Sugru, the innovative mouldable glue, completes £1m raise on Crowdcube
The world’s first ever mouldable glue, Sugru, is inviting its customers, followers and the public to become shareholders via its crowdfunding campaign on Crowdcube. With an initial target of £1 million, the money will be used to support the company’s rapid global expansion.
Invented in 2003 by Irish art student, Jane ni Dhulchaointigh, Sugru is an adhesive that moulds like play dough, sticks to almost anything and turns into a strong flexible rubber overnight. Forbes described this cool British brand as “21st century Duct Tape” and it has now sold 5 million packs in over 160 countries worldwide. Over 1 million customers use it for all kinds of projects from DIY repairs at home through to making small improvements to gadgets, appliances and even toys.
The capital will be used to build consumer awareness of Sugru and support its fast-moving retail expansion in the UK, Scandinavia and the USA. An extensive roll out of the unique product is already underway across 4,000 stores at major US retailers including Lowe’s Home Improvement and Target.
The rapid retail expansion has been in response to increasing demand from US consumers, who make up 50 per cent of Sugru’s customer base and have previously only been able to buy the product online. Tapping into growing DIY markets around the world, the company is expected to double its retail presence by year end to 10,000 stores further helping to position the brand as an essential piece of kit for every kitchen drawer.
Jane ni Dhulchaointigh comments: “We’ve now got over a million users around the world who regularly get in touch to share videos and pictures of their latest triumph, however small. These people have helped us perfect the product and build the brand so it makes complete sense to let them share in the future success of Sugru.”
Luke Lang, co-founder of Crowdcube adds: “With its huge community of fans, Sugru is a natural fit for crowdfunding; it’s great to give these followers the chance to become shareholders and product evangelists.”