Stories of Growth

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Online retailer of fancy dress costumes

Company overview

MorphCostumes was founded by Gregor Lawson and brothers Fraser and Ali Smeaton. The business started with the invention of the Morphsuit and since then they have developed a deep understanding of how to distribute costumes and occasion driven products globally through Amazon and other e-commerce channels. In starting with what was only one Morphsuit in five colours, the company now offers thousands of costumes and party products.

In 2019, AFG successfully completed the acquisition of Leeds based Funshack. Rapid growth is continuing through data-driven product development and acquisitions.


Fun Shack was on our radar for a couple of years thanks to its range of good-quality costumes. They make outfits that are classics – they never go out of style. We were able to use our expertise to grow its business locally and launch the costume designs to a wider overseas audience. Given the success of this acquisition, we are looking at other opportunities.

Fraser Smeaton, Owner

Company information

Head office
  • Edinburgh
  • Fraser Smaeaton
BGF office
Investment date
  • Jun 2012
Total BGF investment
  • £4.2 million