Sugru mouldable glue has broken all Crowdcube’s investment records by raising more than £1m in just three days.
The fundraising effort saw the glue firm draw 1,812 independent investors and exceed its initial £1m target within the first three days of a 28-day campaign.
Sugru, created in London in 2009 as an adventurous startup, was looking for funding to back its recent expansion into the United States. It is the firm’s first venture into crowdfunding.
“So many users wanted to invest in the brand that we decided to open it to everyone this time,” said Jane ni Dhulchaointigh, inventor of the revolutionary material and CEO of the company. "They like Sugru so much that they are spreading our project as much as possible".
The campaign has been especially successful in attracting people who do not normally invest in companies thanks to the low starting investment price of £10. But only those investing more than £20,000 will receive full voting rights.
Zixia Guo, finance manager of the company, said: “Private investors are always successful, giving up to £1m at once. But this time we wanted to involve our community and the response has been impressively quick.”
The company today has around 40 people manufacturing its pioneering silicone rubber in a small laboratory in Hackney. It is sold in more than 5,000 shops worldwide and, thanks to their online store, has more than a million users.