Bug Bakes Net Worth 2022 – What Happened After Dragons’ Den?
Would you invest in a product that has your dog eating bugs?
Apparently, there’s a huge market for it and one entrepreneur shared his business idea on Dragons’ Den.
Were they impressed with Ross Lamond’s unique approach to the dog food industry?
Due to the exposure on Dragons Den, this blossoming young business already has an estimated net worth of over £500k.
What Is Bug Bakes?
Bug Bakes sells unique dog treats made from insect protein, rather than meat.
It’s a UK first approach, motivated by wanting to lower the pet industry’s impact on the environment.
Who is the Owner – Ross Lamond?
The young entrepreneur behind Bug Bakes is Ross Lamond from Fife.
He was a student at the University of Glasgow, according to Pet Business World, when he learnt the pet food industry makes up a large portion of the meat industry in the UK.
This prompted him to research ways pet owners can lower their carbon footprint, simply by changing pet food products.
He started the business in his family home with his mom helping to put labels on packets.
Why is Bug Bakes So Popular?
These days, around one in three people in the UK are eliminating meat from their diet.
This is either for health reasons or to lower their carbon footprint. Bug Bakes gives these people a way to align their dogs’ lifestyles with their own.
Dragons Den Appearance
Ross was invited to appear on Dragons’ Den and he entered the show in 2020. He asked for £50,000 and was willing to give away 10% of his business.
He had a charming presentation that included a dog giving out the treats to the dragons.
As can be seen on the episode, although he seemed confident, dragons had concerns about his lack of sales initiative and that his subscription service was still in its early stages.
His valuation was also very high when compared to his sales of the previous year. Dragons were unsure whether it’s a viable product to support.
Dragons Den Investment – Did the Deal Go Through?
After four dragons bowed out, it was Touker Suleyman who made him an offer. However, he wanted 50% of the business.
Like a champion negotiator, Ross talked him down to accept 35%, with the promise of Touker getting his money back within 12 months. On that basis, Ross accepted.
What Happened After the Show?
Unfortunately, as with many Dragons’ Den deals, the agreement between Ross and Touker didn’t get signed after all.
Although they met a few times and according to The Courier are still on good terms, Ross never took on Touker as his business partner. One of the reasons is that Ross found some other investors.
Is Bug Bakes Successful?
Browse the Bug Bakes website today and you’ll see signs of a well-functioning business.
The show gave him exposure and Ross even got support and investments from well known individuals like Peter Gabriel and Davina McCall.
Thecourier.co.uk also reports that pet food industry experts showed interest. He even secured a factory to produce on a large scale.
This means he doesn’t have to make thousands of treats by hand in his parents’ house anymore.
You can also see a fairly active marketing process when you scroll through the company’s Facebook page.
So, it seems Ross got the backing he needed, even though it wasn’t from a Dragon.
Conclusion
People love their pets and they love the environment. Will they adjust the one’s lifestyle to help the other survive?
With Bug Bakes being a fairly recent start up, only time will tell whether it will make the impact Ross hopes for.
