Dragon's Den Drama

Dragon Peter Jones pulls out of funding tech startup.

I’m out. Just hours after the Dragons’ Den show aired on Sunday, Peter Jones tweeted that he would not be handing over a promised investment of £100,000 to tech startup, Xupo (which used to be branded Lupo).

On the BBC show, Glasgow business partners Vincenz Klemt and Raj Sark asked for £100,000 investment. Although the product is not unique and has its limitations, the gadget had suitably impressed Jones. He offered to pledge £100,000 investment to the entrepreneurs in return for a 30% stake in the business.

The coin-shaped sensor device works by pairing with a smartphone via Bluetooth to track objects. The gadget can fit in a wallet or be attached to a keyring. Use the app on your phone or the key coin itself to make your phone ring if it’s missing.

However, Jones, a technology entrepreneur himself, pulled the plug on his offer to back the Bluetooth tracker. The firm is run by Strathclyde University graduates Raj Sark and Vincenz Klem who had hoped to use the money to fund the expansion of the business. Jones tweeted, ‘My investment with My Lupo didn’t go through as some issues arose during due diligence. I still wish Raj all the best in the future.’

January 2017