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Spark leads to £350K funds for Dragons' Den couple's clip

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Julie and Davy Gray from Gray’s Clip with Claudine Owens (centre), HBAN co-ordinator in Northern Ireland

Julie and Davy Gray from Gray’s Clip with Claudine Owens (centre), HBAN co-ordinator in Northern Ireland

Julie and Davy Gray from Gray’s Clip with Claudine Owens (centre), HBAN co-ordinator in Northern Ireland

A former electrician and his wife have won £350,000 in funding for their invention after turning down offers on BBC's Dragons' Den.

Gray's Clip, run by Davy and Julie Gray, secured £250,000 from nine investors through the Halo Business Angel Network (HBAN) and £100,000 from Co-Fund NI, part of Invest NI's Access to Finance portfolio.

The company's ViperClip is an insulated clip with battery-powered stapler for securing electrical cables to wooden joists and structures.

As an electrician, Davy said he wanted to find a faster and safer way to secure electrical cables to joists.

They appeared on the BBC's Dragons' Den show and received four offers, even accepting one from Deborah Meaden for £80,000 in return for a 25% stake. But instead, the business raised even more through HBAN and Co-Fund NI.

The investment will be used to get the product ready for launch next year. Chief executive Julie Gray said: "While we are very grateful for the offers made by the Dragons, especially Deborah, having this group of accessible local investors on board will be so valuable in our next phase.

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"They have a wealth of experience and will be an amazing resource to tap into."

ViperClip was designed for the trade but also has potential for the consumer home-improvement market.


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