

Yeah.

And then we get to around 60 million of revenue.

And currently in our space, um

You are rubbing your glass.

But what I think.

No.

No, we're standing here before you and we got to profitability within 18 months.

And we're selling these products because we are building an incredible community.

They trust.

When do we get?

When do I get my money back?

I think the ultimate exit for this business will be in six years, but of course there'll be opportunities to make your money back through the great amounts of profit that we're making.

I'm not looking for 70 years down the road.

Yeah.

Three years I could live with.

Five, seven years.

So for that reason, I'm out.

So my heart's breaking, I'm going to tell you why, because I love you guys.

That's why I'm like squirming in my chair.

I'm looking for something, I'm like these are the founders that we come to Dragon's Den and sit in these chairs to invest in.

But then I look over here.

And I don't see, I don't see innovation.

I'm being honest, I think this business is predicated on the fact that you are exceptional.

Well, thank you for saying all of these things.

I think um.

You're going to flip it now.

And say that what I just said was a good thing, right?

Yeah.

You're a monster.

Yeah, because I think, you know, I hope we stand before you as people who built something from our kitchen table.

So I think you should say, I know what these two are going to do next is going to be exceptional and we should buy them.

I.

I.

I think I'm in love with you.

But I'm not in love with the business.

So I'm going to say that I'm out.

Okay, thank you.

I think you've picked a market that is

packed and busy and competitive.

You've not got your technology play away yet.

And it's not been designed.

But Joe, I

I think I like your story.

Thank you.

And Lottie, you are unbelievable.

Thank you.

She is.

You are absolutely incredible, you're a class act.

And I've never met anybody under interrogation.

And you're getting emotional as well, which has just pushed me over the edge.

Never make an emotional investment.

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So, yeah.

I will offer you half the money.

For 5%, but I would want another dragon in with me.

Thank you very much.

Um.

There's there's a lot.

There is a lot here.

I think I can really unlock this in a major way for you.

So I am going to make you an offer.

So my offer comes at a slight cost.

I'm going to offer you all of the money, £100,000.

However, if I get back my £100,000 in the first 12 months of working with you,

I will drop down to 10%.

Okay.

What a business survives on is good people.

And um you've been absolutely faultless.

And you've come under a lot of questioning.

And I just, I couldn't miss an opportunity of working with you.

Because I, I just, you know,

I could see it could be really exciting.

So I.

I'm going to make you an offer.

And I'm going to offer you all of the money.

All £100,000.

For 10% reducing to the 5% you're asking for if I get my money returned within 12 months.

Fantastic.

Thank you.

Thank you so much.

We just have two minutes.

Thank you.

Thank you guys.

A collection of offers for Lottie and Joe, Peter Jones wants 20% reducing by half when he gets his money back.

Whilst Deborah Meaden would like a straight 10.

I just think a combination of maybe Peter and Gary.

It's just too high though.

Sara Davies has also asked for 10% with a ratchet deal that would see her drop to the couple's original offer of five.

What about Gary and Sara?

Sara said she'd come in at 10, reduce it to five with Gary.

And Gary Neville has bid half the money for 5% and proposed a collaboration with another dragon.

Thank you so much for all of your offers and for your feedback.

Um, we wanted to just clarify um that you said you would reduce to 5% if we were able to pay the money back.

I did, I was the only one sitting here who respected your original ask.

Thank you.

Just for clarity.

We wanted to ask if you would consider coming in with Gary.

I would love to work with Gary.

And he has a lot more knowledge in this market than I do.

So if I get my money back in 12 months, we go down to 2.5%.

I'm happy.

Come on, Gary.

Come on.

Before anyone changes their mind.

Before anyone changes their mind.

Thank you.

Thank you.

Brilliant.

Thank you.

Well done.

Who leave the den.

Thank you guys.

With the £100,000 they were seeking and a winning partnership in Gary Neville and Sara Davies.

Well done.

Good partnership on that one.

The combination of Gary with his sports background and Sara, she didn't question the business that we're building.

And she's done the same thing with her business in the same way.

So we felt the combination of those two things was really powerful.

And we're ready to rocket ship MyoMaster.