Thorley Industries, Strip District developers of innovative new products, has signed a $215 M deal with global toymaking giant Hasbro to develop a new product line.
The deal with Hasbro involves a 50-year license to manufacture and sell two new products that Thorley is keeping quiet for now, except to say that it will involve a consumer application of robotics technology, says Rob Daley, company co-founder and CEO. Hasbro hopes to launch the products in the third quarter of 2008.
So how does it feel to be in the company of the developers that gave the world Monopoly, Twister and Scrabble? “It’s unbelievable,” beams Daley. “This is a larger success than what we could have hoped to have. These two products will move under the Hasbro umbrella and it frees us up to work on other products and markets.”
Thorley Industries was founded in 2005 by DaLEY, formerly of Daley Capital Partners, and Henry THORne, the founder of Aethon, creator of TUG, the robotics hospital courier. In addition to the line for Hasbro, Thorley will continue to market its 4moms brand and develop another line for a vertical market. The company will also hire two job engineers, a designer and patent lawyer.
Thorley’s first product brand was 4moms, a Clean Water Infant Tub and a spout cover digital thermometer that combines low cost electronics and innovative design. Both are sold in retail stores like BabiesRUs and Target nationwide. For the Pop City story click here.
Daley and Thorne started the company in 2005 with a $300,000 loan from Innovation Works, $600,000 from two rounds by Blue Tree Allied Angels and private investment dollars totalling $2.1 M.
Writer: Deb Smit
Source: Rob Daley, Thorley Industries
Image courtesy Thorley Industries