Shopping app Mallzee has signed an agreement with Samsung after turning down an offer from Peter Jones on Dragons Den.
Cally Russell, founder of the ‘Tinder for fashion’ personal shopping app, was seeking £75,000 for a 5% stake in the business. Peter Jones offered the full amount, but sought a 20% stake in the company, which Russell declined.
The company has now signed an agreement with Samsung UK and Ireland, which will see Malzee offer Samsung customers exclusive discounts on a number of fashion brands, starting with 20% off at Warehouse.
“It felt awful to turn down the money in Dragons Den but I simply couldn’t undervalue the business like that and now thanks to this agreement I know it was the right decision,” said Russell.
“I’m sure that over the coming years we can prove Peter Jones right and become at least a £100m business. I always knew setting up Mallzee was going to be a roller coaster ride but the last couple of months have been insane.”