Global sales director Andy Dickson and managing director John-Paul Gardner offered the dragons 5% of their business in return for the investment.
Despite concerns from dragon Deborah Meaden on the design of the packaging for the Oatein range, the firm received three offers of investment from the assembled entrepreneurs.
Jones beat fellow investors Tej Lalvani and Touker Suleyman to the deal, promising to invest the £50,000 – as long as the business made back the money in 2019.
Jones’ passion
Speaking after the meeting, Dickson said: “We’re absolutely thrilled to have Peter on board. His passion really sold it to us as well, so we’re absolutely delighted.”
Established in 2016, north Tyneside-based Oatein has sold more than 2m snack bars and has a turnover of £559,000. The company predicted turnover to increase to £1.2m in 2019.
Oatein joins a number of food and drink businesses that have successfully secured investment from the dragons since the show began in 2005, with one of the biggest successes being Levi Roots and his Reggae Reggae Sauce brand.
In November, free-from and gluten-free bread maker Pure Grain Foods secured a £40,000 investment from investors.
Meanwhile, in September, a vegan ice cream maker who won financial backing in an episode of Dragons’ Den revealed she wasn’t subsequently able to take up the offer.
