Funko has this week finalized a deal with Alamo Drafthouse to acquire one of the most unique and beloved brands in the collectibles industry, the high-end pop culture company Mondo. While many fans around the web are understandably skeptical of the deal, the folks at Mondo are confident the acquisition will allow the company to go bigger and better than ever before.
Financial terms of the deal were not disclosed, and Funko does not expect the Mondo acquisition to have a material impact on its financial performance in 2022. About 30 Mondo employees will be joining Funko.
Mondo was founded in 2001 by Rob Jones and Tim League and was a subsidiary of Alamo Drafthouse Cinema prior to the acquisition by Funko. Based in Austin, Texas, Mondo is best known for its limited-edition vinyl records and screen-printed posters, which focus on bringing art back to music and cinema through collaborations with acclaimed artists.
"Mondo’s devoted fan base and high-end pop culture collectibles make it the perfect complement to Funko’s current portfolio of brands. By leveraging our international distribution and licensing network, we feel well-positioned to expedite the growth of the Mondo brand," said Funko Chief Executive Officer Andrew Perlmutter. "It’s an exciting opportunity to couple Mondo’s already stellar product assortment and aesthetic with Funko’s massive property library."
Tim League, Alamo Drafthouse Founder and Executive Chairman, said in a statement, "When Mondo was first forming, back when it was a 25-square-foot retail space in the abandoned ticket booth of the original Alamo Drafthouse Cinema, we had one guiding principle: seek out amazing artists, let their imaginations run wild and unfettered, and together celebrate the movies we loved. Driven by passion, Mondo's core team of creatives transformed that small ticket booth into something none of us could have ever imagined. Nineteen years into the journey, I look back at the amazing body of work that Mondo has created in posters, soundtracks, and collectibles and am truly in awe. I couldn't be more proud of the amazing team that has, over and over again, set a staggeringly high bar for imagination, quality, and beauty."
"That said, the past two years have been brutal and harrowing at Alamo and Mondo. We filed [for] bankruptcy and thankfully emerged from COVID in fighting shape, ready to continue our mission of being the best damn cinema that has ever or will ever exist. While we were closed, however, Mondo was our saving grace, the only facet of our business that kept the lights on. Now, with the dark days behind us and each weekend bringing box office successes, Alamo is seizing opportunities to grow our cinema footprint with seven new locations across the country that have been announced recently and more to come. As the company resources are focused on this growth, we realized that perhaps a bold and exciting new chapter is about to begin for Mondo."
"Over the past few months, we searched exhaustively to find a perfect partner who saw what was unique and special about Mondo and was in a position to meaningfully invest in Mondo, nurture the team, and further its reach and vision. Funko is exactly that unicorn. The team that made Mondo amazing is staying together, making the transition to Funko, and will continue their same work with the same creative vision. I am super excited about the future plans I know about, and I'm sure I will soon marvel at the work that is not yet even a lightbulb spark."
"I am very confident that, in time, folks will see this transition to Funko as nothing short of marvelous."
The Mondo team added in a statement of their own, "For 20 years, we have poured our heart and souls into this weird little thing that Rob Jones and Tim League started in a closet in the corner of an Alamo Drafthouse lobby… then out of a closet underneath the seats of a Drafthouse auditorium (seriously). Eventually, we opened our own gallery space, and even started our own convention."
"We have always loved following our passions and doing things our own way, and we’ll be forever thankful to the Alamo Drafthouse for supporting those passions and helping us grow into what we are today. But we needed a bigger boat... and that’s where Funko comes in. They understand what Mondo is today and are eager to help us become the company we want to be."
"From the outside, Mondo might seem like it is changing... but on the inside much is staying the same. We remain the same team, and our goals remain unchanged. We are still the same bunch of weirdos who share an undying obsession with popular (and maybe less popular) culture, and a craving to make cool stuff with the best artists in the world."
"We are still the same company that started in the theater lobby... only now with even more resources to support our vision. We can’t wait to show you what’s next."
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