Sugru may not be the sexiest of products but it has been popular with investors. The “first” mouldable glue company surged past £1 million in equity crowdfunding on Crowdcube in just 4 days. Investors topped 1500, each contributing from £10 to £40,000. The offer is now in over-funding mode standing at £1.2 million. Sugru has been called 21st century duct tape and is already in production and being utilized by over one million consumers in 160 different countries. Sugru has just expanded distribution to the US via well known retailers like Lowe’s and Target. This time last year Sugru was in 500 stores. Today it is in 5000. By then end of the year that number will double.
“This has been one of the most important milestones in Sugru’s history and by far one of the most enjoyable! Firstly it’s been incredibly humbling to see so many of our longstanding customers further support the business and then to get such a positive response from people hearing about Sugru for the first time is truly rewarding. The team can’t wait to share our future successes with our many new wise and wonderful investors.”
Sugru is an adhesive that moulds similar to play dough. It is said to stick to almost anything and turns into a strong flexible rubber within 24 hours. It is made to stick to as many materials as possible forming a strong bond to aluminium, steel, ceramics, glass, wood and other materials including some plastics and rubbers. Sugru’s name derives from the Irish word for ‘play’. Like play dough it is available in 10 different colors.
“Sugru is one of our fastest raises to date and it’s fantastic to see people eager to support the pitch and get involved. Last week our website saw new records in terms of website traffic and the number of investments,” said Luke Lang, Crowdcube co-founder.
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