CHELMSFORD, Mass. — Magnus Textile, a textile manufacturer, importer and distributor to the hospitality and healthcare industries, has closed a round of financing from LaunchCapital, the company reports.
LaunchCapital is the venture capital arm of the multibillion-dollar Pritzker/Vlock family office. The round of financing will go to support product development and the company’s nationwide expansion, according to Magnus.
“The raise allows us to accelerate our product development efforts and to grow the team to reach more customers across the U.S.,” says Dev Ramasubbu, CEO and co-founder of Magnus Textile. “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.”
Magnus Textile says its products can be found in hotels, hospitals, restaurants and healthcare facilities across the United States. The company says it specializes in the development of innovative products and materials that drive down purchasing costs for commercial textile buyers.
Edward Coady, an investment professional with LaunchCapital, will be joining Magnus Textile as chief marketing officer. Coady was previously an associate with the firm and was based in the Boston LaunchCapital office.
“We firmly believe that Magnus Textile is poised to transform the commercial textile industry,” says Cliff Sirlin, managing director of LaunchCapital.