MorphCostumes is an online fancy dress costume retailer based in Edinburgh. Brothers Ali and Fraser Smeaton founded the business in 2009 alongside their flatmate Gregor Lawson, with a starting capital of £1,000 from their savings. They began selling full-body, skin-tight spandex costumes, known as Morphsuits, as a small online side hustle. By 2014, the company rebranded to MorphCostumes and expanded to include a wide range of traditional fancy dress costumes for men, women, and children. MorphCostumes received £4.2m in equity investment from BGF Growth Capital in 2012 and grew its offerings by acquiring costume manufacturer Fun Shack in 2019. This is the company’s second appearance in the FEBE Growth 100, having ranked 80th last year.