Imaginary Ventures

Imaginary Ventures Research

Investment Thesis

Imaginary Ventures is a leading early-stage venture capital firm dedicated to identifying, investing in, and scaling iconic, generationally-defining consumer businesses. Founded in 2018 by Natalie Massenet (founder of Net-a-Porter) and Nick Brown (early investor in Glossier, Warby Parker, The RealReal), the firm combines deep expertise in consumer brand building, luxury retail, and digital commerce with a systematic approach to spotting culture-defining brands early in their development.

The fund explicitly targets consumer brands that challenge category conventions through digitally-native distribution, direct-to-consumer models, and authentic brand narratives. Imaginary focuses particularly on backing underrepresented founders and sustainable consumer businesses, with approximately 50% of Fund I backed by women founders—a deliberate structural commitment to diversity in consumer investing.

Investment Focus

Imaginary Ventures invests in consumer-first opportunities across multiple categories:

Primary Sectors:

• Fashion and apparel (Reformation, Everlane, Good American, Universal Standard, Khy)
• Beauty and personal care (Glossier, Kosas, Half Magic Beauty, Necessaire, POV Beauty)
• Food and beverage (Daily Harvest, Alec's Ice Cream, Lucky Beverage Co, Santo Taco, Bero Brewing, Chacha Matcha, Cerebelly)
• Pet products and services (Goose, Sundays for Dogs, Smalls)
• Marketplace and commerce (Mejuri jewelry, NuOrder B2B platform)
• Web3 and future of retail (EON.xyz for virtual goods, enabling technology plays)

Enabling Technology:

• Retail technology and commerce infrastructure (Chord Commerce, Builder.io)
• Consumer intelligence platforms (GlossGenius, Safetly)
• HR and operational tools for consumer brands (TeamCafeteria)
• Logistics and supply chain for consumer businesses (ShiftSmart)

Stage and Check Size

Imaginary primarily invests at the Seed and Series A stages:

Stage Preferences:

• Pre-Seed: $100K-$500K (selective, for exceptional teams)
• Seed: $1M-$5M (primary focus)
• Series A: $2M-$10M (follow-on from Seed)

Check Size Range: $100K-$10M

• Typical Seed check: $1M-$3M
• Typical Series A check: $3M-$10M
• Smaller pre-seed checks for category-creating founders

Lead Tendency

Imaginary Ventures demonstrates a strong lead tendency. The firm frequently leads Seed rounds in its portfolio companies and actively participates in Series A follow-ons. Co-founders Natalie Massenet and Nick Brown leverage their extensive networks and operational expertise to lead rounds, and the firm's brand recognition in the consumer space attracts strong co-investors and enables larger ownership positions.

Recent Activity and Fund Status

Fund Status: Actively deploying

Recent Notable Investments (2025):

• Hook (beauty/sustainability) - Seed, March 2025, $3M (led)
• Cafeteria (consumer intelligence platform) - Participated in 2025 funding round
• Various portfolio follow-ons supporting growth-stage companies

Fund History:

• Fund I (2018): $75M, focused on early consumer brand building
• Fund II (2020): $160M, expanded investment thesis and check sizes
• Fund III (2022): $500M, indicated confidence in consumer tech opportunity and expanded mandate to include more technology-enabled consumer businesses

Total Assets Under Management: $1.5B+

The firm has maintained active deployment throughout 2024-2025 despite broader venture market volatility, demonstrating sustained LP confidence and strong pipeline of portfolio company follow-on needs.

Portfolio Highlights

Marquee Portfolio Companies:

Fashion & Apparel:

• Glossier - Beauty brand, one of Imaginary's earliest investments, achieved unicorn status
• Skims - Kim Kardashian's shapewear brand, became category-defining
• Reformation - Sustainable fashion leader, known for DTC model
• Everlane - Radical transparency in pricing and supply chain
• Good American - Celebrity-backed premium denim
• Universal Standard - Size-inclusive apparel brand
• Khy - Contemporary apparel brand

Beauty & Personal Care:

• Kosas - Clean beauty brand
• Half Magic Beauty - Creator-focused beauty brand
• Necessaire - Luxury skincare focused on simplicity
• POV Beauty - Emerging beauty brand

Food & Beverage:

• Daily Harvest - Plant-forward frozen meals, strong DTC business
• Alec's Ice Cream - Premium ice cream with social mission
• Lucky Beverage Co - Functional beverage
• Santo Taco - Fast-casual dining
• Bero Brewing - Craft brewing
• Chacha Matcha - Matcha tea brand
• Cerebelly - Organic baby food

Pets:

• Goose - Pet care services
• Sundays for Dogs - Pet nutrition
• Smalls - Fresh pet food

Commerce Technology:

• NuOrder - B2B wholesale platform (early infrastructure play)
• Builder.io - No-code web development (enabling tech)
• GlossGenius - Beauty business SaaS platform
• Chord Commerce - Commerce platform

Web3/Future Retail:

• EON.xyz - Virtual goods and metaverse shopping

Team and Expertise

Founders:

Natalie Massenet, Co-Founder and General Partner

• 30+ years of consumer trend prediction experience as journalist, entrepreneur, and investor
• Founded Net-a-Porter in 2000, built it to $1B+ valuation with minimal external funding
• Legendary track record for discovering iconic brands early (Stella McCartney, Alexander McQueen)
• Built luxury digital commerce template that defined modern online luxury retail
• Former non-executive Co-Chair of Farfetch, Chairman of British Fashion Council
• TIME 100 honoree, Business of Fashion Hall of Fame inductee
• Made Dame Commander of the British Empire (2016)

Nick Brown, Co-Founder and General Partner

• Pioneer in direct-to-consumer brand investing since the DTC boom
• Partner at 14W Venture Partners (2011-2017), early investor in Glossier, Warby Parker, The RealReal
• Established reputation for identifying transformative brands early
• Member of Business of Fashion 500 (BoF 500)
• Respected for helping shape future of consumer and retail

Partner Team:

• Kelly Dill, Partner
• Logan Langberg, Partner
• Andrew Maxman, Partner
• Tara Campbell, Vice President

Operating Team:

• Sydney Allen, Senior Associate
• Julia Kelly, Senior Associate
• Yash Walawalkar, Analyst
• Scott Wilk, Chief Financial Officer
• Laurie Genatossio, Executive Assistant
• Allison Kast, Executive Assistant
• Sarah Carley, Administrative Assistant

Decision Process and Timeline

Decision Structure: Partnership-driven with founder involvement

• Natalie and Nick are actively involved in all investment decisions
• Partnership meetings and consensus approach
• Board-level participation in portfolio companies typical

Decision Timeline: 4-8 weeks

• Initial screening and founder meeting: 1-2 weeks
• Investment committee review and partner discussions: 1-2 weeks
• Due diligence and term sheet negotiation: 2-4 weeks
• Close: 1-2 weeks

Imaginary moves relatively quickly for early-stage investments given the partnership's experience and brand relationships.

Geographic Focus

• Primary: United States (particularly coastal markets: New York, San Francisco, Los Angeles)
• Secondary: United Kingdom, Europe
• Notable: Concentrated in major consumer markets and cultural centers

Founder and Company Preferences

Founder Preferences:

• Visionary entrepreneurs with authentic brand vision
• Founders with:
  • Design sensitivity or strong product intuition
  • Digital-first or DTC mindset
  • Ability to build culture and community
  • Diverse backgrounds (50% Fund I backed by women)
• Operational excellence combined with creative vision
• Founders who are mission-driven about sustainability, inclusivity, or social impact

Anti-Thesis:

• Copycat brands without differentiation
• Brands relying purely on celebrity endorsement without authentic product
• Unsustainable or environmentally harmful business models
• Teams without diverse perspectives
• Companies contradicting values around inclusivity and sustainability

Co-Investors and Ecosystem

Imaginary maintains strong relationships with:

• Leading consumer VCs (Collaborative Fund, First Round Capital)
• Strategic corporate investors (Bertelsmann, Farfetch)
• Angel investors and brand executives
• CPG and retail industry leaders

Notable Exits and Track Record

While Imaginary's portfolio is primarily pre-exit or growth-stage, the firm's track record demonstrates strong brand-building capabilities evident through portfolio company success and cultural impact (Glossier, Skims, Reformation all achieved cultural category leadership).

Thesis Summary

Imaginary Ventures believes that iconic consumer brands will be built by digitally-native, purpose-driven founders who combine creative vision with operational rigor. The firm partners with founders early in their journey, providing not just capital but deep expertise in brand building, customer relationships, and global expansion. Imaginary's competitive advantage lies in the founders' unparalleled track records in luxury retail and early DTC investing, combined with extensive brand relationships and cultural credibility in consumer markets.

The firm is explicitly organizing around how consumer brands will evolve in the coming decade: through more direct customer relationships, increased focus on sustainability and inclusivity, Web3-enabled retail experiences, and communities rather than pure transactional relationships. Imaginary's investments reflect bets on these structural shifts in consumer behavior and brand building.