Sugru, moldable glue that takes a mundane product and makes it fun, had an epic crowdfunding found on Crowdcube last year. The offer closed at £3.4 million garnering the participation of more than 2300 investors having raised the first £1 million in just four minutes. A single investor kicked in £1 million later on in the round. The capital injection was for business expansion and as of this week, Sugru has provided an update.
Sugru stated it continues to drive its US expansion plan as the moldable glue becomes available in smaller hardware stores nationwide. New retailers include; Ace Hardware, True Value Hardware and Do It Best, as well as major hardware wholesalers Orgill. Sugru was already in Target and The Container Store. The brand continues to explore additional DIY and hardware stores with 50% of the UK company’s revenue coming from the US now.
Jane ni Dhulchaointigh, CEO and creator of Sugru, said they were thrilled with the sucess of the US launch.
“The sales figures alone highlight the demand level for an innovative product that appeals to the fixing and mending trend and mindset here in the States. As a result, we’re excited as a brand to be moving further into the hardware space, making Sugru easily accessible and available to DIY enthusiasts.”
We would love to hear a report from the investors and how they see their involvement with Sugru working out.
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