SunGod, a performance sunglasses startup, has rocketed past its funding target almost immediately on Crowdcube. SunGod reports that it took just 79 minutes to close the funding round. The securities offering went live on November 15th.
The offering page indicates that SunGod raised almost £3 million, backed by 1356 investors. The funding target was set at £1 million, with investors purchasing equity at a pre-money valuation of £31 million. SunGod previously raised money online back in 2020.
In 2020, the company raised £1.5 million in just 11 minutes.
In a note forwarded from the firm, SunGod shared that it had collected £25 million of registered interest prior to going live, indicating there was solid demand for the investment.
Founder and co-CEO Zoe Watkiss said:
“We’re proud of what we’ve achieved since our last raise in 2020, but for us, this is just the beginning and the opportunity ahead of us now is vast. We’re excited to keep challenging and changing our industry, whilst inviting our community to join us on our mission to See Better.”
She added that they have worked hard to build a really strong community of customers, ambassadors, and athletes who we know are highly engaged.
“It’s proof that our community genuinely believes in what we’re doing: our mission, our products, and our way of doing business. We can’t wait to put their investment to good use through our 6 point plan – the hard work continues and the next exciting chapter starts now.”
The company will use the additional capital to expand the brand internationally following a superlative experience in the UK, where the direct-to-consumer model has been well received. SunGod reports a 4.9/5 rating across its entire product range. It also boasts 94% 5-star rating on Trustpilot. Solid quality at a reasonable price plus a lifetime guarantee has appeared to resonate with their customers, who most likely became their shareholders.
Since 2020, SunGod reports that has tripled its annual revenue to £8 million, achieved B Corp and certified Carbon Neutral status, and increased its customer base to 210,000. They have also inked partnerships with sports teams, including McLaren F1 and INEOS Britannia, while signing prominent athletes like ultrarunners Tom Evans and Courtney Dauwalter, and triathlete Olympian Hayden Wilde.
This is an excellent example of turning your customers into owners and ultimately brand ambassadors.
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