1m raised by Sugru in 4 days on Crowdcube 

1,300 investors get stuck into mouldable glue company

Sugru, the world's first mouldable 'glue', has proved a hit with the crowd; 1314 investors put in amounts ranging from £10 to £40,000, enabling the company to reach its £1 million funding target in just four days last week.

The pitch is now overfunding and the public can still invest via Crowdcube; details about the pitch and how to invest are atwww.crowdcube.com/sugru.

The founder and inventor of Sugru, Jane ni Dhulchaointigh says: "This has been one of the most important milestones in Sugru's history and by far one of the most enjoyable! Firstly it's been incredibly humbling to see so many of our longstanding customers further support the business and then to get such a positive  response from people hearing about Sugru for the first time is truly rewarding. The team can't wait to share our future successes with our many new wise and wonderful investors."

Manufactured in East London, Sugru is an adhesive that moulds like play dough, sticks to almost anything and turns into a strong flexible rubber within 24 hours. Forbes described Sugru as "21st century Duct Tape" and this amazing British invention is fast becoming a 'must-have' in every household tool kit. It has now sold 5 million packs in over 160 countries worldwide and more than 1 million customers use the glue for all kinds of projects from DIY repairs at home through to customising gadgets, appliances and even toys.

The capital will be used to support the company's rapid expansion in the UK, Scandinavia and the USA. An extensive roll out of this unique adhesive is already underway across 4,000 stores at major US retailers including Lowe's Home Improvement and Target with the number of outlets scheduled to reach 10,000 by December 2015.

Luke Lang, co-founder of Crowdcube adds:  "Sugru is one of our fastest raises to date and it's fantastic to see people eager to support the pitch and get involved. Last week our website saw new records in terms of website traffic and the number of investments."

GMT delivers 2.3x return on Seagull exit

The sale of Seagull delivers a 2.3x return to GMT in two and a half years. As a result, GMT III will have returned 85% of drawn down capital from just three exits to date.

GMT originally backed Seagull in 2012, alongside Oscar Johansen and Roger Ringstad, Chairman and Managing Director, respectively. Seagull's offerings are delivered through cloud-based and on-site solutions, for use on-board vessels, in offices and maritime colleges, as well as online. Seagull's comprehensive multi-language e-learning library and technology platform provides video and computer-based courses to improve general seafarer knowledge and to meet standards set by international regulatory bodies.

Over the period of GMT's investment, Seagull increased its investment in off-the shelf content library and software as well as growing its specialised sales team, to enable the business to expand its product offering and its global client base. As a result, the Maritime division increased revenue and EBITDA by close to 40% and 60% respectively, over two years from 2012 to 2014. In addition,

Seagull diversified into the Oil and Gas market in 2014, making two acquisitions and establishing Seagull Oil & Gas as a new division, to serve the specialist needs of that sector. Seagull's customers include many leading shipping companies and the system has approximately 9,000 installations today, almost all of which are seagoing vessels. The company now has 125 employees across its headquarters in Norway and offices in Cyprus, Germany, Greece, Japan, Poland, Singapore and the UK, enabling it to support a global customer base.

Capstan Capital Partners advised GMT on the transaction, Shearman & Sterling and Tenden Advokatfirma provided legal advice.

Natalie Tydeman, Senior Partner at GMT, said: "We have greatly enjoyed working with Oscar, Roger and the rest of the Seagull team over the past two and a half years. They are an excellent management team that has delivered strong growth in the core business, whilst also leading the company into new markets. We wish them continued success with their new partners."

Oscar Johansen, Chairman of Seagull, commented: "We would like to thank GMT for their valued input and a positive and enjoyable working relationship during the last two and a half years. We're delighted with the progress Seagull has made during that time." 

Spaceright makes second acquisition in a year with ongoing support of the Scottish Loan Fund

Millhouse is a designer and manufacturer of toys and children's furniture. Based in Lincolnshire and established over 30 years ago, the business specialises in producing contemporary, quality wooden toys, furniture, and activity equipment for schools, nurseries and parents.

The purchase of Millhouse is Spaceright's second acquisition in a year utilising SLF finance having acquired Newcastle-based Edtech in a £1.3 million deal in May 2014.  Spaceright continues to look at complementary bolt-on opportunities which will strengthen its offering and today's acquisition will immediately broaden Spaceright's product base, enhancing its comprehensive and innovative range of educational solutions which are targeted at the Early Years market.

With the support of SLF as its primary funder, Spaceright has sustained a strong period of growth, both organically and as a result of the product diversification following the successful integration of Edtech. The addition of Millhouse will create a further platform from which the business can continue to drive revenue growth and helps consolidate the position of the enlarged enterprise as one of the UK's main suppliers across the Early Years learning product categories.   

This latest investment by the SLF sees the Fund having committed over £50 million in 23 successful Scottish companies.

Alan Robertson, Investment Manager at Maven, said: "Spaceright's acquisition of Millhouse further enhances its position as a leading supplier of Early Years products to the market.  The management team at Spaceright has demonstrated its ability to make value enhancing acquisitions which has been possible through the funding made available by SLF.  Spaceright is a great example of how businesses can benefit from the ongoing partnership and support of Maven and SLF to realise their growth ambitions."


Commenting on the transaction, Steve Ashton, Director at Spaceright, said: "We are grateful for the ongoing support of Maven and the SLF whose input throughout the transaction, alongside the funding, helped deliver this strategic acquisition.  Early Years is a key market for Spaceright and the acquisition of Millhouse will enable us to continue to meet our customers growing demand for quality and innovative products."

Scottish Enterprise's investment arm, the Scottish Investment Bank, is the cornerstone investor in the Scottish Loan Fund. 

Michelle Kinnard, Investment Director at Scottish Investment Bank, said: "We are delighted to see the Loan Fund continuing its support for ambitious Scottish growth companies.  This investment from the Fund will enable Spaceright to undertake this strategic acquisition and continue along its growth journey and demonstrates the breadth of circumstances this pivotal Fund can be utilised for."  

Financial due diligence was conducted by Mazars, Legals by ICC Law for Spaceright and Morisons for SLF.