Simpli Group managing directors Rob and Chris Downham appeared on the BBC2 TV show to pitch their idea for My Finance Safe, a website that allows people to upload and access documents.
The Downham brothers were looking for a £100,000 investment for a 10 per cent stake in their firm but the dragons were not taken with the idea and all five declined to make an investment.
Dragon Theo Paphitis said that the pair were “like the Chuckle Brothers” while James Caan said: “I can see why this country is in such a financial mess if people like you are working in financial services.”
Chris Downham says he and his brother will continue with their plans to launch the firm. He says: “The dragons did not understand the market. It certainly did not feel like a serious business meeting.
“We hope to still go ahead with our plans, we are cert- ainly not going to give up. It is just hard to raise money in this tough economic environment.”