Monos luggage

From start-up to success: Monos secures $30M in funding

September 23, 2022

Monos, a travel and sustainability-first lifestyle brand that makes premium quality travel goods uniquely accessible, recently announced a USD$30 million investment led by venn growth partners with participation from Strand Equity and Michele Romanow.

To say Monos is a successful start-up is an understatement.

The initial concept for Monos began in 2018. DMCL partner, Danny Loo, can still clearly remember the lunch meeting with Victor Tam and Daniel Shin when they presented their business plan.

“Victor and Daniel were passionate about their idea from the get go and I was convinced they’d do everything they could to make Monos a success story. It was clear they had a concept that would resonate with people and I was excited to be part of the journey.”

With all parties aligned on the vision, the relationship was solidified and Loo began working closely as the pair’s business advisor.

After months of planning, Monos launched in 2019 and sales exploded. Unfortunately, like all businesses, Monos would have to face the unexpected challenges brought on by the COVID-19 pandemic—and the direct impacts to the travel industry.

“They saw extreme challenges as opportunities and doubled down in a tough industry while many companies were scaling back,” says Loo.

They continued to work closely with Loo on tactics and strategies to keep their business running and were able to overcome all odds and emerge from the pandemic thriving.

In 2021, Monos’ sales grew 4x.

Monos’ sales speak for themselves and were pivotal in securing the recent capital. The USD$30 million will be invested into inventory to keep up with significant consumer demand, new product development, recruiting additional talent and expanding beyond existing channels.

“This is an excellent example of a perfect execution despite the challenges the pandemic brought to the travel industry,” says Loo. “Both Victor and Daniel are serial entrepreneurs and seeing how they pivoted and persevered was a humbling experience for me.”

Monos’ sales are forecasted to grow another 4x in 2022 and Loo is honoured to have been part of their journey.

“Both Victor and Daniel work extremely hard and it’s great to see the success and value they have established,” says Loo. “I believe that a great business is made of great people and Monos is no different. They’ve surrounded themselves with a great team of advisors and I’m truly excited to see how the Monos story unfolds.”

To learn more about Monos, please visit monos.com.