Pouch Net Worth 2021 – What Happened After Dragons’ Den

Ben Corrigan and Jonny Plein entered Dragons’ Den to pitch their business Pouch, a browser extension that searched for shopping voucher codes, to the investors.

They were looking for £75 000 for 15% of their business.

How close were all five Dragons to clicking on the icon and becoming part of Pouch?

Was this about to be “the perfect pitch”?

Find out how they have since reached an estimated valuation of over £10 million today.

POUCH QUICK FACTS

Name

Pouch

Company Net Worth:

£10 Million

 Pitch:

Online shopping voucher search tool

Entrepreneur:

Ben Corrigan and Jonny Plein

Asked For:

£75 000 for 15%

Deal:

£75 000 for 18%, split equally at 6% each between three Dragons

Dragons:

Touker Suleyman, Jenny Campbell and Tej Lalvani

Monthly income:

In business

What is Pouch?

Corrigan and Plein found that in the UK, approximately 840 million people a year search for voucher codes to products they wanted to purchase online.

Very often they leave the shop-online website to search for a voucher code, abandoning their shopping cart in the process.

In response to this, the entrepreneurs set about creating a browser extension that automatically searches for the best, valid voucher codes and presents them to the shopper at the checkout page.

Enter Pouch. Pouch is a free browser extension that automatically applies voucher codes to a shopping cart on over 3 000 websites. It is available on Google Chrome, Firefox and Edge.

Not only does Pouch solve shoppers’ problems, it also addresses a serious problem for retailers: they spend millions every year drawing customers to their pages, only to have 75% of all shopping carts dropped before the purchase is concluded.

Who are Ben Corrigan and Jonny Plein?

Today, Ben Corrigan is the Director of European Business Development at Stirling Trading Tech.

As Jonny Plein tells the story, Corrigan came up with the idea for Pouch and Plein remains deeply involved in the business today.

A third co-founder of Pouch is Vikram Simha, who oversees the technical direction, production and development of Pouch.

Corrigan and Plein might be young entrepreneurs, but they have the business savvy to turn ideas into gold.

What happened during the pitch?

Ben Corrigan and Jonny Plein entered the Den confidently and shared the reasons for them developing Pouch.

They used a simple video demonstration to illustrate how easy it was to find valid voucher codes for a product that one wished to purchase online.

Corrigan smoothly threw in the fact that they already had commercial relationships with 2500 retailers.

Plein then pitched the deal: 15% of Pouch for a £75 000 investment.

Deborah Meaden asked the partners how they made their money. Corrigan explained that they received a commission from the retailer for every sale incentivized by Pouch.

Peter Jones argued that the concept was not new. Plein stated that Pouch was the only tool of its kind operating in the UK, although similar highly successful strategies did exist in the US.

Jones shared reservations and Touker Suleyman suggested “Pooch” was fighting retailers.

Corrigan firmly disagreed. He argued that 2500 retailers were proof of conceptual success. Because Pouch sat in the browser, it was able to collect information regarding buying habits. This information would help retailers see the value of incentivization through voucher and Pouch.

Suleyman contended it had been done already. Corrigan again firmly corrected him stating that competitor concepts did not sit in browsers nor were they embedded in websites; Pouch was embedded in “every single website”.

Corrigan and Plein had confident answers for all the questions they received, revealing a keen insight into the business of online shopping.

The investment

Jones indicated his excitement and tech interest in the business and made the first offer: £75 000 but for 25%.

Meaden indicated that she had little interest in the tech side of the business, but she understood the business from a consumer’s perspective. She offered £75 000 for 20% of the business, effectively undercutting Jones.

Suleyman offered half the investment money for 10% but threw in five brands that would use Pouch. Tej Lalvani matched Suleyman’s offer.

Campbell indicated that she loved the idea and appreciated what they had done to make a success of their business. She offered precisely what Corrigan and Plein had asked for.

Pouch became the third company in the history of Dragons’ Den, to date of the show airing, to secure offers of investment from all five Dragons.

Corrigan and Plein withdrew for a private discussion. Plein returned with a counter offer: 18% for the investment, shared equally between Suleyman, Lalvani and Campbell.

After a long pause with some face pulling by Jones, Suleyman was the first Dragon to accept the counter offer. Campbell indicated her agreement, followed by Lalvani. Pouch had a deal!

Watch the episode here.

Conclusion

Although Pouch had offers from five Dragons, and an on-air agreement with three, the deal was not concluded.

However, the start-up entrepreneurs have since hit multi-million-pound valuations.

After the Pouch episode aired, their user base escalated from 5 000 to 50 000 overnight.

In 2018 Pouch was recognized as one of the UK’s top 100 most exciting start-ups in the Startups 100 2018 index.

In 2019, Pouch was acquired by Global Savings Group.

A secret to Pouch’s success is the ongoing addition of new features and new retailers. In 2020, their user base stood at 200 000 active weekly users.