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Published
Jun 14, 2019
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Vegan hangbag maker Gunas closes investment round, to launch beauty line

Published
Jun 14, 2019

Gunas, a New York City-based vegan handbag company, has completed a seed investment round of $250,000 from an anonymous angel investor at a valuation of $5 million.


Instagram @gunas_newyork


The company will use the funds to launch a line of 100 percent plant-based artisanal beauty bars, starting with pure olive oil soap in floral fragrances and volcanic ash.

"Beauty soaps have a huge opportunity in terms of being animal-free and formulated with pure ingredients," said Gunas founder Sugandh Agrawal. "This new direction is an extension of our core values of inner beauty inside and out, without harming any living being."

Neil Mohinani, a New York City-based independent finance professional, brought strategic angel investors to Gunas with the goal of expanding the product offering and geographic reach of the brand's customer base.

In addition to the seed investment, the anonymous angel investor will assist Gunas with trademarking, digital marketing and expanding sales in Asia, and work to create promotional opportunities for the brand's fashion and beauty products with Asian celebrities.

The investment comes as Gunas continues to experience consistent growth. Over the past four years, the company’s handbag and accessory sales went up by approximately 30 percent annually. Last June, the company won Macy's ‘Best Retail Bag Award’ through the Independent Handbag Awards.

According to Mohinani, the company is predicted to cross a $100 million-dollar valuation within five years given its current growth rates and product strategy.

Launched in 2009 by Sugandh Agrawal, Gunas currently offers a range of bags, wallets and footwear. The company sources and manufactures bags and shoes using artisan and small-scale ethical manufacturers from countries like India, South Korea, Mexico, Brazil and Hong Kong.

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