LONDON, March 28, 2017 /PRNewswire/ --
Global glue company launches a second round of crowdfunding on Crowdcube to support rapid expansion overseas and a new product that can be used by children from eight years old
Following a record breaking crowdfunding campaign in 2015, the company behind Sugru, the world's first mouldable glue, is opening up to investors once again to support expansion overseas and new product innovation.
Working with equity crowdfunding platform, Crowdcube, the Hackney based manufacturer plans to raise £1.5 million and is offering fans of the brand the opportunity to invest as little as £10 to stake a claim in the company's future growth. People can find more details at www.crowdcube.com/sugru
Since overfunding on its first Crowdfunding round in 2015 by 355%, Sugru has been successfully launched in France and South Africa with plans to launch this year in Canada, Australia and New Zealand whilst extending its reach in Europe. Retail giants including the Adeo and Kingfisher Groups along with two of the largest retailers in the US are expected to boost growth in 2017.
Strategic investment in the company's research and development has resulted in a brand new formula being developed, allowing children as young as eight years old to use the product. Scheduled to launch later this year as the first in a series of new formulations designed to encourage more people to fix and repair their things, the new technology is expected to open up significant opportunities within the craft and stationery markets.
Sugru inventor and CEO, Jane ni Dhulchaointigh comments: "We've come an awfully long way since we tested the waters with our first crowdfunding campaign back in 2015. As well as launching overseas and working on new products and technologies, we've enjoyed huge milestones with our loyal community of over two million users around the world. Celebrating ten million Sugru fixes last year not only indicated the public's increasing appetite for wanting to fix and improve the things around them but also reflected the community's enthusiasm and energy for sharing tips on how to best use the product. The company wouldn't be anywhere without these people so it makes sense to have them on board as we launch Sugru to the next generation of makers and creators."
Invented to help people repair and improve things, Jane ni Dhulchaointigh and her team has developed an award-winning material that moulds like play dough, sticks to almost anything and turns into a strong flexible rubber overnight. Launched back in 2009, more than ten million single-use packs have now been sold in over 170 countries and territories worldwide with the company growing an average rate of over 30 per cent year-on-year from 2013 to 2016. Growth is forecast to increase to 50 per cent year-on-year until 2019.
Sugru is widely regarded as an essential tool for small DIY projects within the home and much used by technology, craft and maker communities. The company has recently doubled its manufacturing space in Hackney East London where it employs 70 staff.
Notes to Editors
Sugru's Investment History
In 2015 Sugru closed its first crowdfunding campaign on Crowdcube after raising £3,548,820 from 2300 investors. In the process this campaign broke two equity crowdfunding records with the largest single investment of £1 million and by having the widest reach with stakeholders in 64 countries. The pitch overfunded 355% above the original target.
Since 2003 a total of £9m has been raised to date with a global group of private investors.
Sugru is a mouldable glue that sticks to almost anything and turns into a strong flexible rubber overnight. It is made to stick to as many materials as possible forming a strong bond to aluminium, steel, ceramics, glass, wood and other materials including some plastics and rubbers.
Sugru's name derives from the Irish word for 'play' and is available in 10 different colours at a wide range of retailers across the UK, US, Europe and South Africa as well as online at Sugru.com. Sold in a 3 pack from £6.99 and 8 pack from £12.99.
Sugru in numbers
- Listed no. 22 in TIME Magazine's Top 50 inventions in the world in 2010 (iPad was no.34)
- 1000's of different uses
- Took 6 years and over 5,000 experiments to invent, launched for sale in 2010
- The first 1,000 packs sold out in 6 hours, 5 million mini-packs have now been sold
- Now used by people in over 170 countries and territories around the world
- Average number of stars given by hundreds of amazon reviews - 4.5/5
- Over 2 million users worldwide
- Stocked at over 5,000 stores globally
As the world's first investment crowdfunding platform, Crowdcube enables entrepreneurs to raise finance with the added benefit of being backed by the crowd. For investors, Crowdcube provides a way to handpick a stake in an innovative business that traditionally would have been restricted to corporate investors.
Since Crowdcube first pioneered equity crowdfunding in 2011 it has amassed a crowd of over 370,000 members, who have invested more than £220 million in over 490 raises. Businesses like the challenger bank Monzo, which raised £1 million in a record-breaking 96 seconds, as well as household brand names such as River Cottage and the Eden Project along with venture capital backed businesses such as JustPark, eMoov and Sugru have all successfully raised growth funding from the crowd.