Magnus Textile raises a round of funding from LaunchCapital
Chelmsford, MA – June 22, 2017. Magnus Textile, a textile manufacturer, importer and distributor to the Hospitality and Healthcare industries, announced today 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 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 senior software engineer at Fidelity 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 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”
“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.
Edward Coady, an Investment professional with LaunchCapital, will also be joining Magnus Textile as Chief Marketing Officer. Edward was previously an associate with the firm and was based in the Boston LaunchCapital office.
Following the financing closing Magnus Textile has hired two additional regional sales executives, one to cover the NJ/NYC tri state area and the other to cover the Southeast. Magnus is also actively looking for regional sales candidates in the Texas and Los Angeles area.
About Magnus Textile
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. For more information, visit www.MagnusTextile.com
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. For more information, visit www.launchcapital.com
Magnus Hires Former Healthcare Laundry Exec.
George McGuire, previously of Nixon Uniform Service and Medical Wear, recently joined TRSA associate member Magnus Textile, Chelmsford, MA, as the company’s regional sales manager. McGuire brings decades of experience as a senior executive with deep expertise in new business development, medical staffing and growth initiatives for the healthcare/technology industries, according to a news release.
“George is highly regarded in the healthcare industry for his industry knowledge and understanding of laundry operations,” said Dev Ramasubbu, CEO of Magnus Textile. “We are thrilled to have him on the Magnus team, and are confident our New England customers will benefit from his industry connections and operational expertise.”
In McGuire’s most recent role at Nixon Uniform, he served as a key account manager with an established track record of developing, and deploying strategic programs that increased patient satisfaction and reduced overall laundry operating costs. Prior to Nixon, McGuire was an executive at several large corporations, including Zoots, a provider of dry cleaning and laundering services, among other leadership posts. During his tenure at Zoots, he grew the sales force from two to 60 sales representatives.
McGuire also is currently on the board of the Connecticut Chapter of MGMA (Medical Group Management Association), a national organization helping to create successful medical practices that deliver the highest-quality patient care. McGuire resides in Trumbull, CT, with his wife.
Magnus Textile’s Director of Product Innovation joins from Nike
Chelmsford, MA – Dec 11th, 2017. Rupesh Nawalakhe PhD, previously of Nike, has joined Magnus Textile as the Director of Product Innovation. Rupesh brings a decade of experience in R&D and technical leadership, with deep expertise in the development of cutting edge textile and polymer products.
“I am excited to bring the insights and innovation I have encountered across the apparel and industrial sectors to the Healthcare, Hospitality and Food and Beverage Industries.” says Rupesh, adding “There is an incredible opportunity to revolutionize the performance and sustainability of the products in these three industries”.
Before joining Magnus, Rupesh, while at Nike, worked on the development of numerous products across the basketball and running shoe lines – including leading the development of a high-performance material in the Flyknit footwear. Prior to Nike, he worked as a R&D scientist at Coats North America, the world’s leading Industrial Thread Manufacturer. In addition to an extensive background working in product development, Rupesh received his PhD in fiber and polymer science from North Carolina State University, the international leader in textile education and research.
“We are thrilled to have Rupesh join the Magnus team. As suppliers, our job is to bring our customers the forefront of innovation in textiles” says CMO Edward Coady. “We believe in customer led innovation and Rupesh with his cross-industry textile experience will further enable our goal of innovating in the commercial textile industry”
Rupesh resides in Lowell with his wife