In a remarkable entrepreneurial journey, MULTY Rack Systems, a North Okanagan-based company, has recently secured a significant deal on CBC's "Dragons' Den." Cody New, a Vernon resident, and founder Rick Sauder, showcased their innovative truck rack products, successfully captivating the interest of the show's investors (Vernon Matters, Penticton Western News).
© CBC Dragon's Den, Season 18, Episode 12.
MULTY Rack Systems specializes in a range of truck racks designed to accommodate diverse items such as bicycles, UTVs, kayaks, and more. Their product line includes a versatile bike rack capable of carrying up to six bicycles, a headache rack for truck window protection, and a UTV rack system. These products are not only unique in their design but are also competitively priced, despite their high quality and Canadian manufacturing origin (Kelowna Capital News).
Cody New and Rick Sauder appeared on "Dragons' Den" on January 4, 2024, seeking a $500,000 investment for a 10% share in their company. Their pitch emphasized the quality and competitiveness of their products, with a significant portion of their sales achieved through major retailers like Canadian Tire in Canada and Keystone Automotive in the U.S. Despite the challenge of marketing, which was a self-acknowledged weakness, they successfully navigated the Dragons' scrutiny (Vernon Matters, Salmon Arm Observer).
After intense negotiation and amidst concerns about valuation and product uniqueness, Dragons Arlene Dickenson and Michele Romanow partnered to offer MULTY Rack Systems $500,000. This investment came with a 10% royalty, decreasing to 5% once the initial investment was recouped. This deal was a testament to the product's potential and the strategic expertise that the Dragons could bring to the table (Vancouver Is Awesome, New West Record).
Founded in 2018, MULTY Rack Systems has demonstrated significant growth and potential in the truck accessory market across North America. With the new investment and the guidance of their Dragon partners, the company is poised to further enhance its market presence and profitability. As they look forward to leveraging the expertise in e-commerce and marketing tactics provided by Dickenson and Romanow, MULTY is set to become a more prominent name in the competitive market of truck accessories (BNN Breaking, Okanagan Edge).
The success of MULTY Rack Systems on "Dragons' Den" is more than just a business achievement; it's a story of hard work, innovation, and the relentless pursuit of excellence. As Cody New remarked, the show is a testament to the dedication required to launch a successful business, and their experience on it has been an invaluable milestone for MULTY (Castanet Kamloops, Infotel). With their new partners and the investment secured, the future looks bright for this dynamic company in the truck accessory industry.