Dragons’ Den: Peter Jones’ £100,000 investment for LUPO Bluetooth tracker device withdrawn
Peter Jones tweeted after the episode aired to say the deal ‘didn’t go through’
Peter Jones has pulled out a £100,000 deal to fund a Bluetooth tracker on Dragons Den.
University graduates Raj Sark and Vincenz Klemt entered the TV series looking for extra funding for their LUPO device – a tracker for your keys that works off your mobile phone – and seemed to have reached an agreement with Jones.
He offered the pair £100,000 for a 30 per cent stake but revealed after Sunday’s show the deal had fallen through.
Taking to Twitter after the show, Jones wrote: “My investment with My Lupo [sic] didn’t go through as some issues arose during due diligence.
“I still wish Raj all the best in the future.”
The tracker is designed to attach to your keys and allows you to track them from your phone – as well as track your lost phone by using the LUPO to ring it.
A corresponding app allows users to see the last known location of the tracker on a map.
Speaking to the Dragons about the product’s unique selling point, Klemt said: “It’s the software. Anybody can take all these components off the shelf in China, they are very cheap. But it’s all about the firmware on the device, it’s about the app.”
An impressed Jones said: “I like what you’ve done. I think that you’ve got what it takes and I think you understand the market really, really well.
“The window of opportunity is now, and on the basis of that I’m going to offer you all of the money, but I want a large piece of the pie.”
Amazon customers have hit out at LUPO recently in customer reviews, with the five most recent comments rating the product at one star.
One wrote on January 7: “it broke within two weeks and is barely loud enough to hear.”