Dragon Den alum GripIt has successfully secured its initial £1 million funding target through its latest equity crowdfunding campaign on Crowdcube. The funding round was launched last month and has attracted more than 500 investors.
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. GripIt notably 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 reportedly stocked in more than 6,500 stores across the world in household names such as Home Depot USA, ASDA, B&Q, Screwfix, and Wickes. The latest funding round comes less than two years after the company raised more than £2 million through its second Crowdcube campaign. GripIt revealed:
“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.”
Funds from the latest Crowdcube round will be used to assist working capital and our exciting 2019 marketing plans. It is set to close later this month.
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