Sugru, a unique type of mouldable glue that was listed by Time Magazine as one of the worlds top inventions in 2010 (beating the iPad no less), has closed its crowdfunding round on Crowdcube at over £3.5 million. According to Crowdcube, 2700 investors from 68 countries participated in this equity offer. It took just 4 days for Sugru to raise £1 million as the popular product leveraged its brand power as fans jumped onboard to invest. The equity crowdfunding offer did not just benefit from small investors as a single investor dedicated £1 million – the largest ever to flow through the gates of Crowdcube.
Sugru is currently utilized in over 160 countries around the globe. Sugru sticks to almost anything and turns into a strong flexible rubber overnight. Its properties allow it to adhere to a diverse type of materials in a range of environments. But this practical creation has been packaged as a playful tool as it is sold in 10 different colors which may be mixed and matched similar to the childhood toy Play-Doh. The name itself is derived from the Irish word for “play”. The product took 6 years to develop but immediately become a DIY hit.
Inventor Jane ni Dhulchaointigh characterized the funding round as “one of the most important milestones in Sugru’s history”.
“What a great month! The crowdfunding campaign truly reflects most projects at Sugru: hard work, team spirit, customer interaction, loads of fun and a few record breaking moments,” said Jane. ” I’m incredibly proud of the team at Sugru for all pitching in to help make this campaign a success and, of course, forever humbled by the enormous amount of interest by our existing and new customers alike. Future plans are already in the making thanks to 2700 fabulously wise investors!”
Currently manufactured in East London, Sugru will use the new capital to boost expansion into other markets as well as to bolster its presence in the US. Sugru is on track to gain shelf space in Lowes and Target in the US with the number of outlets retailing the product expected to top 10,000 by end of year. To date over 5 million packs have been sold.
“…the huge number of investors shows how customers want to support a brand they love and how our crowd of nearly 190,000 people are eager to back interesting companies like Sugru. It’s been one of our most popular raises, proving that crowdfunding really does make investing accessible, affordable and rewarding for everyday investors and professionals.”
“A major element in Sugru’s success is undoubtedly the £1 million stake from one investor who joined our investor community last year. This landmark, plus several million-plus raises recently, demonstrates how crowdfunding has come of age,” said Cooper.
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