Morphsuit maker AFG Media secures £4.2m funding
Three Edinburgh entrepreneurs who have enjoyed success with Morphsuits have secured £4.2m new funding to continue expansion of their venture.
The brightly-coloured, figure-hugging suits, first marketed in 2009, have driven growth from £1.2m in 2010 to a projected £11m in 2012.
The company, AFG Media, is expanding fastest in the children’s market.
It has also developed brands in party wear under the Foul Fashion brand, and golf clothing known as Royal & Awesome.
The business, founded by brothers Fraser and Ali Smeaton and Gregor Lawson, has been based on growing a supporter community on a Facebook page, which now has more than a million followers.
The entrepreneurs said they planned to use the new investment to expand further into the children’s market, with the sector worth $10bn a year in the US.
Growth has already risen after AFG Media became a supplier to US retail chain Party City, which has a thousand outlets.
The latest investment will be used to build up the children’s range and to develop the Morphsuit company’s supply chain.
The investment will come from the £2.5bn business growth fund, set up by the five big UK banks, and represents the third such Scottish deal since March.
Fraser Smeaton of AFG Media commented: “This investment will step-change AFG Media and will allow us to drive our thriving business globally”.
Duncan Macrae, investment director for the business growth fund, said: “This is an exciting opportunity to back a rapidly-growing business with a talented and driven management team who, in just three years, have built an extremely strong brand in what is currently an unbranded market”
Source : BBC