Mouldable glue firm Sugru snags £4m funding
Young Gun founded company will use funding to continue sales growth and invest in new product launches in 2017
Sugru, the maker of mouldable glue, has closed £4m in funding from Clysedale and Yorkshire banks.
Launched in 2009 by Young Gun Jane ni Dhulchaointigh, Sugru’s waterproof and heat resistant mouldable glue can be formed and shaped by hand for up to 30 minutes and then turns into a strong and flexible rubber overnight.
Used for DIY projects or making improvements to gadgets, appliances and toys, the company has sold over 10 million mini packs in more than 170 countries to date.
After closing a £3.38m crowdfunding round last year, this latest finance will be used to bolster Sugru’s sales growth and accelerate internationally, as well as to fund new product launches throughout 2017.
Dhulchaointigh commented: “Thanks to our loyal customer base, we have achieved strong growth over the last few years. Sugru was invented to get the world fixing and making things again.
“Expanding into new markets, with the support we receive from Clydesdale and Yorkshire Banks, will allow us to meet consumer demand and make Sugru’s mission a reality.”
Sandra Hope, senior director of growth finance at Clydesdale and Yorkshire Banks, said: “We are delighted to be able to play a part in helping fund Sugru’s international growth at a time when the importance of UK exporting has never been higher.”