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Update: Dragon’s Den’s GripIt Fixings races past its £1.5m crowdfunding target in just five days

GripIt Fixings, the business started by 20-year old Dragon’s Den entrepreneur Jordan Daykin, has reached its £1.5m crowdfunding target in just five days.

The firm, which has received significant backing from Dragon investor Deborah Meaden, launched its crowdfunding campaign on equity crowdfunding platform Crowdcube at the start of the week.

With over 500 separate backers, the initiative is now overfunding and has set a new target of £2m, which it plans to use to support expanded international orders from the US and Australia.

Commenting on the overwhelming demand, Jordan, who is GripIt Fixings’ Managing Director, said: “We are overwhelmed by the support we have received over the last five days. We are extremely excited about bringing an even greater offering to the market and I’m delighted to have been able to invite new investors, large and small, to join us on this journey to worldwide expansion.

“This week has been amazing; not only have we funded so quickly, we have had record sales in Wickes, B&Q and Screwfix.”

At the launch of the campaign, Meaden said: “GripIt is a rare combination of a great solution-led product driven by a truly smart entrepreneur. I am not surprised by the success but the speed at which the market has adopted GripIt speaks volumes about the opportunity for further growth.”