Paravel Raises $3.2 Million Seed Round
NEW YORK, August 30, 2018-- 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.
"From the outset, we were product-obsessed founders with a goal of bringing joy to the travel experience," said Indré Rockefeller co-founder and co-CEO. "This new investment will allow us to meet customer demand, scale the business, and reach a new customer base."
"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."
"I'm thrilled to be a part of Paravel's journey. The founders have the critical combination of creative thinking and executional know-how," said Jenny Fleiss co-founder of Rent the Runway and CEO and co-founder of Jetblack. "Luggage is the most widely shared mark of our personal brands; Paravel represents a lifestyle connecting consumers with a love of journeying and discovery."
For more information about Paravel, visit www.tourparavel.com
Co-founded by Indré Rockefeller and Andy Krantz in 2016, Paravel stands for design and functionality, without compromise. The collection offers a complete system for artful travel and everyday adventure, with an emphasis on beautiful, practical things. Paravel sources its textiles and leathers from best-in-class luxury mills, and all products are meticulously designed and manufactured to be both multifunctional and ultra-lightweight at an attainable cost.
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