Terms of the deal aren’t being disclosed, however sources tell TechCrunch it’s round the £100k mark that Ewart unsuccessfully asked for once he pitched to the Dragons. The funding can see SendmyBag expand into key international markets and additional develop the startup’s core sanctioning technology among key suppliers.To that finish, during a canned statement, Danny Moore, principal and founding father of Lough Shore Investments, says: “From the commencement, we have a tendency to saw the tremendous potential in each Adam and SendmyBag – it’s a possible the Dragons clearly incomprehensible and one thing i feel they’re going to shortly come back to regret. Adam is one in every of the best young entrepreneurs I actually have ever had the pleasure to figure with and can, I actually have little doubt, shortly stand aboard a number of Northern Ireland’s leading entrepreneurs.”When SendmyBag founder and chief operating officer Adam Ewart stepped into the Dragon’s Den on last night’s episode of the united kingdom TV program inquiring for a £100k investment reciprocally for five equity, valuing the startup at £2 million, he was promptly sent together with his bag’s packing. ”What investigation have you ever done to justify the foremost ridiculous, ludicrous, stupid, insane valuation?”, loud one in every of the Dragons. however nowadays the Northern Irish company that helps air travellers travel light-weight by providing a door-to-door bags delivery service is asserting that it’s so raised a spherical of angel funding from the Belfast-based angel investment company Lough Shore Investments.
Those “key suppliers”, it absolutely was discovered on the programme, embrace Parcelforce within the Britain and Fedex within the U.S. — leading one in every of the Dragon’s to raise why Ewart was reinventing the wheel. And so it’s a legitimate question: What’s stopping travellers UN agency wish to bypass the hefty surcharges that airlines impose for additional bags from going on to one in every of the big international couriers.
That said, SendmyBag incorporates a nice domain and a possible complete within the creating, along side a considerably slim focus which will little doubt facilitate with selling. and definitely, the trend of budget flights that enable hand-luggage solely will appear to take a seat within the company’s favour. On the show, Ewart conjointly talked up SendmyBag’s’s cash-flow positivism — though he was nevertheless to require a pay — along side his own entrepreneurial chops.