A London company wants to make candy healthier, and has won a $1 million investment on Dragons’ Den to help make it happen.
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A London company wants to make candy healthier, and has won a $1 million investment on Dragons’ Den to help make it happen.
Protein Candy, on Wellington Street, is on track to sell its high-protein, low-sugar treats in 3,000 stores across Canada and is eyeing the U.S. market in 2025. After just a few months sales have topped expectations, chief executive and co-founder Michael Delorenzi said.
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“This is a very unique, very special product. The market seems to like it. This is an exciting time for sure,” he said.
“Retailers are eager. The demand for protein products is expected to rise and we are seeing confectionery grow as well.”
A 55-gram bag of candy contains 14 grams of protein and just 140 calories. The product is being sold at Circle K, Sobeys and Safeway stores and nutrition and fitness retailers as well as online.
Though Delorenzi keeps sales figures close to the vest, he said Candy Protein has sold 200,000 more bags than forecast since August.
“We want to build a globally recognizable brand that is built on candy first,” he said.
It all began when co-founder Trevor Lenders approached Delorenzi with the idea in the summer of 2023, after Lenders had been working on the idea for about two years.
Delorenzi is also the president of Northern Commerce, a tech company on Wellington Street and is co-founder of Pulp and Press Inc., the London juice maker.
“Trevor had the recipe; he had been working with food scientists and he brought it to us,” Delorenzi said. “Once we started working together, we also worked with scientists to get it to the point where we could launch.”
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Devin Powell, director of retail at Pulp and Press, also has joined as vice-president retail at Protein Candy.
“When Protein Candy was presented to us, we saw a gap in the market. We thought we could grow this quickly,” Powell said. “We had a lightbulb moment.”
Since Pulp and Press sells into about 2,000 stores across Canada, it means Protein Candy had experienced food marketers and retailers behind it.
“It seemed like the perfect match for the team. It was exciting,” Delorenzi said.
But they also saw an opportunity to reach a national television market as well as win investment. Powell and Delorenzi auditioned for Dragons’ Den in February.
The pair made the cut and the episode of the CBC reality show in which aspiring entrepreneurs pitch business ideas to a panel of venture capitalists was filmed in May and aired Nov. 7.
Some dragons were put off by the notion of high protein candy but Arlene Dickinson and Michele Romanow joined forces to offer Protein Candy $1 million for 15 per cent of the business.
“We are working with Michele and Arlene, finalizing the deal we negotiated. We are moving forward,” Delorenzi said. “We are tapping into their networks and vast experience.”
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Both dragons have experience in food retail and marketing, he said.
Although it began as a side hustle for these busy London entrepreneurs, “it’s a side hustle that is building momentum and may be the main hustle in the near future,” Delorenzi said.
The candy is made in Wisconsin, shipped to London and shipped from here to stores by a London logistics business.
Protein Candy is available in four flavours: classic fruit, classic fruit sour, berry punch, and tropical punch.
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