Steven Bartlett's Biggest Dragons' Den Regret Now Valued at £40 Million
In a stunning turn of events, a company that faced rejection on BBC One's Dragons' Den just four years ago has skyrocketed to a valuation of £40,000,000. The sustainable deodorant brand Fussy, founded by Matt Kennedy and Eddie Fisher, has become a monumental success story, leaving investor Steven Bartlett to publicly admit his regret over not backing the venture.
The Pitch That Changed Everything
When Fussy entered the Den, the founders requested a £50,000 investment for a 1% stake, valuing their business at £5,000,000. At the time, even producers were skeptical, calling the valuation "ridiculous" for a company that hadn't yet proven itself. However, Matt Kennedy and Eddie Fisher impressed multiple dragons, including Sara Davies, Touker Suleyman, and Steven Bartlett, with their natural, eco-friendly deodorant. Ultimately, they secured investments from Peter Jones and Deborah Meaden, walking away with crucial support.
Steven Bartlett later revealed to Metro and other press outlets that Fussy was the one company he deeply regretted not investing in. "I was sat in the chair, and I could see the regret," he confessed. "Sometimes you have that moment where you go, 'I think I might regret this one,' but for whatever reason you choose not to [invest] and that was Fussy." He added that immediately after the pitch, he realized his mistake, thinking, "Jesus, I should have done this," and now uses the product "begrudgingly" as a fan.
Explosive Growth Post-Dragons' Den
The impact of the Dragons' Den appearance was immediate and transformative. Within one hour of the episode airing, Fussy received over 20,000 orders, selling out for three months. Matt Kennedy described the show's effect as "monumental," stating it "catapulted us along a couple of years, versus where we would have gone without it." He emphasized the authenticity of the experience, noting that the intense two-hour pitch was condensed into just 10 minutes of television, yet it fundamentally changed the business.
With Deborah Meaden, known as "the Queen of Sustainability," on board, Fussy gained significant trust and authority in the market. From launching via a Kickstarter campaign shortly before filming, the company has achieved remarkable financial milestones. In the last three years, revenue has surged from zero to £20,000,000 annually, with the current valuation standing at approximately £40,000,000. Matt Kennedy admitted that while they pitched the dream, they weren't entirely confident it would pay off, but now, the numbers have validated their ambitious plans.
Sustainable Vision and Global Ambitions
Fussy's success is rooted in its commitment to sustainability, addressing a critical gap in the industry. The founders, who previously worked as creatives for competing brands, leveraged their insights to create a product that resonates with environmentally conscious consumers. To date, Fussy has prevented over 250,000kg of single-use plastic waste, equivalent to about 7 million refills.
Looking ahead, the company aims to double in size this year and become a multi-hundred-million-pound revenue business globally within three years. Matt Kennedy outlined plans to expand into new product verticals, such as shower gels and body creams, and enter markets in Europe and America. Currently, Fussy is 99% UK-based, with products available online and in major retailers like Tesco, Waitrose, Sainsbury's, and Whole Foods, with more big retailers soon to join.
Redefining Entrepreneurship
Matt Kennedy also challenged common perceptions of entrepreneurship during his interview. "There's a narrative about entrepreneurship that you've got to go all-in, that you've got to quit your job," he said, highlighting the perceived risks. However, he argued that successful entrepreneurs are not mere risk-takers but are skilled at taking calculated risks. Fussy's founders maintained their jobs initially, avoiding the need to sell homes or make drastic life changes, which allowed them to grow the business steadily and sustainably.
From pre-selling £110,000 worth of deodorant before production even began, Fussy has evolved into a powerhouse brand. Steven Bartlett's regret underscores the unpredictable nature of investment opportunities, while Fussy's journey serves as an inspiring example of how vision, sustainability, and strategic risk-taking can lead to extraordinary success in the competitive business world.
