GOT BAG North America

GOT BAG North America

Growth Stage

Beyond Bags, Backpacks, and Accessories - Empowering Fashion through Eco-Revolution

Beyond Bags, Backpacks, and Accessories - Empowering Fashion through Eco-Revolution


Raised to Date: Raised: $54,050

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Year Founded



Consumer Products, Goods & Services

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Beaverton, Oregon

Business Type


GOT BAG North America, with a valuation of $12 million, is raising funds on Wefunder. The company makes travel bags and urban lifestyle products using recycled Ocean Impact Plastic. GOT BAG has sold over 100,000 products online and to elite retailers like Saks, Free People, and REI and spans three continents with over $20 million in global net revenue in 2023. Benjamin Mandos founded GOT BAG North America in March 2023. The current crowdfunding campaign has a minimum target of $200,000 and a maximum target of $500,000. The campaign proceeds will be used for marketing and PR initiatives, supply chain optimization, partnerships and collaborations, and retail presence.

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Financials as of: 02/29/2024
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Analyst Report


As the world becomes increasingly aware of consumer goods' environmental impact, companies that blend style with sustainability are carving out a significant niche in the market. GOT BAG North America is one such company that creates travel bags, luggage, and urban lifestyle products that are fashionable and eco-friendly. Their products are crafted from recycled ocean plastic, contributing to the reduction of pollution in our oceans.

Their approach includes setting up cleanup operations in Indonesia, enabling them to create a vertical supply chain. This initiative allows them to have a tangible positive impact on the environment while providing a unique story behind their products.

Next Section: Price


GOT BAG North America is raising funds on Wefunder with a valuation cap of $12 million. Through a Simple Agreement for Future Equity (SAFE), investors will receive a 10% discount. The company's traction is impressive, with over 100,000 products sold and $1.6 million in revenue for the most recent fiscal year. This performance demonstrates strong market demand and operational execution, particularly given its presence in retailers like Saks, Free People, and REI.

The revenue multiple of 7.47 is relatively modest for a consumer goods company raising online, especially one that has shown substantial traction. This suggests that the company's valuation is reasonable compared to its revenue generation and growth trajectory.

Next Section: Market


The luggage and bags market, in which GOT BAG North America operates, is a mature and highly competitive industry valued at approximately $29.57 billion in 2024. Despite being a market with low growth rate projections (1.29% annually), the demand for sustainable alternatives within the sector is notably on the rise, driven by increasing consumer environmental consciousness. It should also be noted that GOT BAG North America is one arm of a larger international brand, significantly expanding its potential market share. Regardless, the growth potential for the market is low and very saturated.

Environmental sustainability has become a market driver, and consumers are actively seeking products that minimize ecological impact. GOT BAG North America addresses this demand with its products made from recycled ocean plastic. The company’s commitment to sustainability fulfills a market need and enhances its brand image, which is increasingly important for differentiation in a crowded market space. By aligning its products with social responsibility, GOT BAG North America has the potential to attract eco-conscious customers and improve brand loyalty.

Next Section: Team


GOT BAG North America is spearheaded by founder Benjamin Mandos, who has been with the company for over seven years. Mandos has positioned the company as a pioneer in the sustainable fashion industry, focusing on creating travel bags and urban lifestyle products from recycled oceans. Under his leadership, GOT BAG has achieved significant milestones, including over $20 million in global net revenue in 2023 and a strong retail presence with elite retailers such as Saks, Free People, and REI.

The company's commitment to sustainability is not just a marketing strategy. Still, it is embedded in its operations, with groundbreaking cleanup operations in Indonesia and a vertical supply chain that ensures a tangible positive environmental impact. This innovative approach to product development and supply chain management is a testament to Mandos' vision and the team's dedication to the company's mission.

The North America arm of GOT BAG is led by President Matthias Paisdzior. Before launching the company's North American arm, he spent five years at ISG, an information services company, in operations and finance roles. Neither he nor Mandos appears to have prior experience in the fashion industry or entrepreneurial expertise. This concern is mitigated by the traction the company has seen thus far under their leadership. 

Next Section: Differentiation


GOT BAG North America distinguishes itself in the highly competitive luggage and bags industry by prioritizing sustainability and environmental impact. Unlike traditional luggage manufacturers such as Samsonite and Away, GOT BAG focuses on creating products from recycled ocean plastic. This unique approach appeals to environmentally conscious consumers and contributes to cleaning up oceanic waste, aligning with a growing global demand for sustainable consumer goods.

With over 100,000 products sold, GOT BAG has demonstrated market traction and consumer interest in its value proposition. That said, GOT BAG faces direct competitors like Cotopaxi, Patagonia, and Rareform, which also emphasize sustainability but may not focus as exclusively on ocean plastic recycling.

Moreover, GOT BAG's strategic partnerships with high-profile retailers such as Saks, Free People, and REI enhance its visibility and accessibility to consumers who value style and sustainability. This retail strategy and a significant online presence allow GOT BAG to reach a broad audience and scale effectively.

Next Section: Performance


GOT BAG North America has demonstrated considerable traction in the consumer products sector, specifically within the sustainable goods market. The company has achieved over $20 million in global net revenue for 2023. That said, this raise is for GOT BAG North America, which brought in $1.6 million for the most recent fiscal year. This revenue is generated through both online sales and a strong retail presence, with products sold in a number of top retailers.

The company has successfully sold over 100,000 products, indicating a significant market demand for its recycled ocean plastic travel bags, luggage and urban lifestyle products. GOT BAG's commitment to sustainability is further underscored by its cleanup operations in Indonesia that have led to the collection and recycling of over 2,200,000 lbs of plastic waste, establishing a vertical supply chain that enhances its environmental impact and brand image.

Despite being in the pre-profit development phase, GOT BAG has secured partnerships with influential figures like Jason Momoa and organizations such as Coral Gardeners, which likely contribute to its brand recognition and market reach. Furthermore, the company boasts a strong distribution network, with products in elite retailers such as REI, Tillys, Free People, Urban Outfitters, Bloomingdales, Zumiez, and Huckberry. This extensive distribution network is a testament to the company's market penetration and ability to secure shelf space in a competitive retail environment.

Financially, GOT BAG North America has a cash position of $200,000, with a monthly burn rate of approximately $21,136. This suggests a runway of around nine months, assuming no additional revenue or financing is secured in the interim, which is a strong buffer. The company has previously raised $1,073,102 in funding, likely instrumental in driving its product development and market expansion efforts.

With impressive annual revenue growth of 99%, GOT BAG North America shows robust growth potential. However, the company is still in the early stages of its lifecycle. As with any startup company, scaling and maintaining long-term profitability involve inherent risks. 

Finally, when assessing the company's performance, it is important to delineate between the company's metrics and the performance of the North American arm. This raise appears to be focused on the North American segment.  

Next Section: Risk


GOT BAG North America operates in the highly competitive consumer products space, facing production, quality control, and market competition risks. The company specializes in creating products using recycled ocean plastic, which presents both a unique selling point and a possible risk if the supply chain for this material is disrupted or if the quality of the recycled material affects product quality.

Although GOT BAG has experienced significant annual revenue growth and high market acceptance, it is still in the pre-profit phase, with a net income loss reported at the end of the most recent fiscal year. This financial position indicates that GOT BAG will continue to rely on external capital to support its operations and growth strategies.

The company’s competitive landscape features well-established brands such as Cotopaxi, Patagonia, Rareform, Samsonite, and Away, which hold significant market share and customer loyalty in the travel bags and luggage industry. To compete successfully, GOT BAG will need to effectively differentiate itself and maintain its value proposition, especially as many of these brands are beginning to offer more sustainable products.

Next Section: Bullish Outlook

Bullish Outlook

GOT BAG North America's commitment to sustainability is commendable and increasingly resonates with modern consumers who are conscious of the environmental impact of their purchases. The company's approach to creating products from recycled ocean plastic positions it as a leader in the eco-revolution within the fashion industry. With over 100,000 products sold, GOT BAG demonstrates a proven market demand for eco-friendly travel bags, luggage, and urban lifestyle products.

It's impressive that GOT BAG achieved over $20 million in global net revenue in 2023, showing substantial growth since its North American establishment in 2021. The North American arm saw $1.6 million in revenue for the most recent fiscal year. This achievement is bolstered by the company's partnerships with elite retailers such as Saks, Free People, and REI, which not only testify to the brand's credibility but also expand its market reach.

Next Section: Bearish Outlook

Bearish Outlook

Despite GOT BAG North America's progressive mission and commendable commitment to sustainability, there are several bearish indicators that investors should consider. Firstly, the company operates in an extremely competitive consumer products industry, where the barriers to entry are low, and differentiation can be challenging. Competing with established brands like Samsonite, Away, Cotopaxi, Patagonia, and Rareform, which already have a strong market presence and customer loyalty, is a formidable challenge.

Additionally, the market for luggage and bags is not expected to explode soon. A stable market can be good, but it limits the upside.  Customers can be overwhelmed with choices in a crowded market, and GOT BAG is not unique in offering products made of recycled plastic. Rareform, for example, repurposes billboards to create bags and accessories.

Finally, Mandos, the founder, appears to have very little experience in the consumer goods space. The same can be said for North American President Matthias Paisdzior. 

Next Section: Executive Summary

Executive Summary

GOT BAG North America is at the intersection of fashion and sustainability. It crafts travel bags, luggage, and urban lifestyle products from recycled ocean plastic. The company has demonstrated impressive traction, with over 100,000 products sold and $1.6 million in revenue. It has also made a significant environmental impact by collecting and recycling over 2.2 million pounds of plastic waste.

With a robust retail presence through partnerships with elite retailers such as REI, Tillys, Free People, Urban Outfitters, Bloomingdales, Zumiez, and Huckberry, GOT BAG has established itself in the market. The company's commitment to sustainability is further reinforced by its partnerships with organizations like Coral Gardeners and public figures like Jason Momoa, enhancing its brand image and appeal to eco-conscious consumers.

GOT BAG North America is in the highly competitive luggage and bag market. The number of direct competitors will be one of GOT BAG's biggest hurdles as it attempts to capture more market share.  


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GOT BAG North America on Wefunder 2024
Platform: Wefunder
Security Type: SAFE
Valuation: $12,000,000

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