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An innovative Wiltshire company which secured the backing of Deborah Meaden on Dragons’ Den is pitching for investment through the Crowdcube platform to launch new products and support worldwide expansion.
GripIt Fixings’ UK-made plasterboard fixing product was invented by Jordan Daykin with his grandfather at age 13. It is now sold in 5,000 stores across the UK with exports to 32 countries.
Westbury-based GripIt is now pitching for £1.5m in crowdfunding, with a 6.98 per cent equity stake offered to investors. It previously secured £2m through the site in March last year and also received investment from Lloyds Bank Commercial Banking in 2016.
The business has grown 350 per cent in revenue year-on-year for the last three years, with turnover of £3.95m forecast for 2017.
Since the previous raise, it has launched a new distribution centre and automated assembly line, and agreed its first orders to the US, Australia and New Zealand.
Investment is now being sought to support the launch of new products and continue with its expansion.
Jordan Daykin said: “The long term plan for the business is to add our own three new patented products to the range along with an additional 60 products which will all fall under the GripIt brand. This will enable us to widen our range in store increasing brand awareness and market share.”
Daykin became the youngest recipient of investment on Dragons’ Den when he appeared in 2014, securing backing from Deborah Meaden.
“Deborah’s support within the business has been a great help in forming a strong structure within the business and helping develop sales strategies for both the UK and internationally” said Daykin.
“With Deborah’s years of business experience across a wide range of industries she can offer advice on a variety of areas within the business from finance and production all the way through to marketing strategies and product development.”
So far, GripIt’s latest pitch has raised more than £400,000 from 365 investors with about three weeks remaining.
Daykin added: “The main benefit of crowdfunding to me personally is that I feel it gives our stockists and direct users of the product the chance to invest and become part of the GripIt family which will allows them to keep up to date with new products, be involved in product development and have an input into the company as we expand.”