Update: GripIt’s Second Crowdcube Campaign Hits £2 Million During The Final Hours

With less than 24 hours until its second Crowdcube campaign comes to an end, Dragons Den alum GripIt has officially surpassed £2 million. As previously reported, 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.

“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.”

During the final days on Crowdcube, the GripIt team shared:

We have been overwhelmed with the support throughout our crowdfunding campaign and would like to thank everyone for their interest and welcome those of you that have invested on board. We are proud to have over 1,200 new investors joining the company and look forward to the continued growth and success of GripIt.”

The campaign is set to close later this evening.

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