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#trending | Dragons’ Den star Steven Bartlett rows again on claims he floated firm for $600m aged simply 27 – Dragons' Den – Latest news, photographs, gossip and video | mail Online
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Steven Bartlett, star of Dragons’ Den and Diary of a CEO, has quietly modified his website profile following questions over his enterprise success. He had beforehand claimed to have taken his firm public at 27, reaching a $600m valuation, nevertheless it was later revealed the agency had merged with one other and was value $186m when it floated. Social Chain’s other CEO, Wanja Sören Oberhof, defended Bartlett, saying his departure gave the corporate one unified imaginative and prescient. Bartlett stepped down in 2020 and the agency has since targeted on e-commerce, with advertising and marketing now making up solely 10% of its enterprise. He didn’t touch upon the matter.
Dragons’ Den and Diary of a CEO star Steven Bartlett has watered down his online biography telling of his successes – after a row over his enterprise credentials sparked by the sale of a agency he based.
The 30-12 months-outdated based a social media agency known as Social Chain in Manchester in 2014 and his website had beforehand boasted how he ‘took his firm public at 27 years outdated, reaching a market valuation of $600million earlier than he resigned’.
However Bartlett, who additionally recognized for his philanthropy, has since quietly modified the profile on his website following questions on this assertion when the corporate bought this month for £7.7million.
The truth is Social Chain had merged with a German online retailer known as Lumaland, creating the brand new entity The Social Chain AG in 2019, which was publicly listed at $186million.
Mr Bartlett stepped down as joint-CEO of the agency in 2020 and it was not till October the next 12 months that the corporate was mentioned to be value some $620million when it floated in Frankfurt.
At this time his website says he ‘stepped down in 2020’ to pursue other pursuits and that the corporate ‘reached a market valuation of more than $600million’.
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Steven Bartlett, left, is a effectively-recognized businessman off Dragons’ Den, pictured
January 28, 2023: Mr Bartlett’s website says his firm was floated at $600m earlier than he resigned.
February 8, 2023: After the row and sale, the profile now reveals he left in 2020 and the group was valued afterwards
The change to the website, which took place between January 25 and February 8, seems to have been triggered largely by a social media spat, first publicised in The Occasions. It reemerged this month after the sale.
Entrepreneur Timothy Armoo claimed: ‘The reality is the Social Chain story was constructed off misdirection and half-truths.
‘It is disingenuous at greatest. Steve has completed an incredible job of branding himself as a profitable media persona. His podcast additionally will get some nice company. But it surely appears like the inspiration and the story is not what it appears. Make of this what you would like.’
US businessman Sam Parr additionally expressed confusion on the £7.7million price ticket for Social Chain.
He wrote: ‘I thought this was a giant public firm value a whole bunch of hundreds of thousands. I do not perceive this. Can somebody clarify?’
Final 12 months Bartlett grew to become the youngest ever Dragon, and places budding entrepreneurs getting into the den for funding via their paces
Bartlett interviewed Matt Hancock, saying he and Gina Coladangelo had ‘stopped by’ for a chat
The other CEO of Social Chain was Wanja Sören Oberhof, who has ridiculed the row and mentioned Bartlett had been key to rising the agency to its worth.
He mentioned: ‘A little bit of gaga dialogue here on twitter. Steven Bartlett and and I scaled the enterprise collectively as Co-CEOs and he was important to bringing it to EUR 650 million valuation. However haters will at all times hate.’
Bartlett moved to the UK aged two from Botswana and dropped out of college to pursue his goals as a businessman.
He fell out together with his mother and father, in significantly his mom, who was ‘heartbroken’ after believing Bartlett had thrown away his schooling which she did not have rising up.
However Bartlett discovered success with social media advertising and marketing company Social Chain.
Final 12 months he grew to become the youngest ever Dragon, and has rapidly change into the person to impress amongst budding entrepreneurs getting into the den.
He spoke on LinkedIn of the sale of the corporate and why he had left: ‘In 2014 I began an organization known as Social Chain. Shortly after I merged it with Wanja Sören Oberhof ‘s commerce firm Lumaland with the mission of mixing our advertising and marketing expertise and their commerce expertise.
‘We known as the brand new (listed) group The Social Chain AG and myself and Wanja grew to become Co-CEO’s of the group. All of my equity was in the publicly listed group.
‘Over the subsequent few years, me and Wanja raised capital and bought companies and commerce corporations beneath the Social Chain AG model.
‘On the time of my departure Social Chain Group was producing in extra of $300m in revenues. It will go on to succeed in a valuation of $600m+ on the inventory market.
‘In 2019 I made a presentation to the board that I needed to separate the group in half – separating our advertising and marketing enterprise (5-10 companies) and our e-commerce biz (20~ corporations) so they may go their very own ways.
‘The board took a special view, so I resigned and in my resignation I mentioned my departure ought to now give the corporate one unified imaginative and prescient.
‘A 12 months or so after I departed, Social Chain Group determined to give attention to e-com, and so they’ve been buying e-commerce corporations whereas promoting off their advertising and marketing companies across the world, ever since.
‘At this time (in accordance with final weeks launch) advertising and marketing accounts for simply 10 per cent of their enterprise. I think about this number shall be at 0 by the tip of the 12 months.
‘Social Chain owned virtually ten companies and so they represented about $80m~ of our complete income in the 12 months I stepped down. From what I know, they’re almost all bought.’
His representatives didn’t reply to a MailOnline request for additional remark.
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