WeQ4U Net Worth 2022 – What Happened After Dragons’ Den?
Everybody hates a queue, right? With WeQ4U Matt King thought he had the answer to anyone wanting to stop wasting time and money queueing for customer service calls.
He did need help from investors to develop his product and that landed him in front of five dragons. But his offer was unique and even a bit insulting. Did he manage to get a dragon’s support?
What is WeQ4U?
The Company
The WeQ4U company offers solutions to both consumers and businesses and has a net worth of over $1 Million.
Consumers can download the WeQ4U app on Android or iPhone. As stated on the WeQ4U website, when you dial a 01, 02, 03 or 08 number in the UK, you don’t have to keep on holding once you’re in a queue.
Press a button and you can go on with life while the app queues on your behalf and reconnects the call once you can talk with an agent.
Users save money—as much as 45p/minute—and you don’t have to spend time simply waiting. It’s a free app, useful for almost any UK call center. In its first year the app was downloaded over 10 000 times.
WeQ4U also offers a solution to businesses, WeQ4U 4 Business, helping companies improve customer satisfaction by avoiding queues.
This is run by Orderly Telecoms Ltd and it’s this part of the business that provides an income for WeQ4U.
The Owner
Yhponline.com reported that Matt King who initiated WeQ4U is a physics graduate from Oxford.
Experience at companies like IBM and Logica as well as a few years being involved in start up projects in San Francisco helped him in his venture.
Initially, his idea was an internet queue page. This was after spending a long time queueing for tickets to a 2004 festival.
The idea evolved and he expanded to finding solutions for call centers. Some of his ideas required more advanced technology, and so it took a few years for everything to come to fruition.
WeQ4U & Dragons’ Den—What Happened?
Appearance on Dragons’ Den
In October 2012, Matt entered the Dragons’ Den. He was looking for £150 000 but he only offered 1% equity stake.
His confidence in asking a large amount in return for a small percentage was because he felt he already had a profitable company.
He had contracts with multiple businesses using the WeQ4U business services, ensuring ongoing revenue.
The dragons had concerns about valuing a company at £15 million after only showing net profit of £40 000 in the first year.
Another concern was whether the WeQ4U business solution was actually viable. Tension rose in the room because the dragons thought Matt wasn’t being sensible, didn’t work with realistic figures and could actually be poking fun at them with his ridiculous request.
It was soon clear that no dragon would invest and Matt exited after thanking them for ‘almost listening’.
The exposure on the show must have helped the business though. In the week after the Dragons’ Den show went on air the app rose 200 spots in the ranking of apps most downloaded for iPhone (UK based).
Weq4u Today
The WeQ4U company is still going strong, with an active website that regularly posts app updates and feedback on customer queries.
Their reputation has also been boosted by awards such as the 2012 Wonga.com & Real Business Future 50 People’s Champion award.
Conclusion
Was Matt sensible in his pitch to the dragons? Did he want to spark some conflict to ensure he’s remembered by viewers? Perhaps the den helped this entrepreneur in a unique way by simply giving him exposure.
