The founders of new pet treat company Bug Bakes secured £50,000 investment from a Dragons’ Den investor on Sunday.
Ross Lamond appeared on the hit BBC 2 TV programme to seek investment in his dog treat product in return for 10% equity in his company.
After a grilling from the Dragons about his treats made from insects, Ross turned down an original offer from fashion entrepreneur Touker Suleyman, who demanded a 50% share of the business. But the pair finally agreed on 35% alongside a guarantee that the Dragon would get his initial investment back within a year.
Ross read about insect protein whilst studying at The University of Glasgow. He said he had been shocked to that learn livestock farming was having such a negative impact on the planet and decided to do something about it.
“You do get some funny looks from friends and family when you tell them you plan on selling insects to dogs instead of getting a real job,” he says. “But I was naive enough to give it a go despite having no prior experience in business.
“I rolled up my sleeves and taught myself everything the hard way. However, with the help of my four-legged companion, Lyra, I ended up with Bug Bakes, a dog treat made with sustainable insect protein.
“After attending many markets and events, I knew I was onto something. Dogs, and their owners, loved Bug Bakes. I just needed to find a way to spread the word.”
The opportunity came when Ross was asked if he wanted to appear on Dragons’ Den.
“I couldn’t think of anything more terrifying but I had to do it. After a whirlwind of paperwork and auditions, I suddenly found myself standing in front of the Dragons with my trusty friend Max, a Belgian shepherd, pitching for investment.”
“This was an amazing opportunity and I’m excited for the next steps of our business.”
The episode of Dragons’ Den can be viewed on BBC iPlayer, with Ross appearing 13 minutes into Episode 11.
