Plumen, a UK-based energy-saving lightbulb manufacturer, has successfully secured its initial £500,000 funding goal through Crowdcube. The company launched the initiative earlier this month as it prepares to launch new products.
As previously reported, Plumen revealed it created energy-saving lighting, using design and beauty to inspire adoption of sustainable lighting technology. The company reported that an estimated 130,000+ homes in over 75 countries and is featured in the permanent collections of MoMA, the Design Museum and the V&A to name.
To date, Plumen has successfully achieved the following:
- A team of 12 employees based in London
- Registered IP for all its products
- A Danish manufacturing partner, all products made in China
- Retail margins of 50% and 60-70% through its website
- Products are offered through retailers, including John Lewis, Made.com, Urban Outfitters, Habitat, Crate & Barrel, and MoMA.
- Sold over 500,000 products so far
- Turnover of £1 million
The company revealed that it is planning to launch its new product, the Plumen 003, which is described as a light shade inside of a lightbulb. It will also launch a range of LED filament bulbs. Funds from the Crowdcube initiative will go towards new product development, hiring and increased marketing spend.
Originally set to close at the end of June, Plumen has decided to extend the campaign for another two weeks:
“We’re happy to announce a two-week extension of our campaign. We’re in positive discussions with a number of institutional investors who could add a lot of experience to our team. By extending and overfunding, we are giving Plumen the chance to build a stronger platform for the future.”
The campaign is now set to close on July 12th.
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