They've found their fortune! Friends gain £100,000 investment on Dragons' Den for their tracking device for phones, keys and PETS (and it even takes the perfect selfie)
- Business partners Vincenz Klemt and Raj Sark created Xupo
- Gadget pairs with smartphone via Bluetooth to track objects
- It can be used to find lost phones, keys and even pets
- Pair asked for £100,000 investment on BBC show Dragons' Den
- Peter Jones gave them the money despite the product not being unique
Business partners from Glasgow have homed in on a fortune after appearing on BBC show Dragons' Den to seek investment for their tracking device.
Entrepreneurs Vincenz Klemt and Raj Sark won a £100,000 investment from Peter Jones in return for a 30 percent stake in their business after he was impressed with the gadget.
The pair say their product solves the 'age old problem' of searching for your car keys or mobile phone - and can even help find rogue pets who've gone wandering.
Entrepreneurs Vincenz Klemt and Raj Sark appeared on Dragons' Den to ask for a £100,000 investment in their business creating tracking devices
The pair demonstrated to the Dragons how their device works by connecting objects like car keys with a mobile phone via Bluetooth so one can be used to find the other if lost
The Lupo (which since their appearance on the show has been rebranded as Xupo) is a coined-shaped object that can be hung on a key-ring or placed inside a bag or wallet and connects to your phone via Bluetooth and a special app.
As they are connected, you can use your key coin to make your phone ring if it's missing, or use the app on your phone to find missing keys.
When pitching to the Dragons on Sunday's show, Vincenz and Raj admitted their idea is not unique - as there are many tracking devices on the market.
But they said it is their software that helps them stand out from the crowd giving their product a long-lasting battery and a range of over 50m.
However, Dragon Sarah Willingham, who made her fortune in the restaurant industry, was not impressed, saying: 'Am I missing something? I just don't get it.
'It says very clearly in your instructions if you want to find your mobile phone, make sure it's not on mute and make sure it's switched on to find it.
'I would just use someone else's mobile and phone it.'
The coin-shaped gadget can be attached to keyrings, as shown right, so they can be tracked. If lost, a signal can be sent via an app on the mobile phone, left, to make it beep
Vincenz and Raj said their target market was young professionals and frequent travellers but said their product would benefit anyone who struggles to keep track of their possessions and doesn't want to get stressed out trying to find them.
The gadget can even be used to take the perfect selfie, as a click of the button can make the camera on a connected mobile take a photo, instead of the subject having to hold the phone at arm's length.
Peter Jones said he was impressed with the software despite the product not being unique and offered the £100,000 investment
They won over Peter Jones who said he liked their product and its profit margin - it sells for £20 but only costs £3.50 to make.
Peter said: 'I like what you have done, I think you have got what it takes and you understand the market really well. The window of opportunity is now and based on that I am going to make you an offer.'
The duo had only wanted to give away an 8 percent stake in their business in return for a £100,000 investment but Peter said he would only part with his cash for 30 percent.
After some consideration, Vincenz and Raj decided to take him up on his offer in order to gain Peter's expertise in the global tech industry and retail contacts.
Deborah Meaden said Peter's backing was a 'game-changer' for the Glaswegian pair's business.
Dragons' Den is on BBC Two Sundays at 8pm
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