Mouldable glue start-up Sugru secures £3.3m from the crowd
Young Gun-founded business' Crowdcube campaign won backing from investors in 68 countries with the largest single investment of £1m
Sugru, the creator of “duct tape for the 21st century”, has secured £3.38m in an overfunded pitch on equity crowdfunding platform Crowdcube and is said to have broken two crowdfunding records.
Oversubscribed by 355%, the East London product business received investment from 2,700 stakeholders in 68 countries – said to be the largest global reach of any crowdfunding campaign – with the biggest single investment totalling £1m.
Founded by 2014 Young Gun Jane ni Dhulchaointigh, Sugru (the Irish word for ‘play’) manufactures a mouldable putty-like-glue that sticks to almost anything including aluminium, steel and wood, and turns into a strong flexible rubber overnight to be used for things such as DIY repairs, customising appliances or as a toy.
Having sold over five million units in 160 countries, the crowdfunding will be used for further expansion in Europe and the US with the goal to secure listings in 10,000 retail outlets in the US by December 2015.
ni Dhulchaointigh commented: “The crowdfunding campaign truly reflects most projects at Sugru: hard work, team spirit, customer interaction, loads of fun and a few record breaking moments. I’m incredibly proud of the team at Sugru for all pitching in to help make this campaign a success and, of course, forever humbled by the enormous amount of interest by our existing and new customers alike.
Crowdcube director, Matt Cooper, said of the pitch:
“It’s been one of our most popular raises, proving that crowdfunding really does make investing accessible, affordable and rewarding for everyday investors and professionals.
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“This landmark, plus several million-plus raises recently, demonstrates how crowdfunding has come of age.”