CHELMSFORD, MA–Magnus Textile, a textile manufacturer, importer and distributor to the Hospitality and Healthcare industries, announced that it has closed a round of financing from LaunchCapital, the Venture Capital arm of the multibillion-dollar Pritzker/Vlock family office.
The round of financing, which is approximately $2 million, will go to support product development and the company’s nationwide expansion.
Magnus Textile products can be found in hotels, hospitals, restaurants, and healthcare facilities across the US. The company specializes in the development of innovative products and materials that drive down purchasing costs for commercial textile buyers.
Dev Ramasubbu, Founder and CEO, was formerly a principal software engineer at Fidelity Investments and founded MagnusTextile to bring the innovation he encountered in the software industry to commercial textiles.
“The raise allows us to accelerate our product development efforts and to grow the team to reach more customers across the US,” said Ramasubbu. “And with the capital investment and support of the Pritzker/Vlock family office we are further enabled to redefine what is possible in commercial textiles”
“We firmly believe that Magnus Textile is poised to transform the commercial textile industry,” said Cliff Sirlin, Managing Director of LaunchCapital. “They have a passionate and dedicated leadership team that is laser focused on delivering value to the customers they serve. We are excited to partner with this incredible company and support their rapid growth.”
“We were excited to learn that Magnus Textile has the backing of such a large investor. We are very happy with the quality and price of the products we get from Magnus Textile. Knowing that these products are manufactured in a factory that meets all of our compliance requirements gives us peace of mind” Mohan M Kandhasamy, Director – Strategic Sourcing for Sysco Guest Supply.
Pratish Patel, co-founder of Magnus Textile will be the Chief Operating Officer. Prat leverages his previous experience as account executive at Fidelity Investments to evaluate opportunities to improve company operations, and better serve customers.
Edward Coady, an Investment professional with LaunchCapital, has joined Magnus Textile as Chief Marketing Officer. Coady was previously an associate with the firm and was based in the Boston LaunchCapital office.
Magnus Textile is a manufacturer, importer and distributor of a broad spectrum of textile products for the Hospitality and Healthcare industries. The company originated from a network of family-owned textile mills in Southern India, and established domestic operations in 2014 to supply textile directly to customers in the US market.
LaunchCapital has invested in over 200 companies since 2008 including Snap and Spotify. As part of the Pritzker/Vlock Family Office, LaunchCapital invests across industries and is headquartered in New Haven with offices in NYC, Boston, and the San Francisco/Bay Area.