Less than two years after securing £3.39 million through its first equity crowdfunding campaign on Crowdcube, moldable glue maker, Sugru, has returned to the funding portal seeking a minimum of £1.5 million.
The company, which was co-founded by CEO Jane ni Dhulchaointigh, now has its products being sold and used in more than 170 countries with patents granted in Europe, the US, China, and India. Last fall, the company reported that 10 million single packs of its moldable glue were sold:
“We’re about to hit a huge milestone – 10 million single packs of Sugru have been used by you, our global community! That’s 10 million things that didn’t go to landfill, 10 million things that were lovingly saved, resurrected, revived, re-invented and made to work better and last longer. Wow. It’s a real movement of everyday creativity, and it’s reaching a scale that deserves some extra celebration.”
Other milestones that Sugru has reached include:
- Acquiring 5,000 stockist in the UK, Europe, and US (including B&Q and Target)
- Has a community of more than 750,000 fixers and doers who share new projects every day
- Has unique and protected IP – granted patents in Europe, US, China, and India
- Now has a Mexican manufacturing partnership established in order to increase gross margins from 50% to 64% and beyond
The company also reported:
“Sugru plans to drive future growth with the launch of a new Sugru Formula in 2017 for all the family, including kids from 8 years old. Along with a continued focus on proven channels into international markets, Sugru forecasts profitability in 2018.”
— Sugru (@sugru) March 27, 2017
In regards to what the funds from the latest Crowdcube round will go towards, the Sugru team went on to add:
“Having recently secured a debt facility of up to £3.5m from Clydesdale Bank, this round will compliment the debt finance in supporting the launch of a kid-safe Sugru formula in 2017, continued development of our 4 key sales channels & ongoing business expansion.”
The campaign is set to close at the beginning of May.
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