Less than one week after launching its equity crowdfunding campaign on Crowdcube, UK-based DIY company, GripIt Fixings, has already hit £1 million thanks to over 350 investors.
GripIt is the ‘World’s Ultimate Plasterboard Fixing.’ Its products hold extreme loads of up to 225kg and is designed to be the only fixing on the market which can fit into any plasterboard application. The company’s patented design reportedly offers a quick, easy and secure fixing solution to DIY’ers and tradesmen, allowing them to hang or fix anything to plasterboard without the need for further supports.
GripIt, which was founded by 20-year-old entrepreneur Jordan Daykin, previously received a total of £980,000 from Deborah Meaden during its visit on Dragon’s Den. Its products are now available in 33 countries. Funds from the Crowdcube initiative will go towards international expansion.
Sharing their appreciation for Crowdcube investors, GripIt’s team stated:
“Just wanted to touch base and say thank you to everyone for your support! We have been overwhelmed by the response and hitting £1,000,000 in just 4 days is an amazing achievement!”
They also revealed a company update:
“Sales in our two biggest retailers, Wickes and Screwfix, hit an all-time high last week. Sales increased in excess of 25% on the previous week, and in the case of Screwfix those previous week’s figures were already at 200% of forecast. Our launch last week in B&Q has got off to a great start and we are expecting sell through data next week.
“Our TV Fixing Kit will be launched in to Currys from next week offering their customers a packaged solution to securely hang TVs on plasterboard walls. The kit has all you need including the required drill bits. This specific use case kit increases our price point and opens up a wider retail market than pure DIY stores. We are in discussions with other chains not only to stock the same TV kit, but also for our curtain and blind kits, mirror kits and shelf kits.”
The company has until the end of the month to achieve another £500,000 to reach its goal.
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