Catch Of The Day founders invest in Mon Purse

Internet Retailing

22nd Jun 2016

Accessories brand, Mon Purse, has secured AUD $3.1 million in a series A capital raise, in part backed by Australian e-commerce veterans Gabby and Hezi Leibovich.

The Catch Of The Day founders join the likes of property developer Robert Magid, Jonathan Lui from Tank Stream Ventures and Airtasker, Rolf Krecklenberg of oo.com and Macdoch Ventures as investors in the young company.

Entrepreneur Justus Hammer, who founded and sold spreets.com.au to Yahoo for $40 million back in 2011, elevates his role from advisor and investor to join the Mon Purse board.

“Mon Purse is a remarkable ‘millennial’ concept as it is fashion, tech and also experiential…” said Gabby Leibovich, “… for me, ideas that engage consumers and at the same time provide a valuable service, are worth investing in.”

Mon Purse is also set to launch in the US market in late-2016 with a strategic design collaboration with Harper’s Bazaar USA executive editor (and fellow Australian), Laura Brown. Brown will be designing a capsule range of bags that will become permanent customisable SKU’s on the site.

“We are thrilled to have Laura Brown come on board, her involvement and expertise will no doubt elevate the Mon Purse launch into the US market,” said Lana Hopkins, founder and CEO of Mon Purse.

Mon Purse completed an angel round in July 2015 and a small seed round that occurred in mid-2014 to kick-start the business.

At the core of the Mon Purse business model is monogrammed accessories, as well as the 3D bag builder which allows shoppers to design their own handbags. The brand has invested heavily into engineering a bespoke, vertically integrated manufacturing process to produce quality custom handbags and leather goods at scale – up to 1,000 completely unique pieces are on the production floor at any one time.

“From a retailer perspective, custom design presents an ingenuous way to rectify the problem of holding inventory, making educated guesses, and getting caught up in the markdown and promotion cycle,” Hopkins said. “We are no longer guessing what customers want, instead we allow them to tell us what it is they actually need. It’s a customer centric mentality.”