BGF today announced that it has invested £3.92 million of growth capital in Magmatic Ltd, which trades under the “Trunki” brand name. BGF will take a minority stake in the company and a seat on the board.
Stuart Rose, the former Chairman of toy group Hamleys and ex-Managing Director of The Body Shop, will join the Trunki board as non-executive Chairman. This introduction was made by BGF through its Talent Network.
Trunki is the first Bristol based company to secure investment. This brings the total amount of growth capital invested by BGF in the South West of England and South Wales to £30m.
HSBC’s Bristol and Bath Commercial team has separately provided a comprehensive finance package to support the firm’s growth and which marks the start of a new banking relationship with HSBC.
Trunki designs, distributes and manufactures branded, multifunctional travel products for children. The company started trading in 2006 by Rob Law when it launched its original ride-on suitcase product. Turned down by Dragons’ Den, the company is on track to sell two million units of its suitcase worldwide and its travel products are stocked in over 2,500 stores across the UK, as well as 97 countries overseas. The company expects to achieve revenues of £10 million this year.
Trunki has won a number of awards including the 2012 SME of the Year at the National Business Awards. Rob received an MBE for services to business in 2011.
Since the launch of its original suitcase, Trunki has steadily expanded its portfolio of unique products, with the introduction of BoostApak (car seat/back pack), PaddlePak (water resistant character back pack), Travel ToyBox (ride on toy box), SnooziHedz (travel pillow and blanket) and a range of accessories. The company currently holds license agreements for Gruffalo, Moshi Monsters and Lotus.
Most of the company’s manufacturing is outsourced, although it acquired a factory (Magma Moulding) in Plymouth in December last year to supply its ride-on suitcase product in the UK.
The company is based in Bristol where it employs 30 employees, with a further 44 employed at the factory in Plymouth. The team at head office is expected to grow by 25% in the next twelve months.
Trunki is a market leader in the UK and significant growth opportunities for increased product sales exist overseas, particularly in China, Japan, Germany, France and India.
BGF’s £3.92m investment will fund the development of new products, accelerate international sales and support development of the Trunki brand through above the line marketing.
Trunki plans to expand the number of ways its products can be used by children to cover their core needs while travelling. It also intends to triple the size of its addressable market by developing products for a wider age range, including children of under three and 6-12 years.