Founders of the business Andrew Allen and Nick Coleman tempted Moonpig entrepreneur Nick Jenkins to invest the money in return for 20% of the company. The founders retained to option to buy back 10% of the dragons’ holding at a later date.
The investment will be used to support Snaffling Pig Co.’s UK growth.
The found of the online greetings card retailer Moonpig.com made the investment after judging the food product to be “nicest pork crackling”, he’d ever tasted.
“The most exciting part of Dragons’ Den is finding businesses that have the perfect mix of team, product and market opportunity, and helping them achieve their potential,” said Jenkins.
‘Delighted with the investment’
“Nick and Andy were able to demonstrate that Snaffling Pig ticked all of those boxes and as such I’m delighted with the investment.”
The Snaffling Pig Co was started with a bet and boasted investment of only £500. Launched with the aim of “taking pork crackling to places it’s never been before”.
Nick Coleman, Snaffling Pig’s ceo said: “Having Nick’s skills and passion on board is a huge boost for the team and will help us accelerate our plans to take this little piggy to market in ways he has never been before.
“The den has proven to be a great springboard for food businesses in the past. Having spent the last two years building relationships with some amazing customers we’re beyond excited to see where the year ahead will take us. Though we won’t lie – straight after the pitch, it took us to the pub.”
‘Took us to the pub’
Snaffling Pig’s chief marketing officer Andrew Allen said the decision to appear on the show was made very carefully.
“It’s the kind of environment where if you’ve got holes in your offering you’ll get found out – in front of an audience of millions to boot. But, as an FMCG [fast-moving consumer goods] business, a room full of Dragons is a piggin’ amazing place to be.
“We know we’re not everyone’s cup of tea and you 100% see that during our pitch, but that’s half the fun of the product – we love being someone’s occasional guilty pleasure.”
Watch what the crackling entrepreneurs did next in this video.
Dragons’ Den was broadcast last night at 9pm on BBC Two. The hit TV show – which launched the career of Regae, Regae Sauce millionaire Levi Roots – is now in its fourteenth season.
Meanwhile, food and drink entrepreneurs stand a much better chance of wowing the dragons into parting with cash than other business people, according to recent research.