CPE News (9.21.2022) – Monos Travel has raised US $30 million in Series B funding led by venn growth partners with participation from Strand Equity and Michele Romanow.
Early this year, Monos announced the closing of $10 million Series A funding led by venn growth partners with significant participation by Strand Equity.
Founded by Victor Tam and Hubert Chan, Vancouver based Monos is a travel and sustainability-first lifestyle brand that makes premium quality travel goods uniquely accessible.
New capital will be for buildup of inventory to keep up with significant consumer demand, for new product development, recruiting additional talent and expanding beyond existing channels.
photo credit: Monos Travel
News Release
Monos Closes Oversubscribed USD$30M Series B Investment Amid Travel Industry Comeback; Luggage Industry Veteran Joins Board
Canadian startup achieved exponential growth during pandemic as customers connected online with the aspiration of travel; looks towards future expansion with leadership from industry veteran
VANCOUVER, BC, Sept. 21, 2022 /CNW/ – Monos, a travel and sustainability-first lifestyle brand that makes premium quality travel goods uniquely accessible, announced today the closing of a USD$30 million Series B investment led by venn growth partners (“venn”) with participation from Strand Equity and Michele Romanow. The Series B funding round, which was oversubscribed with nearly USD$40 million in investor demand, comes after Monos achieved 4x growth in 2021, with a further 4x growth forecast in 2022.
“Despite launching just before the travel industry was hit with unprecedented uncertainty, Monos thrived as aspiring travelers connected with our brand online,” said Victor Tam, CEO and Co-founder. “Quality and sustainability are at the heart of everything we do. It’s what sets Monos apart and our growth over the past three years has positioned us well to capitalize on the explosion in travel now seen globally. Given our product differentiator and ability to reach our customers, we expect that Monos will continue to grow with the ability to be opportunistic about when we take on capital and from who.”
The new capital will be invested into inventory to keep up with significant consumer demand, new product development, recruiting additional talent and expanding beyond existing channels.
“We believe Monos to be among Canada’s highest growth consumer companies, which is a credit to the company’s business strategy and leadership team. Despite varying global travel restrictions, turbulent global supply chains, and changes to iOS privacy settings that have challenged many online brands, Monos has experienced remarkable growth and profitability thanks to an exceptional product portfolio and best-in-class marketing expertise, led by CEO Victor Tam,” said Cameron Pollard, Founder + Managing Partner at venn growth partners and Director at Monos.
Monos is also welcoming former Samsonite, Louis Vuitton, and Pandora CEO Marcello Bottoli to its Board of Directors. Marcello brings decades of experience in fashion lifestyle brands and was a key investor and leader in the transformation of Samsonite. He, along with Ares Management, Bain Capital Partners and Teachers’ Private Capital turned around Samsonite and took it from near bankruptcy in 2003 to an eventual sale to CVC Capital Partners Group in 2007 in a deal valued at $1.7 billion.
“I am thrilled to be joining the Board of Directors at Monos to work closely with the Company through its next phase of growth. Relative to other competing brands, Monos is a uniquely distinctive fashion lifestyle brand with significant upside potential in North America and international markets,” said Bottoli.
“We feel humbled to have someone with Marcello’s experience and talent join our team. He is going to be an active, value-added partner as we grow our product line, move in to international markets, and expand our channel strategy. Bringing him on board is in line with our strategy to add top-tier talent with strong values to high-performing team that places an emphasis on culture,” said Chris Reynolds, Founder + Managing Partner at venn growth partners and Director at Monos.
For more information on Monos: https://monos.com/
ABOUT MONOS
Monos is a Canadian travel and lifestyle brand offering high quality, beautifully designed suitcases, bags, and accessories, and inspiring people to travel in a mindful and present way – to embrace the journey as much as the destination. Thoughtfully designed in Canada with meticulous attention to detail, each Monos suitcase uses only the finest quality parts and materials sourced from around the world. Monos believes that in today’s throwaway society of mass consumption, more people are yearning for fewer but better things. With a ‘less is more’ design approach, Monos is on a mission to unite thoughtful simplicity with exceptional quality in its collection of premium travel goods.
ABOUT VENN GROWTH PARTNERS
venn growth partners is a growth equity fund that partners with distinctive consumer, health care services, and education companies in North America with exceptional Founder CEOs and a relentless focus on delivering industry-leading outcomes for customers. Venn operates with a core belief that a team of talented people from unique backgrounds, with shared values and the right incentives, will deliver differentiated outcomes. venn has built its team around this core belief and carefully selected each team member to deliver a partnership that will help Founder CEOs and their teams achieve profitable growth at maximum pace. venn has successfully financed and supported brands such as Higher Ground Education, Diggs Inc., California Cowboy, and Rebelstork. For more information, please visit: https://venngp.com/.
ABOUT STRAND EQUITY
Strand Equity is a Los Angeles-based growth equity firm investing in the next generation of iconic consumer brands and services. Strand is led by a team of experienced and successful investors and entrepreneurs. With a permanent capital base, Strand maintains a flexible approach to structure and partnership, enabling dynamic entrepreneurs and management teams to accelerate growth and build durable businesses. Current and realized investments include Youth To The People, Oatly, Studio McGee, Real Good Foods, Bai Brands, Sweaty Betty, HUM Nutrition and Vita Coco, among others. For more information, please visit: https://strandequity.com/.
SOURCE Monos
For further information: MEDIA CONTACT: Alex Shiff, ashiff@navltd.com