AFG Media, The Scottish fancy dress and party fashion company behind Morphsuits, has received a £4.2m investment from Business Growth Fund (BGF).
The company intends to use the proceeds from the investment:
– to bring new product lines to market;
– to expand the potential for existing products (such as the development of Morphsuits for children, a market expected to outstrip the adult market by over four times); and
– to develop its supply chain.
– to further penetrate the US market and target overseas expansion opportunities in Europe, Mexico, Russia, Japan and China.
Founded in 2009 by Gregor Lawson and brothers Fraser and Ali Smeaton, AFG Media sells skintight costumes that they branded Morphsuits, which enable the wearer to see others, whilst remaining anonymous and therefore morphing into a more fun and outgoing version of themselves.
The company recently expanded to include party wear under the name Foul Fashion and a brand of highly patterned and colourful golf clothing under the name Royal & Awesome.
In conjunction with the transaction, Duncan Macrae, Investment Director for BGF, has joined AFG Media’s board. BGF will also contribute guidance and operational support to the company, introducing Ralph Kugler as Chairman.
FinSMEs
02/07/2012