Monos Raises $30 Million
Vancouver, British Columbia--(Newsfile Corp. - September 30, 2022) - Monos.com, a Vancouver-based travel and lifestyle brand, has raised $30 million in a Series B funding round led by Venn Growth Partners, with participation from Strand Equity and Michele Romanow. The round was oversubscribed with nearly $40 million in investor demand, as investors bet on the company's 4x growth forecast in 2022, following a 4x growth in 2021.
Co-founded in 2018 by Victor Tam, Hubert Chan, and Daniel Shin, Monos is named after the Japanese concept 'mono no aware,' which translates to 'the profound appreciation of the beauty of fleeting moments.'
The firm, which sells luggage, bags, clothing, and other travel goods, raised a $10 million Series A in early 2022, following a pandemic-era pivot that saw the introduction of the CleanPod UVC Sterilizer, a product that utilizes ultraviolet C light to sanitize surfaces. The move helped Monos to grow its revenue 400% year over year in 2020, and the company's momentum has continued.
With the new funding, Monos plans to invest in inventory to keep up with consumer demand, develop new products, recruit additional talent, and expand beyond existing channels. These investments will help the company capitalize on the 'explosion in travel' that is being seen globally. Victor Tam, CEO and Co-founder, said: "Quality and sustainability are at the heart of [Monos]." With these core values, the company has positioned itself to take advantage of the current market opportunity.
In addition to the funding, Monos is also welcoming Marcello Bottoli to its Board of Directors. With Bottoli's experience in fashion lifestyle brands, he will be a valuable asset to the company as it looks to continue its growth.
This funding will also help Monos continue its efforts as a sustainable and philanthropic company. The firm is Climate Neutral certified and donates 1% of its revenue to non-profit organizations committed to environmental causes as part of 1% for the Planet. These values have resonated with consumers and are likely a contributing factor to the company's recent growth.
Moreover, the funding will support the firm's community-centric approach, with a Monos Brand Ambassador Program that seeks "passionate and like-minded creators for ongoing partnerships and specialized campaigns." This program is another way that Monos is looking to connect with consumers and create a community around its brand.
In addition, the firm's Wayfarer Rewards, including Monos Miles, helps to encourage customers to stay connected with the brand and be rewarded for their loyalty. The Monos Miles program allows customers to earn points for activities completed, such as placing an order, following the firm on Twitter or Facebook, or writing a product review, which can be redeemed for discounts.
With this new funding, Monos is positioned to continue its growth in the coming years.
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