Dragons' Den success for Newcastle firm
The entrepreneur behind mobile app ParkingPerx has secured £80,000 of investment from his appearance on Dragons’ Den.
Newcastle-based Chris Reed came through his “brutal” two-hour pitch on the hit BBC show and emerged with backing from finance and banking expert Jenny Campbell.
Campbell took a 45.5 per cent stake in the company, which rewards drivers with free parking for shopping at high street stores, and has since introduced Reed to its exclusive partner RingGo.
“It was brutal. It was probably the hardest thing I have done in business terms. What you see on the TV is a very edited snapshot of the experience. I was in there for about two hours at least,” reflected Reed.
“The Dragons are excellent in terms of their ability to pick up on the business and they know the right things to ask. I learned so much from each of the Dragons even though not all of them offered investment.
“I’ve used their feedback since the show to adapt my strategy and the result has been some significant traction which will accelerate market penetration.
“For example, Peter Jones, after initially giving very positive feedback about my idea, explained his reasons why the investment wasn’t right for him in a way that got me thinking differently.
“But of course, I was delighted to get an offer from Jenny Campbell, who was incredibly impressive in the Den.
“She really understood what I was trying to achieve and following the Den she has proven to be a hugely valuable resource, helping me complete important milestones and shape my plans for growth.
“Jenny also introduced me to parking technology leader RingGo.”
RingGo is the UK’s largest cashless parking solutions provider and operates in more than 400 locations across the UK.
It was Campbell's final appearance on the show.
Thanks Deborah! Had a lot of fun with you all too! https://t.co/HXOUOyDyuF— JennyBCampbell (@jennybcampbell) February 3, 2019