Bonobos, a company that sells slim-fitting pants and other clothing for men online, has taken on $55 million in new funding.
Coppel Capital led the round. Accel Partners, Lightspeed Venture Partners, Nordstrom, Mousse Partners, Glynn Capital Management, Forerunner Ventures, and Felicis Ventures also participated, according to a statement the company issued today.
Bonobos has opened physical stores that encourage people to order products online. The new funding will help the company open 30 more stores in the next two years on top of the 10 in existence today, the company said.
Other startups selling clothes for men have raised venture funding lately. Outfitter and Trumaker are among the beneficiaries.
While pants still move, Bonobos said its “tailored” line, which includes blazers, shirts, and suits, now comprises 20 percent of revenue.
Bonobos started in 2007 and is based in New York. It raised $30 million in March 2013 and an $18.5 million round in 2010.
To date the company has raised $128 million, a spokeswoman wrote in an email to VentureBeat.
At VentureBeat’s DataBeat conference in May, David Glueck, the senior director of Bonobos’ data science and engineering team, talked about how the company has kept IT infrastructure costs low by using cloud-based tools like Amazon Web Services’ Redshift data warehousing service and GoodData business-intelligence software to analyze data.
Bonobos is a premium, web-driven men’s apparel brand and e-tailer which was founded around the notion that guys want to look good but hate to shop. Launched in 2007 around a better-fitting pair of men’s pants, the brand now also se... read more »
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