All Five of the Den's Dragons Made an Offer on This Canadian Startup

Posted by Techvibes NewsDesk

On this week's Dragons' Den episode, all five dragons made an offer to buy a stake in Montreal-based startup FixMeStick, a plug-in and plug-out device that anyone can use to remove hard to detect malware from their computer.

The FixMeStick, a bootable USB device that makes virus removal simple and installs no software, impressed all five Dragons, multiple of whom offered exactly what  founders Marty Algire and Corey Velan were hoping for—$500,000 for a 20% stake in the company, valuing the startup at $2.5 million.

FixMeStick's strong financial position was a major draw: they already had $400,000 in sales and were growing at 10% a month. In the end, Algire and Velan accepted a dual-dragon offer from David Chilton and Arlene Dickinson.

 

 

Now the Canadian entrepreneurs are using the exposure from Dragons' Den to launch a Mac version of their product, which is currently Windows-only. FixMeStick is seeking $50,000 on Kickstarter.

"People increasingly have to contend with viruses on their computing devices. More Internet commerce means more Internet thieves, and Internet thieves have an inherent advantage: they get the first move, which they use to attack where they know they'll succeed," explains the company. "The one advantage we all have over Internet thieves is physical access to our own computers (hackers may have network access to your computer, but they can't physically touch it), which means that, we can shut down the infected OS and clean it with an external and known clean device—like the FixMeStick."

Company:
FixMeStick
Website:
http://www.fixmestick.com
Location:
Montréal, Québec, Canada

Montrealers Corey Velan and Marty Algire founded FixMeStick in 2011. A Queen’s and Stanford graduate, Velan was previously Director of Development and Lead Architect at Radialpoint, provider of consumer PC security to very large ISPs. Algire, who completed his Master’s in Biosystems Engineering at McGill, was a founding employee of the pioneering Internet privacy company Zero-Knowledge and Vice-President of... more


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Techvibes NewsDesk

Techvibes NewsDesk

Techvibes is Canada's leading technology media property.Founded in 2002, Techvibes covers technology and business news that impacts Canadians. We combine breaking local news with international coverage to deliver a unique balance of insight and information. The Techvibes Newsdesk covers a broad beat and publishes general news stories. If you have a story you would like covered, email... more




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