CPE News (1.18.2022) – Monos Travel has raised $10 million in 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 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. The brand has gained organic national recognition from consumers, media and top designers, including award-winning accolades for the brand’s signature carry-on by the A’ Design awards.
Monos Travel said the Series A fundraise will bring both capital – to be invested towards expanding Monos’ offline presence, recruiting talent and building a robust product development pipeline – and expertise and support from leading consumer investors venn and Strand.
photo credit: Monos
News Release
Monos Travel Closes $10M Series A Investment, Poised to Establish Brand as Travel Industry Leader
Premium Travel Luggage Brand Excels During Unprecedented Times and Attracts Esteemed Investors
January 18, 2022 08:00 AM Eastern Standard Time
VANCOUVER, British Columbia–(BUSINESS WIRE)–Monos, a travel and sustainability-first lifestyle brand offering high quality, award-winning and beautifully designed suitcases, bags, and accessories, announces today the closing of a $10 million Series A funding round led by venn growth partners (“venn”) with significant participation by Strand Equity (“Strand”). Monos offers premium travel luggage and accessories in timeless designs at accessible prices, unmatched within the industry, without sacrificing high-quality material and aesthetic. The brand has gained organic national recognition from consumers, media and top designers, including award-winning accolades for the brand’s signature carry-on by the A’ Design awards. The Series A fundraise will bring both capital – to be invested towards expanding Monos’ offline presence, recruiting talent and building a robust product development pipeline – and expertise and support from leading consumer investors venn and Strand.
In today’s environment of passing trends and mass consumption, Monos designs classic pieces, with an understated aesthetic that stands the test of time while being financially accessible to travelers and adventurers alike. Espousing a ‘less is more’ design philosophy, the brand is focused on the fundamental features that make up a quality suitcase rather than unnecessary gimmicks of “smart” luggage. Monos luggage features the highest quality parts and materials from around the world and is subjected to a battery of forty durability tests mimicking the rigors of everyday travel. The durability of Monos’ pieces is core to the brands commitment to sustainability and conscientious traveling. Inspired by the Japanese concept of mono no aware – the profound appreciation of the beauty in fleeting moments – Monos encourages its customers to travel mindfully and explore with gratitude and graciousness. The brand is proud to be Climate Neutral Certified and a member of 1% for the Planet, donating 1% of revenue to verified non-profit organizations dedicated to preserving and restoring the natural world.
The Series A fundraise follows incredible growth for Monos in 2020 despite unprecedented challenges across the broader travel industry. After Monos completed its highest-ever grossing month in February of 2020, sales momentum ground to a halt as the COVID-19 pandemic spread nationwide in March. Moving quickly to address the slowdown in sales, the brand shifted resources into developing a new, highly relevant product – the CleanPod UVC Sterilizer, which uses a high-energy beam of ultraviolet C light to effectively sanitize surfaces – and brought the new innovation to market in just six weeks. This nimble, successful pivot earned Monos valuable unpaid media coverage and allowed the brand to capture market share at a time when travel competitors were dialing back marketing efforts, driving 400% year-over-year revenue growth in 2020. Monos has continued this impressive upward trajectory and profitability in 2021, and with the newly raised capital will further expedite this growth.
“Finding like-minded investors who share the same values is no easy task but we were fortunate to find two outstanding partners in venn and Strand,” said Victor Tam, Monos’ CEO and Co-founder. “After a groundbreaking year, during a pandemic no less, we are thrilled for the opportunity to continue expanding, innovating and creating an engaging brand experience for our consumers with the support of this investment.”
“Monos’ mindful company culture, award-winning designs, and commitment to sustainability speaks volumes to their immaculate work ethic and the quality of the team they have built. While building a dominant player in the travel industry, Monos has continuously proven they are an ideal partner and we are thrilled to have Victor and his team as a part of our portfolio and support their continued growth,” said Cameron Pollard, Founder and Managing Partner of venn growth partners. “Our investment in Monos is in line with our strategy to partner with distinctive founders that are delivering industry leading outcomes for customers.”
“Monos is leading the charge within the travel industry by providing an accessible price point paired with timeless design and quality that is highly relevant in today’s wanderlust culture,” said George Song, Vice President at Strand Equity. “We are thrilled to support the Monos team, who have shown tremendous resilience and growth in spite of the odds, as they continue to be a leading innovator in the luggage space and build the next iconic travel lifestyle brand.”
For more information on Monos and their assortment of products, please visit 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/.
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