It is official.
Local company Second Slumber received an offer of $100,000 in return for 25% of this local success story from Michelle Romanow of Clearbanc.
Romanow, who is one of the Dragon's on CBC’s Dragons Den was a tough negotiator during the episode, which aired last night. When CEO and Founder Scott Amis pressed her to back down on the offer of a 25% equity stake - she didn’t budge.
She responded by telling Scott Amis and Rick Maddison of Second Slumber that she could help solve all their supply chain troubles, so the pair went for her offer.
Rick Maddison of Second Slumber said, “She was one of the Dragons we wanted due to her relationship with Endy Mattresses, so ultimately it was a deal we wanted to take even though it was a higher chunk of the business than we wanted to part with.”
Second Slumber solved a logistical problem for online mattress retailers when they are returned under the 100-night comfort trial. They can’t be put back in the box, so a percentage of premium beds that were in like-new condition were sent to the landfill because there wasn’t a solution like Second Slumber in the marketplace.
Scott Amis says, “We solved a nightmare for mattress companies. They don’t want these products to go in the landfill but this was their only option if they couldn’t find a charity to donate to. We solved that problem for them and ultimately save them money in the process by doing so.“
Second Slumber markets these like-new returns on their website SecondSlumber.com across Canada so they can find their new forever home within the same neighborhood they were purchased in, for usually less than half of retail.
Last night the Okanagan College hosted a premiere night for the two hopefuls which was attended by more than 200 well-wishers.
Executive Director of Okanagan College Foundation, Helen Jackman said she was thrilled 100% of all the ticket sales will go to support the health and wellness of students attending the college.
“It was an honour to host the event! We are so happy to see Scott and Rick get such a boost for this sustainable, local social enterprise company, Second Slumber, which also employs some amazing Okanagan College business grads."
Scott Amis, Founder - scott@secondslumber.com
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