Frank & Oak a personalized online clothing retailer for men, has raised $5 million in funding from Lightbank with participation from BDMI, Rho Ventures Canada and Real Ventures.
Frank & Oak, which was founded in February, aims to provide a personalized shopping experience for men. Guys can visit the site and enter their clothing preferences. Once a month you get an email newsletter with a list of items for sale, curated to your interests. You select up to five items, which are then shipped to you free of charge. The ones you don’t like, or that don’t fit, you send back, and you pay for the ones you keep.
The company says it has experienced double-digit, month-over-month growth since its launch.
What makes Frank & Oak different from Trunk Club, which as a similar model, is that the startup designs the clothing, and it has direct relationships with the manufacturers. Because of this, Frank & Oak can offer its inventory at a relatively low-price price point. Shirts cost about $40 and accessories cost about $25.
Frank & Oak will use the funding to further develop personalized products, hire more staff and expand the range of clothing and lifestyle products offered.