December 16, 2010 10:30 ET
Bonobos Secures $18.5M Funding Round From Lightspeed Venture Partners and Accel Partners
NEW YORK, NY--(Marketwire - December 16, 2010) - Bonobos (www.bonobos.com), the internet's fastest growing men's clothing retailer, has secured $18.5 million in a round of Series C financing. The funding will be used to further drive the growth of the flourishing fashion e-tailer. Lightspeed Venture Partners (LivingSocial, ShoeDazzle, Flixster, RockYou, Playdom, Blue Nile, etc.) and Accel Partners (Facebook, Etsy, Glam Media, Groupon, Diapers.com, ModCloth, etc.) led the round along with ongoing participation from angel investors. Jeremy Liew of Lightspeed and Sameer Gandhi of Accel will both be joining the Bonobos board.
"We're very proud to announce our funding round with investments from Lightspeed and Accel," said Andy Dunn, Founder and CEO of Bonobos. "With Lightspeed, we were especially impressed with Jeremy's knowledge and understanding of the potential for online men's retail to take off. He even wore our very own turquoise cords to our first meeting, which was the venture capital equivalent of 'you had me at hello.' Sameer brings great experience from the board of Diapers.com, and Accel has a powerhouse portfolio in consumer technology across Facebook, ModCloth, Groupon, and Etsy. We're thrilled to add Sameer and his partners' passion and forward-thinking in technology-enabled merchandising. We couldn't ask for more ideal partners."
"I'm very excited about our investment in Bonobos," said Jeremy Liew, Lightspeed Venture Partners. "We believe that they are the leading pure-play vertically-integrated men's apparel e-tailer, and are well-positioned well-capitalized to expand on their leadership position."
"We've closely monitored Bonobos and are impressed with their vision for vertical web retail," noted Sameer Gandhi, Accel Partners. "Andy is a savvy entrepreneur, and we are confident he and his team can become one of the leading innovators in the overall apparel retail business."
Bonobos was started in 2007 as a "better-fitting pants over the internet" company on the campus of Stanford's Graduate School of Business. Over the past three years, the company has grown exponentially in their New York City headquarters and expanded their product portfolio to a full men's closet solution including suits, button-down shirts, a full line of casual wear and a host of curated brands.
"In the past six months, we have tripled the business by focusing everyday on what got us started: fit and service. With this investment, we'll continue to build our global customer base for many years to come," added Dunn.
For more information, please visit www.bonobos.com.
Bonobos is America's fastest growing online men's apparel company and is the now largest apparel brand in America launched purely over the web. Bonobos offers men an alternative to traditional retail by providing products and solutions direct to customers using a simple online store, free shipping, lifetime returns, and top-tier "Ninja" customer service and style advice. Bonobos launched with a line of better-fitting pants in 2007 and now offers a full suite of men's apparel across suits, oxfords, polos and more. www.bonobos.com
About Accel Partners
Founded in 1983, Accel Partners is a leading venture capital and growth equity investment firm, working with outstanding entrepreneurs and management teams to build world-class businesses. Accel today manages over $6B globally using dedicated teams and market-specific strategies for local geographies, with offices in Palo Alto, London, New Delhi, Bangalore and China through our partnership with IDG-Accel.
Accel has helped entrepreneurs build over 300 successful companies, many of which have defined their categories, including Facebook, Groupon, ComScore, AdMob, Etsy, Kayak, Macromedia, MetroPCS, Playfish, QlikTech, Rapt, Real Networks, Redback Networks, Riverbed, SunRun, UUNet, Veritas, Walmart.com, and others. For more information, please visit the Accel Partners web site at www.accel.com, or find us on Facebook at www.facebook.com/accel.
About Lightspeed Venture Partners
Lightspeed Venture Partners is a leading global venture capital firm with over $2 billion of committed capital under management. Lightspeed's investment professionals and advisors work closely with portfolio companies to help them establish global market leadership. The firm is headquartered in Silicon Valley with additional offices in China, India and Israel. Over the past two decades, the Lightspeed team has backed several hundred companies, many of which have become leaders in their respective markets, including Blue Nile, Brocade, Calista, Ciena, DoubleClick, eHealth Insurance, Galileo Technology, Growth Networks, Informatica, Kiva Software, LightLogic, LivingSocial, Maker Communications, Metasolv, Phone.com, Playdom, Quantum Effect Devices, Riverbed, Sirocco, Virsa Systems and Waveset. For more information, visit the Lightspeed website: www.lightspeedvp.com.