Three Farmers Dragons’ Den Update

What’s the difference between Extra Virgin Olive Oil and regular Olive Oil?

A candle-lit dinner and a bottle of champagne.

We love to break to you that Olive Oil now has a nemesis that goes by the name of Camelina Sativa. The Vandenhurk sisters have decided to put it on your table and facilitate the dusk of the era of Virgin or regular Olive Oil (pun intended).

What do the Canadian Dragons have to say about the new type of oil wandering around with the farmer sisters? Let’s find out

Three Farmers at a Glance: 

IdeaCamelina Sativa based edible oil
FoundersNatasha Vandenhurk and Eysia Vandenhurk
Asked ForC$150,000 For 18%
Accepted DealC$150,000 For 20%
DragonArlene Dickinson
Business statusActive
Episode No.season 7 episode 4

Index:

What is Three Farmers?

Three Farmers is a small group of Saskatchewan-based farmers passionate about growing natural and healthy food and dedicated to providing a personal connection between consumers and producers according to the company’s website.

It mainly manufactures edible oil extracted from the Camelina Sativa seeds and provides a tastier alternative to Olive Oil.

It also sells Fava beans, chickpeas, lentils, and some other snacks besides its flagship product i.e. Camelina Oil. The company has all the necessary certifications from the Canadian government that are required to sell the products in its catalog.

Who are the Founders of Three Farmers?

Sisters Natasha and Eysia Vandenhurk Rimi founded Three Farmers they found a seed Camelina Sativa which they found to be appropriate to be used as edible oil and was historically used as that. They subsequently launched Camelina Oil as an offering of their company Three Farmers.

Natasha has a Bachelor of Arts in Economics from the University of Saskatchewan and her sister Eysia was a chef before starting up Three Farmers.

Here’s the founder’s story verbatim,

“It all started one late night in a Canadian, small-town curling rink. A few hours of farmer talk, one whiskey too many, and a dream to take our Canadian-grown products to market took root.

Of course, we had no idea what we were getting into. How hard could it be?! We had a love for Canadian land, a love for wholesome Canadian food, and the passion to share our Canadian farmer roots with the rest of the world.

 Fast forward a decade or so later and we couldn’t be more proud of how far we have come. We have learned so much about the land we tend, the food we grow, and the people we feed.”

Did Three Farmers get a deal on Dragon’s Den?

The sisters charmed the Dragons with their backstory and specifically the innovative product they had come up with.

It was a once-in-a-lifetime scene to watch when Dragons appreciated the taste of oil! Oi, have you ever found a person who likes the TaStE of Oil?

Dragons were more than impressed with the new oil but they were quick to point out the amount of work it would take to make the general populace aware of it and especially of the deeply technical upper hand that Camelina has over Olive Oil.

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As the negotiations were going on, Arlene Dickinson offered the sister almost what they came asking for. The deal was sealed quickly and Mr. Wonderful kept on making critical comments on the deal right until the camera stopped rolling!

What happened to Three Farmers after Dragon’s Den?

Three Farmers experienced tremendous growth in sales after the awareness created among the people due to the Dragon’s Den effect. The company found itself retail space in huge chains which included the likes of Costco.

The company also came up with a whole range of new products which includes sells Fava beans, chickpeas, lentils, and some other snacks. The company also partnered with Porter Airlines this January and its products became available in-flight. 

Three Farmers secured investments amounting to C$2.65 million in a funding round led by Golden Opportunities Fund Inc. on which Natasha made the following comments:

“The environment today has highlighted the gaps and challenges in today’s supply chain. Reliable and locally produced foods are now more important than ever.

This reflects our core values of sustainability, traceability, innovation, promoting the land we farm on, and connecting farmers to consumers.

We are excited to work with Golden Opportunities – a local investment fund, which further supports our roots, that has a deep understanding of value-added agriculture as we continue to drive innovation in our Province and grow the Three Farmers brand and products for generations to come.”

Product Details: 

  • It is edible oil based on Camelina Sativa.
  • It presents a tastier alternative to edible oil.
  • It contains omega-3, which is an extremely hard-to-source component.
  • It is available in big retail chains all across Canada and the USA. 
  • Its 500 ml bottle costs C$20.
  • It is orderable online in Canada and the USA through E-commerce channels.

Competitors of Three Farmers:

Three Farmers was the first to offer Camelina Oil but it faced severe competition from Olive Oil as a product itself. We all know for a fact that countless companies manufacture and market.

Segment-oriented and other product competition includes:

What is the Net Worth of Three Farmers?

The Vandenhurk sisters valued their firm at about C$830,000 before showing up in the Den. Luckily; Arlene did not have a much different opinion and made an offer that valued Three Farmers at C$750,000 which was accepted instantly by the sisters.

A few years down the line, Three Farmers secured investments amounting to C$2.65 million in a funding round led by Golden Opportunities Fund Inc. This implied that the company was worth at least C$7 million.

Is Three Farmers still in Business?

Three Farmers is actively in business as of 2023 and its products are available all across the USA and Canada online as well as in retail channels. The company’s financial stats have continued to show a positive trend yearly.

The fact that Camelina Oil was historically used as cooking oil but became extinct from modern households all across the world reflects how many minds were put into cooking and eating habits by our ancestors based on actual knowledge of nutrition, most of which we failed to inherit!!

Do Share Your Thoughts:

Do tell us all your thoughts in the comments section below, we look forward to reading all the comments in the section below.

Also, don’t forget to try our Android app 📱 which contains startup case studies and business book insights 📚 , verified business strategies, and no bullshit!!

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FAQs:

What is Three Farmers?

Three Farmers is a small group of Saskatchewan-based farmers passionate about growing natural and healthy food and dedicated to providing a personal connection between consumers and producers according to the company’s website. It mainly manufactures edible oil extracted from the Camelina Sativa seeds and provides a tastier alternative to Olive Oil.

What's the net worth of Three Farmers?

A few years down the line, Three Farmers secured investments amounting to C$2.65 million in a funding round led by Golden Opportunities Fund Inc. This implied that the company was worth at least C$7 million.

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