The KEEGO drinking bottle in the lion's den - here's how it was
The story began back in 2018, when KEEGO took off with its Kickstarter campaign. At that time, the wave from the press probably also reached our TV colleagues and so one day an email landed with us asking if we would like to apply for a pitch in the cave. At that time, however, we were still struggling with development, and even a year later, only the Earlybird bottles were coming off the production line. Nevertheless, we didn't let the wire break and received the invitation for a recording in the following year at the end of 2019.
After winning the ISPO brandnew award and the successful trade fair in February 2020, we were ready. But things turned out differently. Covid wanted to expand and traveling was suddenly no longer possible. And that although we had already ordered stage design and practiced the pitch a hundred times. Already on the way to the studios in Cologne we got a call that it would not be possible after all.
Another year later, however, the time had come. It was an intensive day at the MMC Film Studios in Cologne. The discussion with the lions went on for about an hour and a half, with questions from all corners and crisscrossing over drinking bottles, vita, numbers, marketing, IP and forecasts. It wasn't always easy to keep track of everything, but that's part of the concept. It was also funny that we had about 50 bottles on stage, but not a single one with water in it. After an hour of intense discussion, a sip from the KEEGO would have been nice.
Nevertheless, we made it and were able to convince two lions of our sports bottle. After the handshake deal we wanted to leave as soon as possible to catch our flight. But stage dismantling, interviews and photo sessions still followed. Our heads were spinning quite a bit. We still managed to catch the flight.
Back in Vienna, we wanted to complete the deal with the two lions as quickly as possible. The due diligence was extensive - but we were then able to tick it off. Due to the planned co-investment, we were always big rounds in the calls - all of them were very professional and pleasant to work with. After that, we were presented with a very detailed contract. From here on, it became difficult because we dove into the details. And the lions know that the details are important.
At the same time, we started up production to have enough bottles for the broadcast, which was planned for October 2021. And work also continued on new products (small 500ml bottle, KEEGO Fidlock Twist, new closure). In the midst of all this, there was another piece of happy news: winning the Eurobike Startup Award.
So the contract negotiations dragged on and we started to wonder if we were working in the right direction. When another financing solution came up (we got a big production order) we decided to let the deal fall through.
Then in October we were ready for the broadcast, but to our surprise it didn't come. Of course, we were told that we had no right to have our contribution aired, but we still hoped for it. We went into the new year with a massive amount of bottles in storage. A new season was finally announced in February and soon a date was communicated to us again unofficially. At the end of May 2022, the time had finally come and KEEGO could be seen in prime time on German television. The viewer numbers shot up - even if not quite as high as expected - and the estimated 2 million viewers brought our popularity to a new level.
Today, three months later, we are still profiting from the show. Since we are still getting by without a large investor/investors, our marketing options remain limited. Personal referrals are still our strongest acquisition channel. However, organic growth was massively fueled by the lions.
It has taken four years since the first contact with the team of the Höhle der Löwen until the broadcast! Even though it was extremely difficult in the meantime, I also see many advantages of the delay. In the meantime, our KEEGO bottle is a lot better than its predecessors. We've had time to build up the necessary inventory and our processes are also much more stable today. Who knows how much we could have taken with us at an earlier stage.
Nevertheless, I would recommend founders to go to the show sooner rather than later (if the opportunity arises). I think that the lions can also help startups more than us in an earlier phase - e.g. in building up a production and brand. Of course, evaluation is even harder then, but speed is important. If you are a founder and want to know more - feel free to contact me.
That was our Höhle der Löwen adventure. Another chapter in the startup roller coaster ride. It's always nice to take a step back and be grateful for everything you get to experience as part of a startup. With all the stress, worry and strain, appreciation for extraordinary stories is part of the reward.
