Yes it does 
Tried it this morning, you can set a perimeter alert in the watch so if it moves beyond a set distance from your phone you get a tap.
There is almost limitless customisation if this app, really happy with it so far.
Edit:
It doesn't exactly :-(
You have to move the phone (or other paired device) outside the perimeter for it to work. Not the other way round. When I tested it this morning I got my mate to walk off with my phone. That all works nice.
I have emailed the developer to ask if it's possible to get an alert on the watch when/if it loses the connection to the phone.

Tried it this morning, you can set a perimeter alert in the watch so if it moves beyond a set distance from your phone you get a tap.
There is almost limitless customisation if this app, really happy with it so far.
Edit:
It doesn't exactly :-(
You have to move the phone (or other paired device) outside the perimeter for it to work. Not the other way round. When I tested it this morning I got my mate to walk off with my phone. That all works nice.
I have emailed the developer to ask if it's possible to get an alert on the watch when/if it loses the connection to the phone.
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