Australian bag and wallet brand Bellroy has accepted US$8 million in funding for the first time in the brand's 10 year history.
Beginning in the early 2000s the founding team bootstrapped Bellroy with US$500k, which the business paid back in four years.
As the business grew, it was approached by investors, however as Bellroy co-founder and COO Lina Calabria said, it never felt like the appropriate moment to accept funding.
"We've been approached by great potential investors over the years, but it didn’t feel like the right time.
"At the end of 2018, we found ourselves with three new product categories all growing at 100% per year – bags, work accessories and phone cases.
"We knew what 100%-plus growth looked like with wallets, and with three times the opportunity in front of us, it felt like the right time to bring on value-aligned investment partners to help both fund and guide us on our journey.
"We couldn’t be more delighted with the team we’ve brought together," she said.
The capital funding round was led by US growth equity firm Silas Capital and includes both US and Australian investment partners.
The US$8 million in funding will be used by Bellroy to further develop its global reach, expand into new product lines and evolve its market channels.
Prior to the funding the Bellroy business was already growing at 30% year on year, however as a certified B-Corp, the business isn't just growing for the sake of it.
Bellroy CEO and founding designer Andy Fallshaw said that the Bellroy design centres around products that last and get better with age.
"Most of the fashion world is stuck in a ‘push’ system – they guess at what customers will want, then push it onto retailers who push it onto consumers," he said,
"It’s a broken paradigm that results in excess inventory, rampant discounting and fluctuating fortunes.
"We believe there is a much better way – for customers, and for the environment. So we’ll continue to design modern classics that remain relevant, resonate deeply, and only get better with age."
The Bellroy business has recorded US$150 million in revenue and has sold two million products since launch.