Jane Ní Dhulchaointigh is looking to take her groundbreaking product global after closing equity crowdfunding campaign on Crowdcube, which included record-breaking single investment of £1m
There's no doubt that Sugru is one of the most inventive start-ups to emerge in recent years. Devised by Jane Ní Dhulchaointigh back in 2004, the 'mouldable glue' from which the company takes its name has transformed the lives of DIY enthusiasts and other inventive souls the world over. Indeed, in recognition of its innovativeness, Sugru was listed at number 22 in TIME Magazine's Top 50 inventions in the world in 2010 – the year it went on sale – with the iPad coming in at number 34.
Five years on, we're delighted to report that our former One to watch has just closed a record-breaking crowdfunding campaign, which has helped raise it over £3.5m in investment. Its campaign on Crowdcube, the equity crowdfunding site, attracted involvement from 2,700 investors, one of whom parted with a cool £1m that represents the largest ever single investment on an equity crowdfunding platform. Sugru's campaign also broke the record for biggest global reach, with investors from 68 countries getting in on the action. All of this helped Sugru overfund its original investment target by a whopping 355%.
The investment will help Sugru support further expansion into retail outlets across Europe and the USA. The company has already launched an extensive rollout across the pond, with the magic material being stocked in 4,000 stores at major US retailers including Target and Lowe's Home Stores. It's looking to more than double this number and hit 10,000 stores by December 2015.
"The crowdfunding campaign truly reflects most projects at Sugru: hard work, team spirit, customer interaction, loads of fun and a few record breaking moments," said Ní Dhulchaointigh. "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."
Matt Cooper, director of Crowdcube, added: “Sugru has led a stonking campaign and the huge number of investors shows how customers want to support a brand they love and how our crowd of nearly 190,000 people are eager to back interesting companies like Sugru."
Sugru certainly looks set to fly the flag for British start-ups for years to come.