Meet Manrags, the startup that has seen 100% revenue growth by taking silly socks seriously

It started with zany socks in the office, but now subscription-for-essentials startup Manrags is reporting 100% year-on-year revenue growth and inviting its dedicated community to invest through its Equitise equity crowdfunding campaign.

Manrags was founded two-and-a-half years ago by husband and wife team Michael and Tina Elias, who styled the service as a community-led essentials club. Subscribers choose the product, or products, they would like to receive and how regularly, and receive Egyptian cotton undies and socks delivered to their door.

Michael Elias, an ex-executive at a big-four bank, tells StartupSmart the idea was born from his own penchant to wear quirky socks in the office, and his struggle to find a good-quality pair that was to his liking.

The platform was officially launched in June 2016, and within six months, Manrags had more than 1,000 subscribers. Two years later, it has more than 7,000, and has seen revenues increasing 100% year-on-year, according to Elias.

Elias says the founders “always knew we wanted to go down the path of subscription”.

Subscription models were becoming more and more popular with the rise of Netflix, and now anything from cars to event tickets are available via a subscription. Read more

Stephanie Palmer-Derrien - Startup Smart - 15 Aug 2018