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

Printed: Sep. 21, 2022 at 5:00 AM MDT|Up to date: 3 hours in the past

Canadian startup achieved exponential progress throughout pandemic as clients linked on-line with the aspiration of journey; appears in the direction of future enlargement 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 this time the closing of a USD$30 million Collection B funding led by venn progress 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 progress in 2021, with an extra 4x progress 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,” mentioned Victor Tam, CEO and Co-founder. “High quality and sustainability are on the coronary heart of all the pieces we do. It is what units Monos aside and our progress over the previous three years has positioned us properly to capitalize on the explosion in journey now seen globally. Given our product differentiator and skill to achieve our clients, 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 might be invested into stock to maintain up with important shopper demand, new product improvement, recruiting extra expertise and increasing past current channels.

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

Monos can also be welcoming former Samsonite, Louis Vuitton, and Pandora CEO Marcello Bottoli to its Board of Administrators. Marcello brings a long time of expertise in style 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’ Personal 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 intently with the Firm by means of its subsequent section of progress. Relative to different competing manufacturers, Monos is a uniquely distinctive style way of life model with important upside potential in North America and worldwide markets,” mentioned Bottoli.

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

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

Monos is a Canadian journey and way of life model providing prime quality, fantastically designed suitcases, baggage, and equipment, and galvanizing individuals to journey in a conscious and current method – 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 elements and supplies sourced from all over the world. Monos believes that in at this time’s throwaway society of mass consumption, extra individuals 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 progress companions is a progress fairness fund that companions with distinctive shopper, well being care companies, and schooling corporations in North America with distinctive Founder CEOs and a relentless give attention to delivering industry-leading outcomes for patrons. Venn operates with a core perception {that a} workforce of proficient individuals from distinctive backgrounds, with shared values and the precise incentives, will ship differentiated outcomes. venn has constructed its workforce round this core perception and punctiliously chosen every workforce member to ship a partnership that can assist Founder CEOs and their groups obtain worthwhile progress at most tempo. venn has efficiently financed and supported manufacturers similar to Larger Floor Training, Diggs Inc., California Cowboy, and Rebelstork. For extra data, please go to: https://venngp.com/.

Strand Fairness is a Los Angeles-based progress fairness agency investing within the subsequent technology of iconic shopper manufacturers and companies. Strand is led by a workforce of skilled and profitable traders 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 progress 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 data, please go to: https://strandequity.com/.

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SOURCE Monos

The above press launch was supplied courtesy of PRNewswire. The views, opinions and statements within the press launch aren’t endorsed by Grey Media Group nor do they essentially state or mirror these of Grey Media Group, Inc.

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