Sugru, a start-up founded by Kilkenny native Jane Ní Dhulchaointigh in London in 2009, has secured its third round of funding, bringing in £4m to help with international expansion.
One year on from raising £3.5m in its first non-seed funding round since creation, Sugru has reported a further £4m in funding in the UK, as global success looms.
Manufacturing a mouldable putty-like glue product for consumers to do as they wish, Sugru’s success has been a prominent ‘one to watch’ for a few years now.
However, while last year’s £3.5m left the Irishwoman “shell-shocked” – Ní Dhulchaointigh raised the money through Crowdcube, though she only originally sought £1m – this latest funding round is more traditional.
The recent funding comes from Clydesdale and Yorkshire Bank, with all parties pleased at how the business is performing to date.
“Thanks to our loyal customer base, we have achieved strong growth over the last few years. Sugru was invented to get the world fixing and making things again,” said Ní Dhulchaointigh.
Sugru’s product can be manipulated by hand before forming into a strong, flexible rubber over the subsequent hours.
The glue has been found to have a multitude of different uses; from fixing broken items to making whole new objects to use around the house and tool shed.
Once described by Forbes magazine as “21st century duct tape”, Sugru is manufactured in east London, with this funding aiding prior plans to expand globally, with earlier suggestions of seven factories worldwide now a possibility.
“Expanding into new markets, with the support we receive from Clydesdale and Yorkshire Banks, will allow us to meet consumer demand and make Sugru’s mission a reality,” said Ní Dhulchaointigh.
Ní Dhulchaointigh has already been confirmed as a speaker at Inspirefest 2017.
Sandra Hope, senior director of growth finance at Clydesdale and Yorkshire Banks, said: “We are delighted to be able to play a part in helping fund Sugru’s international growth at a time when the importance of UK exporting has never been higher.”