Funko, less than a year after acquiring high-end collectibles brand Mondo, has wound down Mondo’s movie-poster business and let go several employees — including Mondo co-founders Mitch Putnam and Rob Jones, Variety has confirmed.
Mondo, based in Austin, Texas, was founded in 2001 and was previously a subsidiary of indie theater chain Alamo Drafthouse before Funko’s deal to buy it last year. Mondo had gained a strong following for its limited-edition screen-printed movie posters. Notable artists who worked with Mondo on its posters have included Olly Moss, Shepard Fairey, Ken Taylor and Kevin Tong. Sources said that Mondo’s vinyl records and collectibles businesses are intact.
In addition to Putnam and Jones, Mondo senior creative director Eric Garza also has been laid off. In response to the news, actor Elijah Wood tweeted, “This truly horrendous news. I’m in shock. What have you done @OriginalFunko?”
Reps for Funko did not respond to requests for comment. The news was first reported by TheWrap.
Mondo had about 30 full-time employees when Funko acquired the company. Funko had said it intended to run Mondo the way it has managed Loungefly, the apparel and accessories brand it acquired in 2017, with the idea it would integrate Mondo into common back-end functions where applicable.
“Mondo’s devoted fanbase and high-end pop culture collectibles make it the perfect complement to Funko’s current portfolio of brands,” Funko CEO Andrew Perlmutter said last year when the deal was announced. “By leveraging our international distribution and licensing network, we feel well positioned to expedite the growth of the Mondo brand.”
In 2022, Peter Chernin’s Chernin Group led a consortium of investors including Bob Iger that paid $263 million to acquire a 25% stake in Funko.