Leading Medical Apparel Brand Jaanuu Raises $15 Million in Growth Equity Financing
JMK Consumer Growth Partners Leads Round to Bolster Expansion and Product Innovation
EL SEGUNDO, Calif., Dec. 10, 2018 /PRNewswire/ -- Jaanuu (jaanuu.com), the preeminent and leading direct-to-consumer brand on a mission to empower medical professionals with reimagined uniforms, today announced a $15 million growth equity financing round led by JMK Consumer Growth Partners, a growth equity firm investing exclusively in high-growth consumer brands with cult-like followings. This investment brings the total raised by the company to over $25 million. Existing investors, including the Nordstrom family, and new investor David Kessenich, Managing Partner and Co-Founder of healthcare private equity firm Excellere Partners, also participated in the round.
Unlike other brands in the reported $50 billion global medical apparel industry, Jaanuu was co-founded by physician Dr. Neela Sethi Young who knew firsthand how uncomfortable, ill-fitting and poor-performing the majority of scrubs were and the negative psychological impact that they had on the dedicated professionals that were wearing them each day. Rooted in the mantra of "looking good and feeling good while doing good," Dr. Neela teamed up with her brother and former private equity investor Shaan Sethi in 2013 to start Jaanuu.
Since its launch, Jaanuu continues to leverage Dr. Neela's insights and puts consumer research at the forefront in driving its product roadmap, engaging over 5,000 participants in surveys, focus groups and ethnographies in 2018. As a result, the Company has dramatically expanded its style and fabric portfolio to include multiple, curated style collections, both Women's and Men's, in the industry's most disruptive breadth of over seven premium, technologically advanced fabrics.
"When you work in medicine, none of your days are the same and not one is easy. Ironically, you need a 'uniform' that's not uniform at all – no one style, fit or fabric is going to be what you need to do your best each day, every day," explained Dr. Neela. "At Jaanuu we provide my medical colleagues with the power of choice that they need and deserve – from varying design aesthetics to multiple performance fabrics engineered with the most sophisticated of anti-odor and antimicrobial technologies."
After boasting its biggest month to date in November 2018 and multiple $500,000 revenue days in the last twelve months, the Company is projecting to more than double its sales in 2019. This new injection of capital will accelerate its continued breakthrough product and fabric development, catalyze omnichannel expansion plans as a lifestyle brand and provide for aggressive investments in predictive analytics based marketing and real-time programmatic media buying.
"We've seen exponential growth in the last few years, credited to a passionate team with a relentless and unwavering commitment to data-driven innovation and reimagination," said Shaan Sethi, Founder and CEO of Jaanuu. "As we seek to disrupt the broader uniform category, we strategically sought out to partner with only the most preeminent and proven of consumer growth equity investors, and today in aligning with John Kenney and JMK, we struck gold."
"As a firm, we invest solely in emerging cult brands that have proven themselves and are ready to soar," said John Kenney, Co-Founder of JMK Consumer Growth Partners. "We work hard to find those rare and remarkable few brands that are extremely connected to their consumers and sell more than a product...they sell a lifestyle. We saw all of this in Jaanuu and we are committed to helping Shaan and the team catapult the Company to ever-higher levels of success."
About Jaanuu
Launched in 2013 by former private equity investor Shaan Sethi and his physician sister Dr. Neela, Jaanuu is the leader in contemporary medical workwear, runway-inspired scrubs, lab coats and footwear reflecting some of today's most popular fashion trends. Jaanuu transformed the market upon its launch as a direct-to-consumer brand embracing the mission to help professional women look their best and feel confident. Along with its fashion-forward styles, Jaanuu is also distinguished by its proprietary fabrications ForminaFlex™, PrimaDrape™, PonteLux™, JeoFlex™ and 5280Flex™, which incorporate odor fighting, antimicrobial-finished fabric to restrict the growth of bacteria, and premium stretch fabric blends manufactured to stay soft and wrinkle resistant in harsh hospital conditions. Visit the website: www.jaanuu.com. Follow Jaanuu on Facebook, Instagram, Twitter,and Pinterest.
About JMK Consumer Growth Partners
JMK Consumer Growth Partners is a growth equity fund that provides capital and value-added partnership to the most promising emerging consumer brands which have developed cult-like followings among consumers. JMK Consumer is led by John Kenney, former Managing Director and Partner at TSG Consumer Partners and Sarah Woelfel, former investor at Audax Group. JMK Consumer has previously made investments in Miyoko's Kitchen (the very best vegan, non-dairy cheese and butter alternatives worldwide), Supergoop! (a leading skincare brand advancing the notion of SPF all-day, every day) and Babo Botanicals (natural personal care products for the whole family) which was recently sold to Mustela. The firm is based in New York, New York. For more information, please see www.jmkconsumer.com
SOURCE Jaanuu
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