December 20, 2010, 12:57 PM

Men’s apparel retailer Bonobos raises $18.5 million

The web-only company will use the funding to boost its marketing efforts.

Zak Stambor

Managing Editor

Lead Photo

Online-only men’s clothing retailer Bonobos has raised $18.5 million in a third round of funding. It plans to use the additional capital to build boost its marketing efforts. 

"We built this company with no real marketing team or science behind our spending," says Andy Dunn, founder and CEO. "Now we're looking to get smarter by investing in different customer acquisition techniques by hiring a marketing team."

Venture investors Lightspeed Venture Partners and Accel Partners led the funding round. Lightspeed’s Jeremy Liew and Accel’s Sameer Gandhi will join the retailer’s board.

"We believe that they are the leading pure-play vertically integrated men's apparel e-retailer, and are well-positioned and well-capitalized to expand on their leadership position," says Liew.

Since its launch in 2007 as a "better-fitting pants over the Internet" company, Bonobos has expanded its product portfolio to include suits, button-down shirts and casual wear.

Roughly half of the consumers who buy once on the site, return to the site within a year to complete another transaction, says Dunn.

"We've seen that customers are loyal to our concept," he says. "Now we want to make more people aware of our brand."

The retailer says it has tripled its sales over the past six months.

Bonobos has raised a total of $26.25 million to date.

Comments

Sign In to Make a Comment

Comments are moderated by Internet Retailer and can be removed.

Not a member? Signup for free today!

Advertisement

Advertisement

Advertisement

Relevant Commentary

FPO

Jason Squardo / Mobile Commerce

Five tips for achieving high mobile search rankings

Searches on mobile devices will soon exceed those on computers, Google says. Retailers that keep ...

FPO

Sergio Pereira / B2B E-Commerce

Quill turns to its B2B customers for new ideas

Coming in April is a new section of Quill.com that will let customers and Quill ...

Advertisement