Less than two years after securing more than £2 million through its second Crowdcube campaign, Dragon Den alum GripIt has returned to the equity crowdfunding platform to raise £1 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 support.
“In the last year, the company has grown 42% in revenue and we estimate having sold over 18 million fixings worldwide to date. Making certain assumptions of fixings per house, we estimate our potential market for fixings at c. 4 billion fixings per annum worldwide; our aim is to achieve a 2.5% market share in the 3 years.”
GripIt is stocked in more than 6,500 stores across the world in household names such as Home Depot USA, ASDA, B&Q, Screwfix, and Wickes. Its products are exported to 32 countries worldwide. The company recently launched two products have patents pending, which are GripIt Green and GripIt Roll Plug. GripIt noted it has an exclusive licensing deal on the GripIt MarXman marking tool. Speaking about making a return to the Crowdcube platform, the GripIt team stated:
“We are back, two years since our last Crowdcube raise where we have since set up a fully automated manufacturing plant, developed a strong team, launched three additional products and added an additional 1,500 retailers.”
Since its launch, the funding round has successfully raised more than £300,000 from over 100 investors. It is set to close at the beginning of March.
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