Sugru launched a crowdfunding campaign on Crowdcube earlier this year and it took about 4 days to raise about £1 million. The crowdfunding round closed at over £3.3 million having benefited from a a single investor that kicked in a modest £1 million. The new capital was needed to boost expansion into other markets as well as to buttress its presence in the US. In July, when funding closed, Sugru explained they were poised to launch on the shelves of major US retailers including Lowes and Targets. So where are they now?
US sales have reached a record high following the entry into more than 3,500 stores nationwide. According to Sugru, the brand’s launch in the states has been “a resounding success” with global Sales in the first half of the year surpassing $2 million. The USA now accounts for 50% of the brand’s overall sales and is poised to become its most profitable market.
The creator of Sugru, Jane Ni Dhulchaointigh, now describes Sugru as a major US brand;
“The inaugural success of our U.S. roll out has not only proven Sugru’s worth through sales volumes, it has also helped us to establish the brand as a key player in the adhesives market and craft movement. Our goal is to make Sugru a household brand that sits in everybody’s kitchen drawer alongside the superglue and the duct tape – cracking the U.S. market is bringing us one step closer to that’ said Jane
“Today America, tomorrow the world!”
Sugru took 6 years and 5000 experiments to create. The “mouldable glue” has a cool resemblance to PlayDoh and benefits from the association. It is pretty tough to make glue cool, but I have to admit, Sugru has done it. Just check out their gallery of uses – you will be impressed.
As for the more than 2300 investors who purchased over 12% equity in Sugru via Crowdcube? Well, they will have to wait a bit to see how their investment grows. But that is the nature of early stage investing. So far – this one looks pretty good.
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