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Author Topic: Dragons' Den winner has 100,000 funding withdrawn  (Read 101 times)

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snadge

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Dragons' Den winner has 100,000 funding withdrawn
« on: 09 January 2017, 15:59:07 »
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A tech start-up firm which thought it had secured a 100,000 investment on the BBC's Dragons' Den TV show has had the funding pulled.
Shortly after the show was aired on Sunday, technology entrepreneur Peter Jones tweeted that his investment did not go through.
The Glasgow-based firm had hoped to use the money to help fund the expansion of its Bluetooth tracker, Xupo.
The coin-sized tracking sensor helps people find misplaced personal items.

During the show, Peter Jones had offered the investment for 30% equity of the business.
Xupo had forecasted 1m in revenues in the next year.
However, just after the show Peter Jones tweeted: "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."
A PR firm had already issued a press release on behalf of Xupo welcoming the investment.
Mr Sark had said he was "thrilled by the investment and Peter Jones' confidence in the product".
Mr Klemt had said the investment would help them strengthen their position in the UK and expand into Germany and France, followed by Italy and Spain.
http://www.bbc.co.uk/news/uk-scotland-scotland-business-38536108

Offline Den1

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Re: Dragons' Den winner has 100,000 funding withdrawn
« Reply #1 on: 09 January 2017, 18:00:45 »

"My Lupo didn't go through as some issues arose during due diligence"  What he means is, he didn't have the cash   :D
An intelligent man is sometimes forced to be drunk to spend time with his fools.

 

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