Wednesday 19 September 2018

Crowdfunding gives firm €5m boost

The company behind mouldable glue Sugru, which was co-founded by Kilkenny woman Jane Ni Dhulchaointigh (above), has raised £3.5m (€4.9m) from 2,700 investors in a record crowdfunding campaign.

The UK-based company - FormFormForm - secured the investment from backers in 68 countries, and raised more than three times its £1m target.

One single investor stumped up £1m of the £3.5m that was raised.

The funding - which saw 13pc of the company sold - values FormFormForm at £27m (€38m). That compares to a £21m valuation that was placed on the business last year.

According to its accounts, it raised £1.5m in 2014 and £2m in 2013.

Speaking to the Herald, Ms Ni Dhulchaointigh said the new funds will be primarily earmarked for distribution and marketing as the company grows in North America and Europe.

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