With 2,700 investors on board, the campaign broke the record for largest single investment for equity crowdfunding with £1m, while its second accomplishment was achieving the widest reach with backers in 68 countries.
Bringing in a total sum of £3,548,820, the Sugru pitch was overfunded by 355 per cent. The record breaking success comes after JustPark, a firm reluctant to use crowdfunding, secured the largest technology equity crowdfunding round in UK’s history – also with Crowdcube.
Existing stockists of the mouldable glue, which can be shaped into different forms before turning into rubber, include B&Q, Homebase and Robert Dyas.
However, the capital raised by Sugru will allow the firm to expand its presence across stores in Europe and the US. Indeed, America is set to become a key territory for the British business as 10,000 outlets, including Lowe’s Home Improvement and Target, are set to be reached by December 2015.
“What a great month! 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 Jane ni Dhulchaointigh, the founder and inventor of Sugru.
“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. Future plans are already in the making thanks to 2,700 fabulously wise investors.”
Read more on crowdfunding:
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- Tossed serves up tempting deals for customers in an effort to raise £750,000 via Seedrs
- Tech business Chirp overfunded on Crowdcube to almost double investment target
The East London-manufactured mould, which was finally perfected after more than 5,000 experiments, claims to stick to almost anything – metals, ceramics, wood, plastics – and has already achieved sales of more than five million packets in 160 countries.
Matt Cooper, Crowdcube director, said: “A major element in Sugru’s success is undoubtedly the £1 million stake from one investor who joined our investor community last year. This landmark, plus several million-plus raises recently, demonstrates how crowdfunding has come of age.
“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. 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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