Ready to bring its products to consumers everywhere, London-based mouldable glue company, Sugru has launched an equity crowdfunding campaign on Crowdcube to raise £1M for complete global expansion.
Surge is described as mouldable glue that makes fixing things easy. Simply stick it, shape it and it turns into a strong, durable rubber overnight, and it can fix almost anything. Much like duct tape, superglue and post-it notes, the glue is an innovation that is considered “so simple and universal” that the company believes it will become a household brand trusted in homes all over the world.
The company declared:
“Sugru is the first consumer product of FormFormForm Limited, the Company set up by Founders Jane ni Dhulchaointigh and Roger Ashby to develop and commercialize Sugru and it’s underlying technologies, and is the Company in which you’ll get shares when you invest.”
Currently, Sugru is sold through the following:
- Direct to consumer & Amazon / 3rd party e-commerce
- Supply to Retail (Currently predominantly UK and USA)
- Supply to Distributors (Currently Scandinavia)
It addition to expanding, the funds will go towards:
Sales and Marketing: whilst Sugru is expanding well into numerous retail chains, the company will need enhanced product awareness, fame, share of mind and understanding to drive trial – increased targeted digital marketing, increased merchandising and staff education and more in-store marketing.
- Additional headcount: specifically in sales and marketing: Whilst the majority of revenue will increasingly come from retail outlets, Sugru will still need people ‘on the ground’ to drive sales through these retail outlets.
- Manufacturing capability: The company has capacity to meet the estimated demand for a year, demand after that period needs additional capital spend. It will have modeled a capital spend of £800k in the three year period; the vast majority of this is on manufacturing facilities and equipment.
- Additional spend on Research and development: Sugru’s formulation will continue to be enhanced and adapted to open up new market opportunities.
During a recent interview with Western Morning News UK, ni Dhulchaointigh revealed why her company decided to try crowdfunding:
“We’ve not got over a million users around the world who regular get in touch to share videos and pictures of their latest triumph, however small. These people have helped us perfect the product and build the brand, so it makes complete sense to let them share in the future success of Sugru.”
Co-founder of Crowdcube, Luke Lang, then added:
“With its huge community of fans, Sugru is a natural fit for crowdfunding; it’s great to give these followers the chance to become shareholders and product evangelists.”
Since its launch, Sugru’s crowdfunding campaign has raised nearly £670,000 from over 900 investors. It is set to close in July.
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