Frank and Oak picks up $16 million Sequence C
Frank and Oak, the direct-to-consumer clothes model primarily based out of Montreal, is in the present day saying the shut of a $16 million USD Sequence C funding spherical led by Caisse de dépôt et placement du Québec, with participation from Goodwater Capital and Investissement Québec.
Frank and Oak launched in 2012 providing customized menswear, with a suggestions e-newsletter that permit customers store with out a lot thought and pay for under what they love. Since then, the corporate has expanded past the web to 16 retail areas throughout Canada, in metropolis facilities like Toronto, Montreal, Ontario, Calgary, and Ottawa.
Frank and Oak has additionally gone past the old style e-newsletter, serving up AI-powered suggestions to members with a characteristic known as Type Plan. Although the corporate gained’t share particular numbers, it does admit to having ‘hundreds of thousands’ of lively members.
And the corporate has expanded past menswear to incorporate womenswear and equipment, as properly. Most items common between $50 to $60, with a audience between 25 and 35 years outdated.
The funding will go towards continued growth in Canada, and testing extra modern product improvement processes.
“The greatest challenge in our space is being aware of what the consumer wants, from a product perspective,” mentioned founder and CEO Ethan Music. “How are trends changing in fashion? How are trends changing with consumers? Our challenge is to stay ahead of that, and AI and personalization gives us an edge.”
Frank and Oak has raised a complete of $39.eight million, together with this newest spherical.