The DIY mouldable glue sensation Sugru, invented by Inspirefest 2017 speaker Jane Ní Dhulchaointigh, has its sights set on going global.
Founded in 2009, Sugru has caught the attention of DIY enthusiasts and makers alike with its mouldable putty-like glue, once described by Forbes magazine as “21st century duct tape”.
From its office in London, the company is now planning to take over the world – at least from a mouldable glue perspective – by furthering its international expansion and supply.
Sugru has already raised a total of £7.5m in both venture and crowdfunding capital, and will now once again turn to the latter to help it expand and develop new products.
Using the Crowdcube platform, Sugru said that it is seeking investments – starting from £10 – to allow people to stake a claim in the company’s future growth.
Since overfunding by 355pc on its first crowdfunding round in 2015, Sugru has launched in France and South Africa. It has plans to launch this year in Canada, Australia and New Zealand, while also extending its reach in Europe.
Retail players – including Adeo Group and the Kingfisher Group, along with two of the largest retailers in the US – are expected to give the company a significant boost this year.
Significant growth expected by 2019
Sugru said that the investment it received over the past year has resulted in the development of a new formula, allowing children as young as eight to use the product.
Since the product launched eight years ago, 10m single-use packs have been sold in more than 170 countries, with Sugru growing an average rate of more than 30pc year-on-year from 2013 to 2016.
Having recently doubled its manufacturing space in London, the company forecasted that its growth will increase to 50pc year-on-year until 2019.
Ahead of her much-anticipated talk at Inspirefest this summer, founder and CEO Ní Dhulchaointigh said: “We’ve come an awfully long way since we tested the waters with our first crowdfunding campaign back in 2015.
“The company wouldn’t be anywhere without these people so it makes sense to have them on board as we launch Sugru to the next generation of makers and creators.”
With more than £586,000 already raised at the time of writing, the campaign is expected to last for another 30 days.
Inspirefest is Silicon Republic’s international event connecting sci-tech professionals passionate about the future of STEM. Book now to get your Early Bird tickets.