Frank & Oak, a menswear ecommerce brand, has just raised a $15 million Series B round led by Goodwater Capital with participation from Green Oaks Capital, Investment Quebec, John Currie (of Lululemon), alongside existing investors such as Rho Canada Ventures, Real Ventures, Version One Ventures, Lightbank and Bertelsmann Digital Media Investments.
Frank & Oak is a personalized clothing retailer for men, offering lower price points by designing its own clothing and working directly with manufacturers. Tis cuts out he middle man and avoids exorbitant markups.
But where Frank & Oak really shines is its personalization features. The service sends a totally curated newsletter to you each month with designs that fit what you like to wear. Users can choose up to five items they like to be shipped free of charge, and the user can then return anything that doesn’t fit or they don’t like, paying only for what they keep.
Frank & Oak raised a $5 million Series A round back in October of 2012 and has now added quite a bit more runway to the mix with this latest investment. Founder Ethan Song says that the company isn’t yet profitable, but that the money from this round will be focused almost exclusively on growth and expansion for the company. This includes opening a new NYC office.
Within the last year, Frank & Oak has hit the 1 million member mark and experimented with brick-and-mortar options. This round only opens up even more possibilities for the menswear ecommerce company.