Magnus Textile Gets Cash Infusion

Posted July 7, 2017 at 11:57 am

TRSA associate member Magnus Textile, Chelmsford, MA, a textile manufacturer, importer and distributor to the hospitality and healthcare industries, recently 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 will support product development and Magnus Textile’s nationwide expansion, according to a news release.

Dev Ramasubbu, founder and CEO, was formerly a senior software engineer at Fidelity and founded Magnus Textile 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 U.S.,” Ramasubbu said. “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.”

Cliff Sirlin, managing director of LaunchCapital, said that, "We firmly believe that Magnus Textile is poised to transform the commercial textile industry. 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.”

Edward Coady, an investment professional with LaunchCapital, also will be joining Magnus Textile as the company’s chief marketing officer. Coady was previously an associate with the firm and was based in the Boston LaunchCapital office.

Following the financing closing, Magnus Textile hired two additional regional sales executives, one to cover the New Jersey/New York City tri-state area and the other to cover the Southeast. Magnus also is actively looking for regional sales candidates in the Texas and Los Angeles areas.