Monos Closes Oversubscribed USD$30M Collection B Funding Amid Journey Business Comeback; Baggage Business Veteran Joins Board

Canadian startup achieved exponential development throughout pandemic as prospects linked on-line with the aspiration of journey; seems to be in the direction of future growth with management from {industry} veteran

VANCOUVER, BC, Sept. 21, 2022 /PRNewswire/ – Monos, a journey and sustainability-first way of life model that makes premium high quality journey items uniquely accessible, introduced at present the closing of a USD$30 million Collection B funding led by venn development companions (“venn”) with participation from Strand Fairness and Michele Romanow. The Collection B funding spherical, which was oversubscribed with almost USD$40 million in investor demand, comes after Monos achieved 4x development in 2021, with an additional 4x development forecast in 2022.  

“Regardless of launching simply earlier than the journey {industry} was hit with unprecedented uncertainty, Monos thrived as aspiring vacationers linked with our model on-line,” stated Victor Tam, CEO and Co-founder. “High quality and sustainability are on the coronary heart of every part we do. It is what units Monos aside and our development over the previous three years has positioned us effectively to capitalize on the explosion in journey now seen globally. Given our product differentiator and skill to achieve our prospects, we count on that Monos will proceed to develop with the flexibility to be opportunistic about once we tackle capital and from who.”

The brand new capital shall be invested into stock to maintain up with important shopper demand, new product improvement, recruiting extra expertise and increasing past present channels.

“We consider Monos to be amongst Canada’s highest development shopper firms, which is a credit score to the corporate’s enterprise technique and management crew. Regardless of various international journey restrictions, turbulent international provide chains, and adjustments to iOS privateness settings which have challenged many on-line manufacturers, Monos has skilled outstanding development and profitability because of an distinctive product portfolio and best-in-class advertising experience, led by CEO Victor Tam,” stated Cameron Pollard, Founder + Managing Accomplice at venn development companions and Director at Monos.

Monos can be welcoming former Samsonite, Louis Vuitton, and Pandora CEO Marcello Bottoli to its Board of Administrators. Marcello brings many years of expertise in vogue way of life manufacturers and was a key investor and chief within the transformation of Samsonite. He, together with Ares Administration, Bain Capital Companions and Academics’ Non-public Capital rotated Samsonite and took it from close to chapter in 2003 to an eventual sale to CVC Capital Companions Group in 2007 in a deal valued at $1.7 billion.

“I’m thrilled to be becoming a member of the Board of Administrators at Monos to work carefully with the Firm by way of its subsequent part of development. Relative to different competing manufacturers, Monos is a uniquely distinctive vogue way of life model with important upside potential in North America and worldwide markets,” stated Bottoli.

“We really feel humbled to have somebody with Marcello’s expertise and expertise be a part of our crew.  He’s going to be an lively, value-added companion as we develop our product line, transfer in to worldwide markets, and develop our channel technique.  Bringing him on board is in keeping with our technique so as to add top-tier expertise with sturdy values to high-performing crew that locations an emphasis on tradition,” stated Chris Reynolds, Founder + Managing Accomplice at venn development companions and Director at Monos.

For extra info on Monos: https://monos.com/

ABOUT MONOS

Monos is a Canadian journey and way of life model providing top quality, fantastically designed suitcases, luggage, and equipment, and galvanizing individuals to journey in a aware and current approach – to embrace the journey as a lot because the vacation spot. Thoughtfully designed in Canada with meticulous consideration to element, every Monos suitcase makes use of solely the best high quality components and supplies sourced from world wide. Monos believes that in at present’s throwaway society of mass consumption, extra persons are craving for fewer however higher issues. With a ‘much less is extra’ design strategy, Monos is on a mission to unite considerate simplicity with distinctive high quality in its assortment of premium journey items.

ABOUT VENN GROWTH PARTNERS

venn development companions is a development fairness fund that companions with distinctive shopper, well being care providers, and training firms in North America with distinctive Founder CEOs and a relentless give attention to delivering industry-leading outcomes for purchasers. Venn operates with a core perception {that a} crew of gifted individuals from distinctive backgrounds, with shared values and the precise incentives, will ship differentiated outcomes. venn has constructed its crew round this core perception and punctiliously chosen every crew member to ship a partnership that may assist Founder CEOs and their groups obtain worthwhile development at most tempo. venn has efficiently financed and supported manufacturers comparable to Larger Floor Training, Diggs Inc., California Cowboy, and Rebelstork. For extra info, please go to: https://venngp.com/.

ABOUT STRAND EQUITY

Strand Fairness is a Los Angeles-based development fairness agency investing within the subsequent era of iconic shopper manufacturers and providers. Strand is led by a crew of skilled and profitable buyers and entrepreneurs. With a everlasting capital base, Strand maintains a versatile strategy to construction and partnership, enabling dynamic entrepreneurs and administration groups to speed up development and construct sturdy companies. Present and realized investments embody Youth To The Individuals, Oatly, Studio McGee, Actual Good Meals, Bai Manufacturers, Sweaty Betty, HUM Diet and Vita Coco, amongst others. For extra info, please go to: https://strandequity.com/.

SOURCE Monos

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