Funko includes cult pop culture brand Mondo in its merch mix.
Under a deal with indie theater chain Alamo Drafthouse, Funko acquired Mondo, which makes and sells records and soundtracks, posters, toys, clothing, books, games, and other collectibles. Around 30 Mondo employees are moving to Funko.
The financial terms of the deal aren’t disclosed, but it’s obviously not massive. Funko anticipates that the Mondo acquisition will not have a material impact on its financial performance in 2022.
Based in Austin, Texas, Mondo was founded in 2001 by Rob Jones and Tim League and was previously a subsidiary of the Alamo Drafthouse. Mondo is best known for its limited edition records and screen printed posters, which focus on bringing the art back to music and cinema through collaborations with renowned artists.
Mondo’s relatively niche offerings complement Funko’s vinyl figures, action toys, and other products it makes under licensing deals with companies like Disney, Marvel, Lucasfilm, Warner Bros., NBCUniversal, Netflix, Epic Games, Blizzard Entertainment, the NFL, and the NBA .
Funko CEO Andrew Perlmutter told Variety the deal for Mondo was finalized the week after Memorial Day.
“Mondo’s devoted fanbase and high-end pop culture collectibles make it the perfect addition to Funko’s current brand portfolio,” he said. “By leveraging our international distribution and licensing network, we feel well positioned to accelerate the growth of the Mondo brand.”
Recent and upcoming Mondo releases include a Rick and Morty deluxe figure set ($150), Hans Zimmer’s Dune soundtrack on vinyl ($40), a Wizard of Oz three LP soundtrack ($80), a Hulk: Grand Design poster ($60) and a two-LP Fight Club soundtrack by The Dust Brothers ($35; sold out).
The deal comes after Funko attracted a new group of shareholders last month: Peter Chernin’s Chernin Group led a consortium of investors – including former Disney CEO Bob Iger – who invested $263 million to acquire a 25- paid a percentage stake in Funko.
Tim League, Founder and Chief Executive Officer of Alamo Drafthouse, said in a statement, “Over the past few months we have searched extensively for the perfect partner who recognized what was unique and special about Mondo and who was able to invest wisely in Mondo. nurture the team and foster its reach and vision. Funko is that unicorn.” He added, “The team that made Mondo great stays together, making the transition to Funko and will continue to work with the same creative vision.”
For his part, Mondo commented, “We’re 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.”
According to Perlmutter, Funko intends to run Mondo as it did Loungefly, the clothing and accessories brand acquired in 2017: “Mondo will operate as a unique brand in the portfolio, progressively integrating into common back-end functions where it increases efficiency or makes sense.”
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