Paravel raises $3.2 million seed round
Paravel is on track to do more than 3x last year's revenue in 2018 and turn profitable in 2019.
Paravel, the luggage and accessories brand co-founded by Indré Rockefeller and Andy Krantz, has raised a $3.2 Million seed round. The round is anchored by major investors 8VC and Fitz Gate Ventures, alongside Jonathan and Lizzie Tisch, Allison Williams and notable entrepreneurs including Jenny Fleiss, co-founder of Rent the Runway and CEO and co-founder of Jetblack, Shan-Lyn Ma, CEO and founder of Zola, and David Heath, CEO and co-founder of Bombas.
Founded in 2016, Paravel is a complete system of impeccably crafted luggage and accessories that turns packing into an experience as enjoyable as the destination. Sourcing textiles and leathers from best-in-class luxury mills, all products are meticulously designed and manufactured to be both multifunctional and ultra-lightweight at an attainable cost. Paravel is on track to do more than 3x last year's revenue in 2018 and turn profitable in 2019. The financing will be used for international expansion, product development and customer acquisition.
"Our customer values uncompromising design and functionality, and is thrilled to find Paravel amidst a market that has been long neglected on both fronts," said Andy Krantz, co-founder and co-CEO. "It's important to us to continue to address true travel pain points: lightweight fabrics and innovative, space-saving features are keystones of the brand. From launch, we have always eschewed the 'smart luggage' trend, preferring to create timeless product without built-in technological obsolescence. Our customer approaches travel as an opportunity to discover new horizons and to be present rather than needing to be constantly tethered to a phone."
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