Many successful businesses have come out of the hit BBC reality series, Dragons’ Den. However, not all of them have been lucky enough to bag that much-desired backing from some of TV’s most feared investors.
Whether the Dragons didn’t like the product, questioned the business’s viability, or just didn’t “vibe” with the entrepreneur, many pitchers left the Den empty-handed.
However, getting rejected doesn’t mean the end of the road. And for these businesses, it was actually the start.
Below, we list eight of the most successful companies that the Dragons probably regret saying no to — showing that even the most seasoned experts can get it wrong.
1. BrewDog
Probably one of the most famous Dragons’ Den rejections — and notable Startups 100 alumni — is the Scottish ‘punk brewer’, BrewDog.
Founders James Watt and Martin Dickie didn’t even get to pitch their business to the Dragons, as they were rejected by producers after their final screen test.
While initially hurt by the rejection, BrewDog went on to become one of the most famous beer brands in the UK — even hitting unicorn status in 2017 with a business valuation of $2 billion (£1.6 billion).
BrewDog’s bold branding, unconventional marketing, and focus on producing products with the best quality malts and hops have made it a standout product in the beer market.
However, it has also become a controversial name as well, particularly when ex-employees accused the company of having a toxic work culture in 2021. Watt himself also came under fire earlier this year when he shared on LinkedIn that he didn’t believe in work-life balance.
Watt later tried his luck with Dragons’ Den when he applied to be an investor on the show, but was rejected once again. Perhaps as payback, in January, Watt announced the launch of his new TV show, House of Unicorns, to rival both Dragons’ Den and The Apprentice.
2. Gousto
Gousto is another notable name in the Startups 100 Index. It’s also another business that the Dragons rejected when founders Timo Boldt and James Carter appeared on the show in 2013 to pitch their meal kit delivery service business.
At the time, the Dragons said no to the business as they were concerned about its financial losses of £25,000 a month, as well as its investment arrangements. Peter Jones also questioned its business structure.
But just a week after the episode aired, Gousto managed to secure a £1 million investment from industry backers. It later hit unicorn status in 2021, though this was later cut due to post-pandemic inflation. However, the business is still going strong today — successfully generating $93.4 million in revenue and 3.5K customers last year.
3. Pasta Evangelists
Described as “pasta a la disaster” by Jenny Campbell, Alessandro Savelli and Finn Lagun’s business idea in bringing authentic Italian cuisine to customers’ homes wasn’t exactly to the Dragons’ tastes. Unlucky for them.
Appearing on the show in 2018, Savelli and Lagun sought a £75,000 investment for 2.5% equity. But despite their passionate presentation, the Dragons were sceptical about the business’ valuation and scalability. Consequently, the founders left with nothing.
But as the COVID-19 pandemic hit, demand for Savelli and Lagun’s products grew rapidly, resulting in a £40 million turnover and a trio of appearances in the Startups 100 Index.
In 2021, the company was acquired by Italian food giant Barilla for the same amount, and the brand has since opened pasta bars across major locations in London, including ten new sites that are due to open this year.
4. Hair Syrup
Even before entering the Den, Hair Syrup was already somewhat of a haircare phenomenon on TikTok. Offering natural, pre-wash oil treatments — each tailored to tackle different hair-related woes — Lucie Macleod’s products quickly made the rounds on social media since the business’s launch.
Despite the hype, Macleod’s products didn’t quite gel with the Dragons. While it wasn’t a bad hair day for Macleod, the Dragons pointed out a couple of flaws in her pitch, with Meaden questioning its profitability and dividend payouts. And while Touker Suleyman made a last-minute proposal, he quickly retracted shortly after.
But with her head (and hair) held high, Macleod later told The BBC that the business has been “thriving” since the rejection. Now regarded as one of the most successful businesses from TikTok, Hair Syrup is predicted to generate £6.5 million in revenue this year, and its valuation is reported to be worth £4.5 million.
5. Tangle Teezer
Today, you’ll likely spot the cleverly-designed Tangle Teezer hairbrushes when you visit your local Boots or Superdrug store. However, its business journey started with a rather…tangly start, as it failed to secure investment when founder Shaun Pulfrey entered the Den in 2007.
As the business was still in its infancy, Pulfrey wasn’t able to prove any sales figures and didn’t have any partnerships with distributors, which raised red flags for the Dragons. He also unwittingly insulted Deborah Meaden’s hair colour. Oops!
Fortunately, Pulfrey was able to brush off the Dragons’ harsh words and continued to manufacture his products. Tangle Teezer quickly filled the shelves of major beauty retailers, before being acquired by BIC in 2024 for an estimated £165m.
6. Trunki
Now considered a staple in airports worldwide with its fun and kid-friendly designs, the kid’s ride-along suitcase Trunki first rolled into the Den in 2006, with founder Rob Law requesting a £150,000 investment for 10% equity.
When pitching his product, Law estimated the business would be worth £1 million. However, the Dragons weren’t wholly convinced, with Theo Paphitis being particularly vocal about his dislike for the product, commenting: “No one in their right mind would think that business was worth a million”.
As it turned out, Law would prove Paphitis wrong. Now considered one of the most famous rejects from the Den, Trunki went on to win over 100 design awards, expand its product range and achieve five million sales globally in 2023. Jones and Duncan Bannatyne also admitted that they regret not investing in the business.
7. Destination London
Destination London’s story goes all the way back to 2005 during the show’s first season. Founder Rachel Lowe, having previously worked as a taxi driver, entered the Den to pitch her new board game in hopes of getting a £75,000 investment.
Unfortunately, the Dragons didn’t take well to Lowe’s business pitch, describing it as poorly prepared. Concerns were also raised about the product’s marketability, with Rachel Elnaugh commenting that it would struggle to compete against major games like Monopoly.
But in a twist of fate, Destination London ended up outselling Monopoly the very same year. Since then, the Destination brand has expanded to other versions of UK cities, including London, Brighton, Portsmouth and Cardiff. Lowe has been playing her cards right too, as her business was reported to be worth £95 million as of July 2023.
8. Prestige Pets
Years on from her appearance, Natalie Ellis told The Sun that she was “torn apart” by the Dragons when she pitched to them. But ignoring their advice turned her into a millionaire.
Ellis presented in front of the Dragons in 2008 to pitch her Prestige Pets business and its Road Refresher product — a non-spill water bowl designed for dogs that minimises spills, making it a useful tool for travelling. The Dragons were voracious with their feedback, telling Ellis that she’d be “eaten alive” and that her business would “go to the graveyard”.
However, Prestige Pets is very much alive and well — in fact, it’s thriving. Despite the brutal comments, Ellis pursued her goal of taking her business to the US, and within a year, it achieved £1 million in profit.
Ellis also has a few notable clients under her belt, including former President Barack Obama and Princess Anne. Even Meaden eventually became a customer.
Lessons from the Den
It’s no secret that the business world is tough, and you’re going to face rejection again and again. But that doesn’t mean it’s the end of your business for good.
Whether you’re pitching to an angel investor, looking to form a new partnership, or need to get extra funding with a business loan, you’re going to be told no more than once. And while it might be frustrating at the time, you can still push forward and achieve those all-important milestones — you just have to find another way to get there.
After all, these eight businesses were turned away when they sought Dragon investment, but have still managed to come out on top.
As the saying goes: rejection is redirection.
