Dragon Den alum GripIt is set to close its latest equity crowdfunding campaign on Crowdcube with more than £1.1 million thanks to over 600 investors. The funding round, which comes less than two years after the company raised more than £2 million through its second Crowdcube campaign, was launched last month and quickly raised its initial £1 million funding target.
As previously reported, GripIt has dubbed itself World’s Ultimate Plasterboard Fixing. Its 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.
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. 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 its 2019 marketing plans. The campaign will close at the end of March.
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