What do you call a proud and over-confident thief?
A Britisher!!!
It was a cheesy joke, wasn’t it? No matter how it was, it was good if intended. This article is going to be even cheesier as it analyses in detail, Cheesy Geek!
Cheesy Geek is a cheese company set up by two childhood friends that offers a variety of products along with a personalized experience for the consumer. It seems as if it is a hybrid animal.
Cheese is tasty but Dragons love nothing more than green bills, did Cheesy Geek smell good enough to the Dragons?
Cheese Geek at a Glance:
| Idea | App-based Cheese selling company |
| Founder | Edward Hancock |
| Asked For | £150,000 For 3% |
| Accepted Deal | £150,000 For 7% reducible to 5% |
| Dragon | Steven Bartlett |
| Business status | Active |
| Episode No. | Season 19, Episode 1 |
Index:
What is Cheese Geek?
Cheese Geek is an app-based cheese retailer with hundreds of types of cheese in its product range.
It contains user ratings for all its products and as a customer makes repeat orders, the app gets more and more personalized.
All its products are completely plant-based and the company ensures this as it is one of the selling points of this cheesy business.
As far as going green is concerned, these are the CEO’s words:
“Our geeks have been busy calculating the carbon cost and undergoing a carbon audit of Cheese Geek, from the production of the cheese to our recklessly good-looking boxes arriving at your door.
As we grow, this cost will rise which is why we’re putting in place new processes and offsetting measures now which will carry through to a more sustainable future.
We now offer the chance for our customers to offset delivery and with the take up we have had, we are now the world’s first carbon-negative cheesemonger! Our business is now 217,208kg in the green! That’s equivalent to 241 flights, 9,976 mature trees being planted or 528,487 car miles.”
Who is the Founder of Cheese Geek?
Cheese Geek was founded by Edward Hancock in 2017. Edward is a Bachelor of Science in Economics from Newcastle University. He had a cash-rich hedge fund job before he cheesified his life!
Edward’s inspiration behind setting up the company is his love for grandfather and cheese. Cheese Geek also saw Edward through a rough time at the university.
Armed with his childhood friend as the COO and £720,000 of Edward’s own savings, he is on what he would like to call a ‘wonderfully cheesy’ journey.
Did Cheese Geek get a deal on Dragon’s Den?
The cheesy friends pitched their business in the cheesiest way possible. They brought personalized samples for the Dragons and instated that the geeky cheese is completely plant-based.
The only cheese-hole in the pitch was the company’s valuations but soon enough the CEO backed it up with numbers. Dragon Peter Jones made a display of poor sarcasm post that was a bit scary.
As the business model and the other stats of the company unfolded, offers started coming their way. First was the sarcastic Peter Jones followed by Steven Bartlett and Touker Suleyman.
The best monetary deal was offered by Steven and he was the one that the founder ended up accepting but with an equity buy-back condition.
What happened to Cheese Geek after Dragon’s Den?
Well, as of this day, just a bit more than one year has passed since Cheesy Geek appeared on The Dragons’ Den and there has not been any big breakthrough in the business as yet but the founder was asked a question by a Real business report who asked that whether or not Dragons’ Den changed the trajectory or nature of his business, to which he replied,
“It certainly hasn’t changed our goals. I think any other business that has been on the show would agree with me when I say that the business leader and their team remain the driving force behind the company.
We weren’t necessarily looking to completely transform our business; we were looking for advice and the connections that open doors for greater opportunities. With that in mind, I think the effect of having Steven on board will be more gradual and more long-term rather than a huge overnight change.
In terms of his ability to link our marketing team with his facilities and methods will be a huge benefit to our personnel and will lead to more effective marketing, how we communicate on social media, and building a culture around our brand.”
Product Details:
- It is a fresh cheese from the UK itself.
- It is completely plant-based.
- It is sourced from small and medium suppliers in the UK.
- It offers a huge variety of cheese.
- Its app gives you a personalized experience as you go on using it.
- It also offers subscription-based product ordering.
Competitors of Cheese Geek:
Cheese Geek aims to revolutionize the British cheese industry which has not undergone any major technology or source change for a long time.
It wants to dethrone the giants but it is a task that is easier said than done.
New-age segment orient competition has also started to pose a challenge to the company.
Some of these companies are:
What is the Net Worth of Cheese Geek?
Edward slammed the Dragons with a valuation (‘ridiculous’ as per Peter Jones) of Cheese Geek that amounted to £5 million.
Even after a lot of hues and crying in the Den about Edward’s valuation, he was offered a deal valuing Chees Geek at £2 million; even this was subject to equity buy-back conditions.
The self-proclaimed numbers guy and CEO of the company projected £3.3 million in revenue in 2022.
He also projected revenue of £25 million for the company’s fourth year and an EBITDA of £5.6 million during this period which would put the net worth of the company to somewhere around £76 million if the founder’s previous calculation methods are taken into account and about £50 million realistically.
Is Cheese Geek still in Business?
Yes, Cheese Geek is currently in business and its app is working smoothly.
It has also started expanding into the gifting segment in which the company gained a lot of popularity last Christmas.
The company partnered with some similar revolutionary brands in different product segments for a new concept of YouTube advertisements.
It is too early to make any predictions as to how Cheesy Geek will turn out to be in the foreseeable future but it has the best of our cheesy wishes!!
Do Share Your Thoughts:
Do tell us all your thoughts in the comments section below, we look forward to reading all the comments.
Also, don’t forget to try our Android app 📱 which contains startup case studies and business book insights 📚 , verified business strategies, and no bullshit!!
Related Articles:
FAQs:
What is Cheese Geek?
Cheese Geek is an app-based cheese retailer with hundreds of types of cheese in its product range. It contains user ratings for all its products and as a customer makes repeat orders, the app gets more and more personalized.
What's the net worth of Cheese Geek?
Edward slammed the Dragons with a valuation (‘ridiculous’ as per Peter Jones) of Cheese Geek that amounted to £5 million. The eventual value of Cheese Geek at the Den was £2 million.