Toy company Wow! Stuff, the "Dyson of the toy world", has received investment from the Business Growth Fund.
Founded in 2006 by Richard North, Wow! Stuff creates or sources inventions – for which it usually holds the intellectual property rights – from across the world and sells the products to retailers.
Popular toys made by Wow! Stuff include Air Swimmers, Flitter Fairies and Dave the Funky Monkey. The firm also creates gifts and gadgets that are sold under licensed brands.
Since its launch, Wow! Stuff has grown revenues to £20m, around half of which comes from overseas.
According to the BGF, global toy sales in 2010 hit $83.3bn. The UK market have an estimated value of £2.5bn by 2015.
The investment will enable Wow! Stuff to expand into the US and acquire a team of engineers from Shenzhen, China, as well as a team of UK and US inventors to bring sourcing and the supervision of manufacturing processes in-house.
“New 'invented here' products will increase by more than 300 per cent over the next 36 months,” says North.
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