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The venture capital firm, led by the Net-a-Porter founder and investor Nick Brown, has raised another fund to back early-stage concepts including textured-hair care line Bread, plant-based “chicken” nuggets brand Nuggs and used clothing service Goodfair.
Massenet and Brown — known for his investments in first-gen, direct-to-consumer brands including Everlane — announced the launch of Imaginary Ventures in 2018 with a $75 million fund, taking stakes in a range of startups including Glossier, Skims and Daily Harvest. While both founders have roots in fashion, the firm’s investment philosophy has less to do with category and more with finding potentially innovative business models that solve consumer problems.
Imaginary Ventures’ own backers include a mix of high-net-worth individuals, strategic groups in luxury, beauty and retail as well as endowments, fund of funds and pensions.