Irish putty start-up plans US crowdfunding round

Sugru raised 3.5 times its £1 million goal in the UK last year...

Irish putty start-up plans US crowdfunding round

sugru.com

Sugru, the Irish makers of moldable, versatile silicone rubber, is set to take on the United States later this year.

The company is gearing up for its first round of crowdfunding across the Atlantic, now that old rules preventing ordinary Americans from investing in start-ups have been done away with.

Sugru is fresh from a £3.4m crowdfunding success through the UK's Crowdcube platform in 2015, raising 3.5 times its £1m goal and breaking equity crowdfunding records.

The company will now set a similar target stateside. Over 80% of the money secured came from the US, but the regulations prevented many fans of the product from getting involved. 

Sugru founder and Kilkenny native Jane Ní Dhulchaointigh told the Telegraph:

"Many of our US customers were frustrated because they wanted to get involved but couldn’t because of regulations. Now that the rules there are catching up with the UK, we’re exploring ways to crowdfund".

Ní Dhulchaointigh was shortlisted in the Emerging category for the EY Entrepreneur of the Year award in 2013.

Her creation, legally known as Formerol, is a malleable glue that turns to rubber after 24 hours, boasting impressive strength whilst still retaining a little give.

It's primarily been promoted as a substance for fixing things, whether that means patching up worn charger cables or even adding anti-slip grips to crutches.

It has already earned favourable comparisons to Blu-Tack and Sellotape in the inventive stakes, while a "kid safe" range of products is planned for next year.