Luxury handbag brand Senreve raises $16.75 million in new funding round
today Nov 6, 2019
San Francisco-based luxury handbag brand Senreve has raised $16.75 million in Series A funding led by Norwest Venture Partners.
The latest funding is set to help Senreve “reach a global scale,” the brand said, with plans to expand its product offering, grow its geographic presence, form long and strategic partnerships and explore new brick-and-mortar retail opportunities.
A female-founded and led company, Senreve was established in 2016 by co-founders Coral Chung and Wendy Wen. Chung, a former strategy consultant and technology executive, and Wen, a former finance professional, first created the brand to make luxury handbags that were both chic and functional for the modern female professional.
The company grew quickly, thanks in part to a strong early social media presence, an equally strong influencer and brand ambassador strategy, and product sightings on celebrities including Lady Gaga, Priyanka Chopra, Anna Kendrick, and Brie Larson.
Today, Senreve operates a flagship store in San Fransisco, a show room in Hong Kong and an online platform.
The brand’s handbags are also available in the U.S. through retail partners like Nordstrom and Neiman Marcus, and internationally through a network of retailers in countries including France, Canada, England, Singapore, Australia, and Hong Kong. Prices for the brand’s items typically span from $95 to the $1000-range. Currently, Senreve has 107,000 followers on Instagram.
Other companies that have received backing from Norwest include e-commerce company Jet.com, jewelry and home decor brand Kendra Scott, online marketplace Minted and hair color company Madison Reed, among others.
"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," said Chung, who operates as the company’s chief executive officer, while Wen serves as chief operating officer.
The new infusion of funds brings the brand’s total capital raised to over $23 million.
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