Monos Closes US$30M Oversubscribed Series B Investment in Travel Industry Comeback; Luggage Industry Veteran Joins Board of Directors

The Canadian startup has grown exponentially during the pandemic as customers go online with the aspiration to travel; looks to future expansion with leadership from an industry veteran

VANCOUVER, BC, September 21, 2022 /PRNewswire/ – Monos, a sustainability-focused travel and lifestyle brand that makes premium travel goods uniquely accessible, today announced the closure of a 30 million US dollars 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 40 million US dollars of investor demand, comes after Monos achieved 4x growth in 2021, with further 4x growth expected in 2022.

“Despite launching just before the travel industry was hit with unprecedented uncertainty, Monos has thrived as budding travelers connected to our online brand,” said Victor Tam, CEO and co-founder. “Quality and sustainability are at the heart of everything we do. This is 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 differentiation and our ability to reach our customers, we expect Monos to continue to grow with the ability to be opportunistic about when and from whom we take capital.”

The new capital will be invested in inventory to meet strong consumer demand, new product development, recruitment of additional talent and expansion beyond existing channels.

“We believe that Monos is one of the from Canada fastest growing consumer companies, which is a credit to the company’s business strategy and management team. Despite various global travel restrictions, turbulent global supply chains and changes to iOS privacy settings that have challenged many online brands, Monos has achieved remarkable growth and profitability thanks to an exceptional product portfolio and world-class marketing expertise, led by the CEO. Victor Tam,” said Cameron PollardFounder + Managing Partner at venn growth partners and Director at Monos.

Monos also hosts the ancient Samsonite, Louis Vuittonand CEO of Pandora Marcello Bottoli to its board of directors. Marcello brings decades of experience in lifestyle fashion brands and has been a key investor and leader in the transformation of Samsonite. With Ares Management, Bain Capital Partners and Teachers’ Private Capital, he turned around Samsonite and took it from near bankruptcy in 2003 to eventual sale to CVC Capital Partners Group in 2007 in a valued transaction at $1.7 billion.

“I am delighted to join Monos’ Board of Directors to work closely with the company through its next phase of growth. Compared to other competing brands, Monos is a unique lifestyle brand and distinctive with significant growth potential in North America and international markets,” Bottoli said.

“We are humbled to have someone with Marcello’s experience and talent on our team. He is going to be an active value-added partner as we develop our product line, enter international markets and expand our distribution strategy. board of directors aligns with our strategy to add high-level talent with strong values ​​to a high-performing team that emphasizes culture,” said Chris ReynoldsFounder + 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 luggage, bags and accessories, and inspiring people to travel mindfully and presently – to embrace the journey as much as the destination. Carefully crafted in Canada With meticulous attention to detail, each Monos suitcase uses only the highest quality parts and materials sourced from around the world. Monos believes that in today’s mass consumer society, more and more people yearn for fewer but better things. With a “less is more” approach to design, Monos is on a mission to unite thoughtful simplicity with exceptional quality in its premium travel collection.

ABOUT VENN GROWTH PARTNERS

venn growth partners is a growth equity fund that partners with distinct consumer, healthcare and education companies in North America with exceptional founding CEOs and a relentless focus on delivering industry-leading results for clients. Venn operates with the fundamental belief that a team of talented people from unique backgrounds, with shared values ​​and the right incentives, will deliver differentiated results. venn has built its team around this core belief and has carefully selected each team member to deliver a partnership that will help founding CEOs and their teams achieve profitable growth at maximum pace. venn has successfully funded and supported brands such as Higher Ground Education, Diggs Inc., California Cowboy and Rebelstork. For more information, visit: https://venngp.com/.

ABOUT STRAND EQUITY

Strand Equity is a Los Angelesgrowth-based private 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 sustainable businesses. Current and completed 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, visit: https://strandequity.com/.

SOURCE Monos

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