Senreve, a female-founded and led San Francisco based company today announced that it recently raised $16.75 million in Series A funding. This brings Senreve’s total capital raised to more than $23 million in just three years.
Led by Norwest Venture Partners, this latest round of funding will help co-founders Coral Chung and Wendy Wen lead Senreve to reach a global scale and iconic status. This latest round of funding is a huge milestone for the company as well as extremely rare in the startup landscape. According to PitchBook, female-founded start-up companies receive only 2.2% of the total capital invested by the U.S. venture capital firms, despite owning 38% of the businesses in the country. This is also in stark contrast to a recent study done at the Stanford Graduate School of Business which suggests that investors and shareholders generally reward diversity announcements at publicly traded companies.
Chung and Wen’s combined backgrounds in finance, consulting, retail, and tech as well as their consumer-centric perspective and ability to trust their instincts to disrupt the traditional industry is a primary reason for much of Senreve’s success. By using a combination of consumer data, smart manufacturing, and inventory planning, Chung has been able to side-step many of the downfalls of traditional luxury brands to create a new platform that turns the traditional luxury model on its head. Building on their own professional working experiences, Chung and Wen created products to empower busy, savvy and ambitious women.
“We focus on authentic brand storytelling, creating beautiful and luxurious products, and engaging with customer feedback and data,” said Coral Chung, co-founder and CEO, Senreve. Over 10,000 orders have been waitlisted or preordered of Senreve’s products. Senreve’s marquee bag, the Maestra, expertly blends sophisticated design, with luxurious Italian craftsmanship and versatility that have attracted the likes of Hollywood’s A-List including Lady Gaga, Priyanka Chopra, Anna Kendrick, and Brie Larson to name a few that have been spotted carrying the brand’s signature bag.
When seeking funding, Senreve sought out investors who are true partners, helping to bring the brand’s long-term vision to life. Norwest is known for having its finger on the pulse of consumer brands, having invested in companies such as Jet.com, Kendra Scott, Casper, and others. The firm has also had a focus on backing successful female founders with companies like Minted and Madison Reed.
“We’re thrilled to bring on an institutional partner like Norwest and especially excited to partner with Sonya Brown who has a phenomenal track record of backing successful consumer brands,” said Wen, the company’s COO.
“We look forward to partnering with Norwest to scale our business into an iconic global luxury brand which has always been my dream from the beginning,” added Chung.
Senreve’s rapid growth while being focused on profitability was something that’s unique and compelling as an investment opportunity, especially in the direct-to-consumer space.
“In a world where direct-to-consumer channels have become increasingly crowded, Senreve has been extremely savvy about how they introduce themselves digitally,” said Sonya Brown, general partner at Norwest. “Coral and Wendy’s ability to build a luxury brand practically overnight is a testament to their authentic understanding of the modern woman. In particular, Senreve resonates with the next generation of powerful women because they don’t want to compromise functionality to achieve luxury, and they shouldn’t have to. I am thrilled to partner with them for this next, exciting chapter.”
Senreve, remains primarily vertically integrated, owning every touchpoint of the process (from Italian sourcing, design, and manufacturing to packaging and distribution through their omnichannel platform), and is laser-focused on creating timeless, high-quality products for the modern woman. With this latest capital infusion, the company will expand its product offering, grow its geographic presence, form long and strategic partnerships and explore new brick and mortar retail opportunities.