Massive celebration as Sugru raises £2m on Crowdcube to expand into Europe
Sugru’s inventor and CEO, Jane ni Dhulchaointigh is delighted at the result: “We’re thrilled and excited to have so many new investors on board for the next phase of growth. The team has worked incredibly hard to make this a success, which is no mean feat considering the level of work currently going into our global retail expansion and launch plans for the new formulation. Exciting times ahead!”
Co-founder of Crowdcube Luke Lang says: "Once again, Jane and the team at Sugru have done an amazing job at inspiring investment from the crowd, attracting £2m from a mix of Crowdcube's 390,000 members and Sugru's own community of avid fans and passionate customers. The success of Sugru's latest raise is just one more example of the power of crowdfunding and how a raise on Crowdcube can help to engage existing customers and attract a new crowd of advocates."
Since overfunding on its first Crowdfunding round in 2015, 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.
Strategic investment in the company’s research and development has also resulted in a brand new formula being developed, allowing children as young as eight years old to use the product which is scheduled to launch later this year.
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.