The package will fund the development of new starter kits aimed at the craft and DIY markets, a further sales push into mainland Europe and doubling space at its London factory.
Capable of sticking to most surfaces and easily removed, the versatile glue hailed as “21st-century duct tape” can be worked into different shapes for 30 minutes before turning into a heatresistant, waterproof rubber compound.
Invented by chief executive Jane Ni Dhulchaointigh, Sugru has raised £9.3million since launching in 2009, including £3.5million on UK crowdfunding platform Crowdcube.
Managing director Paraic Begley said the company “had engaged with three financial institutions with very different profiles” before making their choice.
“It was Clydesdale’s focus around funding growth that made them a good fit.
"We had reached a level of maturity to be eligible for a bank loan that would further enable us to augment the input from our loyal investors.”
The package is also a first for the bank, which prior to Sugru had not invested in a crowdfunded-backed enterprise.
Head of business banking Graeme Sands explained: “This is not a hard-and-fast funding rule, we consider each business in the round.
"Crowdfunding has evolved, that business landscape is more nuanced now.
"Many businesses that used it to set up successfully, have now moved on from that start-up phase and are looking to scale.
“This is where larger packages with a balance between debt and equity can really create a more efficient capital structure for the benefit of the management and shareholders.”
For more information please visit sugru.com
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