Monday, November 23, 2020

MeUndies Snags $40M For Underwear Brand

Los Angeles-based online underwear, sleepwear, and loungewear brand MeUndies has scored a big, $40M funding round, the company announced on Monday, from private equity investor Provenance. According to MeUndies, the new funding will go to expand product design, production, and distribution, as well as building its online customer community and expansion. MeUndies--led by CEO and founder Jonathan Shokrian--offers up products both for purchase individually, or through a membership program, which offers discount pricing and other benefits. The company says it has so far sold 16 million pairs of its underwear. The companies said that MeUndies was advised by The Sage Group, LLC, and Cooley LLP in the deal, with Provenance being advised by Perkins Coie LLP.