With its latest Crowdcube round set to close in less than two weeks, Sugru has successfully secured £1.1 million thanks to 1465 investors. The company launched the initiative last month and is currently seeking £1.5 million.
Sugru was co-founded by CEO Jane ni Dhulchaointigh. The company has its moldable glue 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. Other milestones that Sugru previously reached include:
- Acquiring 5,000 stockists 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 to increase gross margins from 50% to 64% and beyond
The company also raised £3.39 million through its first equity crowdfunding campaign on Crowdcube less than two years ago.
Just after the campaign secured £1 million, the Sugru team announced that 300 U.S.-based Menards stores would be rolling out the company’s products next month:
“We’ve just got great news from a new USA stockist that Sugru will roll out to more than 300 Menards stores across the midwest in May! These are popular hardware & general stores, and are a great location for US consumers to discover and buy Sugru.”
Funds from the initiative will be used to launch a kid-safe Sugru formula later this year, continue development of the company’s four key sales changes, and ongoing business expansion. It is set to close on April 28th.
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