Funding deal for designer of ‘world’s only’ multiple child car seat
The designer of the world’s only multiple child car seat is set to invest in its product portfolio, service growing consumer demand and create jobs after securing a funding deal.
MEIF Maven Debt Finance has provided Automotive MacIiver with a £150,000 debt funding package, which will enable the business to invest in its product range, improve efficiencies in its batch manufacturing process, increase stock to meet growing sales.
It will also support the appointment of two business development roles.
Multimac, invented by Birmingham-based Automotive Macliver, is a multi-child car seat and enables three to four children to be seated in a row.
Multimac removes the dangers associated with a seven-seater vehicle, which places children in the boot space of the car, commonly known as the ‘crumple zone’.
The Multimac enables up to four children from 0-12 years to be seated in a row of even the smallest cars and is approved for adult use.
Additional benefits include the opportunity to convert a standard five seater into a six seater, so larger families do not need to upgrade to an SUV or seven seater minivan.
Founder and managing director Kevin Macliver said: “We have experienced substantial growth in terms of sales and demand for our product over the past few years, but believe this growth can be accelerated with a more sophisticated product line and additional sales and marketing support. This is why now is the perfect timing for Automotive Macliver to secure this funding, as we are keen to broaden our market potential and enhance the current growth rate. This loan will enable us to capitalise on the growing demand across the child car seat market and we look forward to working with the team at Maven as we pursue our ambitious growth plans.”
Raj Minhas, investment manager at Maven, said: “We are delighted to support Automotive Macliver’s growth plans through this investment from the MEIF. This is an established business with a niche product, showing strong growth potential. We look forward to helping Automotive Macliver invest to develop its product portfolio, improve manufacturing capabilities and exploit the opportunities available to the business.”
