There are many problems a business can solve – never forgetting to buy your pet food or trying to lose weight, for example, but few take as anatomical a view as Andy Dunn, Co-Founder of new TriplePoint client Bonobos, who realized a core, under-served market in fashion:
Sure, men’s fashion has been around for quite some time, but in a reasonable price-range it’s not been a great experience shopping for clothing for your average man. Enter the ninjas, an elite customer service corps and the 85% self-made and 15% curated Bonobos shopping experience – free shipping both ways, easy returns and an ethos of making the customer ecstatic versus merely ‘happy.’
This ethos eventually (it’s only three years since Andy founded it with his Stanford Business School roommate Brian Spaly) – attracted a significant $18.5m investment led by Accel Partners and Lightspeed Ventures – as well as significant media attention, with pieces by The New York Times, Crain’s New York Business, Mashable and VentureBeat amongst others. All within the first day.
Bonobos is a fascinating story that, at one point, made me search for a thesaurus to describe the particular qualities of their legendary fit – and proof that even if people tell you your idea’s impossible, you can prove them wrong – and mention the humble derrière with regularity.