Moldable glue company Sugru secured £2 million during its second equity crowdfunding campaign on Crowdcube. The round, which was originally seeking £1.5 million, was completed on Friday evening.
Sugru currently has its products being sold and used in more than 170 countries with patents granted in Europe, the US, China, and India. A little over six months ago, the company reported that 10 million single packs of its moldable glue were sold around the world. In 2015, Sugru raised £3.39 million through its first Crowdcube round.
“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.”
Other Sugru achievements 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
- U.S. subsidiary established representing circa 50% of current sales
- 300 Menards and 1800 Target store rollout
Just after the campaign raised its initial funding target, the Sugru team took to Twitter to share their excitement for the initiative’s success:
Yay! 100% funded on @Crowdcube! Thank you – together we can get the world fixing and making again. #InvestinSugru https://t.co/mJRDgvkuWk pic.twitter.com/K86v91UHUJ
— Sugru (@sugru) May 3, 2017
Funds from the initiative will also be used to continue development of the company’s four key sales changes, and ongoing business expansion.
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