The story began back in 2018, when KEEGO took off with its Kickstarter campaign. The wave from the press probably also reached the TV colleagues, and so one day we received an email asking if we would like to apply for a pitch in 'The Lion's Den'. At that time, however, we were still struggling with the development and even a year later, the early bird bottles were only just coming off the production line. Nevertheless, we didn't let the contact break off and at the end of 2019 we received the invitation for a recording in the following year.
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 spread and traveling was suddenly no longer possible. Even though we had already ordered the stage set and practiced the pitch a hundred times. On the way to the studios in Cologne, we received a call that it wouldn't happen after all.
About a year later, the time had come. It was an intensive day at the MMC Film Studios in Cologne. The discussion with the investors lasted about one and a half hours, with questions from all angles about water bottles, Vita, figures, marketing, IP, and forecasts. It wasn't always easy to keep track, 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 get away as quickly as possible to catch our flight. But then came dismantling the stage, interviews, and photo sessions. Our heads were spinning quite a bit. We still caught the flight though.
Back in Vienna, we wanted to get the deal with the two lions over the line 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 always had large rounds in the calls - all of which were very professional and pleasant to work with. After that, we were presented with a very detailed contract. From here it became difficult because we delved into the detailed questions. And the lions know that the details are important.
In parallel, we ramped up our production to have enough bottles for the broadcast, which was planned for October 2021. And work on new products continued (small 500ml bottle, KEEGO Fidlock Twist, new cap). In the middle of all this, there was more good news: winning the Eurobike Startup Award.
The contract negotiations dragged on and we began to wonder if we were working in the right direction. When another financing solution presented itself (we received a large production order), we decided to let the deal fall through.
In October, we were ready for the broadcast, but to our surprise, it didn't happen. Of course, we were told that we had no right to have our contribution broadcast, but we still hoped for it. With a massive number of bottles in stock, we went into the new year. A new season was finally announced in February, and soon we were unofficially given a date again. At the end of May 2022, the time had finally come, and KEEGO was on German television during prime time. The visitor numbers shot up – although not quite as high as expected – and the estimated 2 million viewers brought our brand awareness to a new level.
Today, three months later, we are still benefiting from the show. Since we are still getting by without a major investor/investors, our marketing options remain limited. Personal recommendations are still our strongest acquisition channel. However, organic growth has been massively fueled by the lions.
It took four years from the initial contact with the team from 'The Lion's Den' until the broadcast! Even though it was extremely difficult in the meantime, I also see many advantages to the delay. In the meantime, our KEEGO bottle is even better than its predecessors. We had time to build up the necessary stock and our processes are much more stable today. Who knows how much we could have taken with us at an earlier point in time.
Nevertheless, I would recommend founders to go on the show sooner rather than later (if the opportunity arises). I think that the lions can also help startups in an earlier phase more than us – e.g. in setting up production and a brand. Of course, the valuation is then even more difficult, but speed is important. If you are a founder and want to know more – feel free to contact me.
That was our Lion's Den adventure. Another chapter from the startup rollercoaster. It is always nice to take a step back and be grateful for everything you get to experience as part of a startup. Despite all the stress, worries and strain, the appreciation for extraordinary stories is part of the reward.
