Moldable glue creator Sugru successfully surpassed its initial £1.5 million funding target through its latest crowdfunding campaign on Crowdcube. This news comes just after the UK-based company decided to extend its funding round reportedly due to continuous interest from various investors.
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 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 announced will roll out to more than 300 Menards stores across the U.S. midwest and over 1,800 new kits in U.S. Target stores. Speaking about the funding round’s success, Sugru’s Jane Ni Dhulchaointigh, Roger Ashby, and Paraic Begley shared:
“Huge thanks to all of you 2068 investors in 62 countries around the world who have helped us reach our ambitious target! Roughly 50% of investors taking part are existing shareholders so we’re absolutely thrilled with the endorsement and continuing commitment from our shareholder community, and delighted to be welcoming to many new shareholders into the fold as well.”
The trio also confirmed that the maximum available equity in this round is £2 million, which means there’s still £452,000 of equity remaining. Funds from the Crowdcube round will be used to expand and launch Sugru’s family formula. The campaign is now set to close next Friday (May 12th).
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