Mizzen + Main CEO and Founder Kevin Lavelle has called an owner’s meeting. A unique call as Lavelle admitted “we have no institutional investors, and no one asked for the meeting.” The company, which aims to create menswear that feels good and looks great- boasts all products cut and sewn in the United States. It is loved by Mark Cuban and J.J. Watt, and recently landed $3 million funding. The funding will be used to grow cash reserves, marketing, hire additional staff, and offer new inventory.
Lavelle has invited all of Mizzen + Main’s investors to converge onto Dallas for the first annual owners’ meeting. The goal is to buck the startup trend, with startups tending to not share information, unless absolutely necessary. Lavelle believes that this lack of communication is to the detriment of the startup. He offers up his own experience with one of Mizzen + Main’s angel investors in New York City. The investor already knows the ins and outs of Lavelle’s company. During the one-hour meeting, Lavelle got him caught up to speed. He gained strategic introductions, discussed future plans, and strategized; an invaluable resource.
The company has no institutional investors, with the exception of a quasi-institutional fund, Vegas Tech Fund, who offered Mizzen + Main useful tips after their first major fundraising round. The tip that inspired this meeting? To send updates to your investors, the more information that they have the better they can help you. Keeping his investors informed has had incredible benefits. When Lavelle decided to raise another round of funding, he sent out a seven page update that expanded upon the previous quarters’ update, and 50% of the round was filled by existing investors.
The owner’s meeting is an opportunity for Lavelle to fill in those who have supported his company with updates and information. It also provides an opportunity to encourage more investor participation and assistance. For a man who has carefully cultivated his brand, and who does not offer discounts but has incredible brand loyalty, it is not shocking that he would focus on the investors that help support his business to better build his business.