Morphsuit inventors, AFG Media receive £4.2m investment from Business Growth Fund
Fancy dress company behind lycra bodysuit phenomenon has seen revenues rise from £1.2m to £11m in three years.
AFG Media, the costume business formed by the inventors of the morphsuit, has taken investment to the tune of £4.2m from the Business Growth Fund.
The lycra all-in-one suit that disguises the face of the wearer, while allowing them to see others, was designed in 2009 by brothers Fraser and Ali Smeaton and their flatmate Gregor Lawson.
Following a social media sensation, the three Edinburgh graduates have experienced a growth rate of 300% per annum and last year received a significant order from US retail chain Party City, which has over 1,000 fancy dress stores.
The recent £4.2m deal, which is Business Growth Fund’s fifth investment in just four weeks, will support AFG Media following their recent expansion to include party wear under the name Foul Fashion and a brand of highly patterned golf clothing named Royal and Awesome.
The party costume entrepreneurs also have plans to extend their multi-million pound invention to incorporate a line for children and are hoping to increase their US market, while reaching further into Europe, Mexico, Russia, Japan and China.
Duncan Macrae, investment director for the Business Growth Fund, who joins the board, is confident that the £4.2m investment will help AFG Media to achieve its new goals: “We very much look forward to working with these three dynamic young entrepreneurs, providing them with the funding, additional guidance and support that they need to capitalise on the significant potential of their business.”