New York-based retailer Bonobos is heralded as the fastest growing men’s clothing retailer on the internet. To return the favor, Silicon Valley-based venture capital firms Lightspeed Venture Partners and Accel Partners awarded the 3-year-old company with $18.5 million in funding. Bonobos, which started out selling strictly pants before expanding into full men’s apparel, has tripled its monthly sales revenue over the last six months, according to Crains New York.
“We believe that [Bonobos] is the leading pure-play, vertically integrated men’s apparel e-tailer, and is well positioned, and well capitalized, to expand on their leadership position,” said Jeremy Liew of Lightspeed, in a statement.
Bonobos, which began in 2007, started as a small operation on the campus of Stanford University. Since then, it has expanded to a New York City headquarters, while increasing its staff to 25 employees.
The company, which receives 10 percent of its merchandise from a third party, hauled in $1.3 million in sales in November, Crains reported. Bonobos is slated to open a second, lower-cost brand, named Iowa’s Revenge, in 2011.
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