Kwizzbit enjoys soaring growth since Dragons' Den rejection
The founder and CEO of Leeds-based pub quiz technology firm Kwizzbit has grown the business by 300 per cent and secured funding worth £40,000 entering Dragons’ Den earlier this year.
Mark Walsh entered the den back in May 2017 (the episode aired on 24th September) but failed to obtain his requested investment of £80,000 for 10 per cent equity stake in Kwizzbit.
However the serial entrepreneur has now revealed that he has since secured funding worth £40,000 from the Business Enterprise Fund (BEP) and government-backed UK Start-up Loans.
Since encountering the Dragons, Walsh has grown the business by 300 per cent, having implemented Kwizzbit in a further 200 venues across the UK with plans to reach one million players by 2020.
The company has also enjoyed “significant growth in revenue" and appointed an additional member of staff to its core team, as well as a non-executive director to the board with 30 years of experience in the licensed hospitality sector.
Francis Patton is a long-standing non-executive director of Cask Mark, an organisation set up to promote and develop an audit programme to ensure beer is served at the highest quality. He is also non-executive director on the board of the society of independent brewers.
Kwizzbit is described as a revolutionary web-based platform which combines the conventional elements of a traditional pub quiz with interactive digital entertainment.
Allowing users to host and engage in multiplayer quizzes via a smartphone, players compete for the fastest correct answer and receive feedback of the leaders to their device. Kwizzbit is cheat-proof as it does not give users the opportunity to search online for answers.