The pitch
What walked into the Den
Fuwa Fuwa, the Japanese souffle-pancake chain from Benson Lau and Sylvia Mah, took a season 20 spot in episode 16.
The ask turned heads for its ratio: $400,000 for only 2 percent, an implied figure of $20,000,000, far above most numbers that reach that room.
After the show
What happened next
Result unrecorded, the verification effort went into present-day evidence.
The chain is expanding rather than shrinking: our July 2026 look found a multi-location site with a store finder and franchise inquiries, and although online ordering was temporarily paused at the moment we checked, an active grand-opening promotion for a new flagship pointed to growth. Local coverage puts the footprint at around forty locations across Canada, the UK and the US.
Our read
The Hub verdict
The ratio is the whole story. Asking a mid-six-figure sum for just two percent implies a valuation of twenty million, one of the boldest self-prices in the set. A founder offering a sliver at that number is betting the room already sees a proven, scaling chain rather than a concept.
The result did not air, so we confirm no deal and keep the focus on that striking math. The chain is expanding, with a multi-location site, franchise inquiries and an active grand-opening promotion, and local coverage puts the footprint around forty locations across three countries, a figure we attribute rather than verify. Growth is evident; the twenty-million price is a claim, not a Dragon-confirmed valuation.
A two-percent ask at a twenty-million self-valuation.
Worth knowing: The location count comes from local coverage rather than our own tally, and a two-percent ask at that price is a bold self-valuation, not a Dragon-confirmed one.
