Lost My Name, a start-up that uses technology to create personalised story books for children, has become the highest valued business to ever receive investment on Dragons' Den.
Piers Linney invested £100,000 into Lost My Name in return for four per cent of the business, setting the value of the company at £2.5 million.
The deal includes an option to buy another one per cent at a nominal price for coming on board as adviser.
The Lost My Name site allows users to type in a name of a child, select a gender and preview a unique personalised story before ordering a physical copy.
Lost My Name’s first book, The Little Boy/Girl Who Lost His/Her Name, has sold over 40,000 copies in over 90 countries and the firm told ToyNews that it is looking for toy retailers with an online presence to get on board with the service.
“Any toy shop that has some kind of online element, we would love to work with them,” Lost My Name co-founder Asi Sharabi told ToyNews.
“We can bring the whole experience from our site onto any site. Because we are a tech company, we can help the e-tailer do interesting things with it.
“Our top reseller at the moment is NotOnTheHighStreet.com. These guys sell over 1,000 books a month for us.”
The start-up is now developing the “world’s most technologically advanced picture book” and moving forward, Lost My Name is aligning itself more with the toy sector than the publishing world.
Sharabi said: “We don’t want to be an app studio, and we’re not a publisher. I like to think we are much more in the gift and toy market than simply in the book market.
“Everyone’s moving to eBooks or story app books, but they’re not good at keeping children immersed in a narrative. We’re keen on narrative, imagination and engagement – it’s the core to what we’re doing.”