With less than a week until its latest equity crowdfunding campaign on Crowdcube comes to an end, moldable glue creator Sugru has successfully secured nearly £1.3 million from 1670 investors. The company is currently seeking £1.5 million through the round as it continues its expansion. The launch of this initiative comes less than two years after securing £3.39 million through its first Crowdcube round.
As previously reported, Sugru currently has its moldable glue products being sold and used in more than 170 countries with patents granted in Europe, the US, China, and India. A little over six months ago, the company reported that 10 million single packs of its moldable glue were sold around the world. 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
- U.S. subsidiary established representing circa 50% of current sales
The Sugru team also revealed:
“Sugru plans to drive future growth with the launch of a new Sugru Formula in 2017 for all the family, including kids from 8 years old. Along with a continued focus on proven channels into international markets, Sugru forecasts profitability in 2018.”
Funds from the initiative will also be used to continue development of the company’s four key sales changes, and ongoing business expansion. It is set to close on April 28th.
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