Montreal based men’s clothing start-up, Frank & Oak, has successfully secured $5 million in funding from Venture Capitalists in Canada and the United States. The first round was led by Lightbank and investors included big names Rho Ventures and Real Ventures Canada.
The Frank & Oak model grabbed the attention of VC firms because of its unique concept. The young company is a vertically integrated online retail store that allows users to join and then tell the company what they want to buy. The firm then takes in the data from all their users and designs and manufactures original clothes. The items are then sent out to their users through a newsletter. The mailed content only contains items that have been edited to fit the user’s preferences.
The Canadian start-up has its roots in another start up named Modasuite. There are several similarities between the two firms but the previous company shut down. Modasuite’s target audience was different from the one Frank & Oak is looking capture, something the company and its investors hope provides a bright and burgeoning future.
Frank & Oak is also banking on the fact that the ease of use and level of user input will keep the buyers of men’s clothes engaged. The company is also offering free shipping and hassle free returns. The idea is to attract male shoppers that do not want to waste time shopping and go straight to clothes that they want and order them right away. Frank & Oak seems to be working and according to reports the website is seeing double-digit growth every month since it started in February.
Source: TechVibes
Canadian Music Aggregator Startup MyMusic.Com Starts With $1 Million Investment Round
Samsung Gives World First View Of Galaxy S III Mini In Frankfurt
Lunches So Good Kids Can’t Ignore Them
Invigorating Ginger Smoothie
The U.K.’s Youngest Parents Ever
The new hair Jennifer Lawrence