Dragons Den alum GripIt has successfully secured its second Crowdcube campaign’s initial £1.5 million funding target from 900 investors. This initiative comes less than one year after the company raised nearly £2 million from over 600 investors through its first equity crowdfunding campaign.
GripIt describes itself as the World’s Ultimate Plasterboard Fixing. The company’s products hold extreme loads of up to 330kg (last year it was 225kg) and are designed to be the only fixing on the market which can fit into any plasterboard application. The company claims its patented design 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.
The company’s products are currently stocked in more than 5,000 UK stores across the UK in household names such as B&Q, Screwfix, and Wickes. While sharing details about its progress, the company reported:
“In 2016 we turned over £1,189,000, which was a 350% increase on the previous 12 months. This year with existing customers and current potential pipeline, we are forecasting a turnover of £3,984,500 with £2,841,539 gross profit and £566,352 EBITA. A slight delay with deals for both USA and Australia meant that we were c. 50% under forecast in 2016. However, these deals have now been secured with initial orders currently being fulfilled so we anticipate 2017 to be back on track, increasing sales, market share and brand awareness further with the new products.”
Funds from the latest Crowdcube campaign will be used to develop and launch new products and introduce 60 fixings to the range. GripIt revealed:
“During 2017, we plan to launch three of our own patent pending products to the range, along with 60 additional products within the fixing industry, ranging from plasterboard to masonry fixings. This, in turn, enables us to gain more space in stores, increasing brand awareness and market share.”
The campaign is set to close on March 21st.
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