Over a decade ago, a passionate bloke called Tim came to meet me at the Evening Standard’s offices. We sat in the canteen as he told me with wide eyes of his journey across the Democratic Republic of the Congo, where his taxi had been attacked by local militia and only a wad of cash hidden in his sock had eased the danger of AK47s as he pursued the purest-quality quinine, from the bark of the fever tree.
Tim Warrillow’s journey was worthwhile: his now-listed Fever Tree business sold more than £300 million-worth of drinks last year.
One of the perks of writing about entrepreneurs is having a ring-side seat to the drama, chaos and trials that turn scrappy start-ups into industry giants. This week’s newsletter includes wisdom from two founders I first met when their businesses were the equivalent of wobbly toddlers compared to their current heft.
Alex Wright and Jack Scott’s DASH Water only had 25 staff in 2023 when I interviewed them about brewing up a mission to rescue wonky fruit from supermarket rejection and give it a fizzy second chance in a can. This year DASH's projected turnover is £42 million, having grown 45% in 2024.
Here, Wright talks about the deal that transformed the business - and how a phallic aubergine rocket-powered the brand’s reach. Today DASH is on track to sell nearly 50 million cans this year - although it still only has 34 staff, meaning each staff member is personally responsible for shifting over a million cans. No pressure.
Elsewhere Perlego founder Gauthier Van Malderen has also enjoyed huge growth with his ‘Spotify for textbooks’ company. Inspired by his disdain at spending “£200-plus on textbooks but only needing one chapter from each,” whilst studying economics at Cambridge, Perlego now brings in over half of its turnover from the US.
Van Malderen outlines his experience breaking the business into the American market - and offers advice to other founders hoping to follow his footsteps stateside. In a nutshell: “get the timing right, build strong partnerships, and be ready to put in the legwork - if you do, the opportunity is massive.”
Entrepreneurial focus: DASH WATER
When DASH Water advertised an aubergine “in its natural glory” its its first Tube ad, the campaign was banned by Transport for London for being too provocative.
“We wanted to use beautifully wonky fruit to shine a light on the issue of food waste,” says co-founder Alex Wright. “But one of the pictures was picked up for being too risqué. Still, the picture went viral and ended up getting far more coverage by being banned than it would have via our billboards - turning a rejection into one of our most talked about marketing wins.”
From its inception in 2017, “we understood the power of a direct relationship with our customers,” Wright adds. “As the big soft drink multinationals dominate through retail, with strong relationships, we focused on selling directly online. Just before Covid hit, we were fortunate to have just launched a new subscription service on our website which proved to be game changing for us. As pubs, bars, and restaurant sales took a hit, online demand skyrocketed, fuelling unprecedented growth and allowing us to double the size of the business that year.”
Today over 50% of DASH’s £42 million sales are online, with 9,000 subscribers to its own website. “I always knew that we had a great product, mission and opportunity but the speed and scale of our success have exceeded my expectations,” Wright admits.
“It still feels surreal whenever I see someone drinking a can of DASH in the street or stocked on the shop shelf. One of my friends last week sent a picture of our cans in a remote fridge in Costa Rica, so cool to see!”
The founders have raised £21 million so far, with Wright saying the potential funding is gushing - allowing them to be picky. “The hardest thing has not been finding cash but ensuring the individuals we bring on board are aligned with our mission, able to add value and people we get on well with,” he reports. “Too many startups do not perform adequate due diligence on the investors they bring on board, which can cause all sorts of complications further down the line. We’ve been intentional about who we work with.”
DASH’s angel investors include ex-Ireland ruby captain, Johnny Sexton, Manchester United footballer Patrice Evra, and chairman, David Milner, ex-CEO of Tyrrells crisps and Lily’s Kitchen pet food.
Wright says running his scale-up is far easier than the start-up phase. “The early days of getting the business off the ground were when we had our most challenging days – manufacturing blow-ups, worrying about whether our cash flow would see us through to the next month… As we scale up, we’re fortunate to have an outstanding team, with each member excelling in their role far beyond what I could ever do.”
The brand has also built up profit protection via its strong brand. “Shortly after we created DASH, it felt like a new competitor launched every couple of months, including from big multinational soft drinks manufacturers. I remember thinking, how on earth are we going to stay ahead when they’re spending millions on marketing? But fortunately consumers love our mission of infusing wonky fruit to create a delicious no-sugar or sweetener drink: it’s enabled us to carve out our own space in the market.”
Dash has now expanded into 20 other countries, but Wright won’t comment on how many takeover approaches he’s received, and says there’s no exit plan. “We are relatively young - we started the business when we were just 24 years old and still have a lot of drive to build the business globally and have no ambitions to exit the business.”
How I Broke Into the US... by Gauthier Van Malderen, co-founder and CEO at Perlego
"We always knew the US was a natural fit for Perlego's mission to make education more affordable and accessible - the US higher education market represents a $1.4 trillion opportunity - but timing and strategy had to be crucial.
We’d been selling direct-to-consumer in North America since 2020, but institutional partnerships were the key to really scale. After our Series B funding - [Perlego has now raised $75 million across several rounds]- we finally had the content library, financial backing, and market knowledge to make our move. The question wasn’t if the US was right for Perlego, but if Perlego was ready for the US. The regulatory landscape proved complex - different states have different requirements for accessibility, data protection, and education delivery, meaning expert legal guidance was essential from day one.
But now, 56% of our revenue comes from the US, and we’re only getting started. As alternative learning models gain traction, the opportunity for Perlego to play a key role in shaping the future of education is huge.
My biggest lesson, or what I’d do differently if I broke into the US again, was that I should have been on the ground in the US much earlier. I initially thought local contractors could handle relationship-building, but I underestimated how much institutions, publishers and investors wanted to hear directly from the founder. When I started spending significant time in America personally driving forward the case for Perlego, our momentum accelerated dramatically.
My advice for UK founders eyeing the US
Consider a US entity - Setting up a US subsidiary (Inc) can make a big difference for credibility and operations.
Do your homework - The US market is far more complicated than the UK. We had to recognise the different study habits, the difference in educational philosophies and of course the difference in how students are charged.
Brand recognition matters - the US is all about credibility. The earlier you start building it, the better.
Legal support is a must - the US is highly litigious, and contracts need to be airtight.
Be agile - Have a plan, but be ready to pivot as you learn.
