Los Angeles-based innerwear and loungewear brand MeUndies has secured $40 million from Provenance, a growth equity investment firm also based in Los Angeles.
Jonathan Shokrian, founder and chief executive officer of MeUndies, in a statement pointed to Provenance’s “track record of success partnering with leading direct-to-consumer brands. Over the past nine years, we have worked hard to establish our incredibly loyal community of customers, who love our focus on inclusivity, our high-quality products, our approachable price point and our frequent and unique product drops. We have a well-established foundation and this investment and our relationship with Provenance will enable us to expand our MeUndies brand community into new markets and new channels.”
The men and women’s underwear brand, which has sold more than 16 million pairs of underwear since its inception in 2011, plans to use the extra funds to expand its design, production and distribution capabilities, invest in marketing and grow its omnichannel operations, including the possible addition of stores.
MeUndies opened an L.A. flagship, its first store, in 2018. The brand also operates an e-commerce business, meundies.com, selling products both à la carte and by way of a monthly subscription service.
The company has partnered with public figures, such as Pittsburgh Steelers wide-receiver JuJu Smith-Schuster, podcaster Joe Rogan, comedian Bill Burr and actor Dax Shepard, for various collections.
For the investment, MeUndies was advised by investment bank The Sage Group and law firm Cooley LLP, while Provenance was advised by Perkins Coie LLP, an international law firm.
“We are highly impressed with Jonathan Shokrian and his team and their proven ability to deliver on MeUndies’ growth strategy,” Anthony Choe, founder of Provenance, said. “The brand enjoys the highest customer loyalty of any company we’ve seen in any consumer category. MeUndies’ fun, creative print designs and affordable range of products resonate strongly with its core Millennial and Gen Z audience and the company’s ability to drive growth organically through its brand community is powerful. We’re excited to be copilots on this next phase of the brand’s journey and to support its continuing growth.”