The revolutionary mifold car seat — 10 times smaller than a regular booster and just as safe – has secured a Series AA funding round of $1.5 million led by Sweet Capital, the new investment fund created by the founders of King Digital Entertainment. Altogether, child car safety company, Carfoldio, the maker of mifold, has raised over $3 million in funding from institutional and private investors.
Mifold hit the headlines around the world when its crowdfunding campaign topped $1 million in mid-2015. The company ended up pre-selling the grab-and-go booster seats to nearly 13,000 customers in more than 100 countries worldwide.
“We loved mifold when we saw the crowdfunding* video and reached out to [founder Jon Sumroy]. mifold is reinventing the child car safety category and disrupting the market. mifold is a genuinely innovative solution to a real problem that traditional players have ignored. Their worldwide sales are a strong proof of concept,” said Christian Dorffer, CEO of Sweet Capital.
Sumroy, originally developed the idea for mifold many years ago, when his children were younger and they were living in the US. He officially founded the company in 2013.
“I recognized the hassle that comes along with a regular booster seat when my children were in a carpool, getting picked up by their grandparents, on vacations or in taxis,” said Sumroy. “So I realized that, if I could design a booster that was mighty small and mighty strong, one that kids could take with them everywhere, then they could always travel safely, no matter whose car they were in.
“mifold achieves its small size while retaining the highest safety standards through real innovation. The patented design of mifold is engineered to protect children from the age of 4 all the way up to 12; guiding the seat belt off the stomach and the neck, making it comfortable, safe and easy to use. Carloads of kids and parents already tried mifold and they love it.”
mifold has secured three rounds of funding. A seed round in August 2013, raising $600,000 and a second round of $1.2m in January 2015, and this third round of $1.5 million led by Sweet Capital. Investors in the latest round included Joe Stelzer, Founder of Silver Cloud Ventures Ltd; Riccardo Zacconi, CEO of King Digital Entertainment and Howard Socol, former CEO of Barneys, New York and JCREW, along with many of the original seed investors from around the world.
mifold’s full launch is scheduled for the second quarter of this year.
*crowdfunding= is a way new ventures can involve many people in contributing small sums toward bringing their product ideas to reality.