Irish investors can invest in Sugru from as little as £10
Mouldable adhesive maker raised 36% of £1.5m target within hours of crowdfunding launch
Founder Jane Ní Dhulchaointigh: Sugru is looking to expand into Canada, Australia and New Zealand as well as extending its reach in Europe, the company said
It’s the second time the company, founded by Irishwoman Jane Ní Dhulchaointigh, has turned to crowdfunding platform Crowdcube to raise money, following a successful campaign in 2015. Back then, the campaign was overfunded 355 per cent above the original target of £1 million, with 2,700 investors from 68 countries. It broke equity crowdfunding records with the largest single investment of £1 million.
This time, it is seeking to raise £1.5 million, with the funding used to expand into new markets and commercialise its new product. Investors in the latest round will own 4.3 per cent of the business.
Even before throwing open its crowdfunding campaign to the general public, Sugru raised £460,470, or just over 30 per cent of its target, which will value the business at £34.8 million.
By midday the Irish company had reached 36 per cent of its £1.5 million target, raising £551,000 from 630 investors.
Sugru is an adhesive that moulds like play-dough, sticks to almost anything and turns into a strong flexible rubber within 24 hours. It took five years to perfect the orginal formula, which is sold in more than 170 countries worldwide. In 2010, Time magazine listed it as one of the top 50 inventions of that year.
The company has built a loyal following through social media, and has a community of “fixers” who share their latest Sugru hacks.
The Hackney-based company is planning the September launch of a new formula aimed at families, including children from eight years old. The firm said it has had an average revenue growth rate of 32 per cent year on year between 2013 and 2016, and plans to extend that further to 50 per cent to 2019.
Among its future plans are expansion into Canada, Australia and New Zealand this year as well as extending its reach in Europe, the company said. It also hopes to do deals with two of the largest US retailers as well as the Kingfisher and Adeo groups.