Now and again a new product will surface that really grabs the attention of investors, but who would have thought anyone could persuade the famous Dragons to invest £150,000 in what basically amounts to a blob of orange goo?
Jason Roberts, founder and CEO of a company called Tech21 did just that. He recently managed to convince Dragons Peter Jones and Theo Paphitis that the orange gunge was worth it and they promptly parted with their cash for a 40 percent stake. Why?
Well it turns out the orange goo is the secret behind a special impact absorbing material called D30 that can be used in laptop bags and to protect other devices from bashes and bumps.
“D30 is a specially engineered material made with intelligent molecules. They flow with the product but upon shock lock together to absorb the impact energy” it says on the company’s website.
The impact absorbing material that is flexible in its natural state but goes hard on impact is already widely used by the military, the US downhill ski team and manufacturers of motorbike clothing in order to provide personal protection in the event of a crash.
Now of course it’s going to be used to protect devices and gadgets too. Now why didn’t I think of that?
In a recent demonstration Jason hit the lump of goo with a mallet and it didn’t appear to register the impact at all and then he proceeded to roll it into a ball and bounce the ball on the table. Wow, interesting stuff!
Commenting on his investment Peter Jones said “I’m delighted with my investment in Tech21. It’s a great fit with my existing portfolio of businesses and I’ve been impressed by Jason’s obvious drive and determination to make the brand the number one choice for impact protection within the mobile technology market.”
He continues “There is definitely a market out there for enhanced protection of electronic devices but without the bulk, and both Theo and I are looking forward to supporting the company’s future growth.”
Theo Paphitis said, “The Tech 21 team have spotted an important need for people to protect their much loved laptops, phones and gadgets in a foolproof way using clever technology. I was naturally inquisitive about the product’s effectiveness and gave it a pounding but it passed muster with flying colours.”
The investment will be used to expand on the existing range of products for distribution across Europe.
I like it.
