Sydney startup founder Kirsty Chong has delivered a formidable exit for Modibodi, the “leakproof” attire firm she based lower than a decade in the past, with Swedish hygiene and well being firm Essity buying it for $140 million.
Based in 2013, the style tech enterprise offers leakproof attire for durations and incontinence together with underwear, swimwear, activewear and maternity put on. Tackling a significant waste drawback brought on by single-use hygiene merchandise, as nicely embarrassment, Modibodi generated $56.7 million in internet gross sales in 2021, with gross sales progress of 18%, with an EBITDA margin of 9.8% at 5.6 million.
Chong launched the fashion-tech enterprise in 2013 as a mother-of-two along with her personal pelvic flooring points, bootstrapping the enterprise from the outset from financial savings, following greater than a decade in PR.
She pitched Modibodi on Shark Tank in 2016, however her second ended up on the chopping room flooring and by no means went to air.
Inside three years she’d generated greater than $3 million in gross sales. In September 2019, Quadrant Personal Fairness’s $400 million Quadrant Development Fund turned a significant backer within the enterprise, which sells direct-to-consumer, in addition to by retailers and thru e-tailers.
In 2019 Modibodi received the Telstra NSW Medium & Making Waves Award and three years on, now has 45 staff primarily based on the Balmain peninsula in Sydney.
Essity CEO Magnus Groth stated leakproof attire, the quickest rising product phase in intimate hygiene which incorporates female care and incontinence merchandise, with a 20% annual progress fee over the subsequent 5 years.
The Swedish firm already owns manufacturers similar to Libresse, Bodyform, Saba, TOM Natural and TENA.
“The acquisition of Modibodi strengthens Essity’s place in leakproof attire and permits sooner progress inside better-for-you, better-for-the-planet options,” he stated.
“Modibodi has the qualities we’re in search of with main market positions, robust model and sustainability credentials in addition to wonderful digital advertising and marketing and e-commerce capabilities.”
Chong stated she was pleased with what they’d construct over the previous 9 years.
“As a worldwide chief in hygiene and well being, Essity can present the experience and capital to take the model ahead throughout its subsequent section of progress, and obtain even larger affect,” she stated.
The deal is anticipated to be finalised within the second half of 2022 in a mixture of money and debt.