With its latest equity crowdfunding round on Crowdcube set to close tomorrow (May 12th), moldable glue company Sugru has successfully secured over £1.8 million. The initiative made its debut in March with a funding target of £1.5 million and was extended in April to attract more investors.
As previously reported, Sugru currently has moldable glue products being sold and used in over 170 countries with patents granted in Europe, U.S., China, and India. Other milestones that Sugru has reached since its launch 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
Sugru also secured £3.39 million through its first equity crowdfunding campaign on Crowdcube. Most recently, the company announced it would roll out to more than 300 Menards stores across the U.S. Midwest and over 1,800 new kits in U.S. Target stores.
Funds from the Crowdcube round will be used to expand and launch Sugru’s family formula.
“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.”
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