Luxury bag maker Senreve has been on a meteoric rise — and now, with a multimillion dollar Series A under its belt, the San Francisco-based startup just added a little rocket fuel to the mix.
Co-founders Coral Chung and Wendy Wen just raised $16.75 million in funding led by Norwest Venture Partners. According to the company, that brings the buzzworthy fashion brand’s tally to more than $23 million raised in three years.
The brand — which opened its San Francisco flagship in August — has been making the rounds among Hollywood’s elite, with bags spotted on the likes of Lady Gaga, Priyanka Chopra, Anna Kendrick and Brie Larson, among others. The demand has spurred patrons to pre-order or sign up for wait lists amounting to more than 10,000 orders.
The brand’s charms are self-evident. Its signature product is the Maestra, a premium leather bag featuring Italian craftsmanship, classic looks and high versatility. It’s designed for busy female professionals who need a bag that can keep up without sacrificing style.
The consideration apparent in its design also extends to the back end.
“We focus on authentic brand storytelling, creating beautiful and luxurious products, and engaging with customer feedback and data,” said Chung.
Chung and Wen cut their teeth in technology and finance, respectively, and the experience informs the pair’s approach at Senreve. The company uses a blend of consumer data and efficiencies in manufacturing and inventory planning to help scale the business.
Now, flush with investment, the Bay Area-based partners aim to push farther out, hoping to make Senreve a global brand.
The funding round was led by Norwest which has invested in the likes of Jet.com and Kendra Scott, as well as Jolyn, Birdies, Vuori, Madison Reed, Modsy and others and has built a strong reputation for backing fashion and retail startups, especially female-founded or female-led investments.
According to Norwest, the brand’s main assets are its founders. Chung and Wen bring digital savvy to the luxury industry, and inherently understand what female professionals are looking for today. The combination fills a missing gap in the market, and it’s excited to see such a young brand attract global interest.
In addition, the personalization-bespoke options speak to how the brand embraces uniqueness and lets women express themselves.
“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,” she added, “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.”