Montreal’s men’s fashion eretailer Frank & Oak has raised $15 million in funding, led by Goodwater Capital. Green Oaks Capital, Investment Quebec, John Currie (of Lululemon) also participated in the round, along with existing investors Rho Canada Ventures, Real Ventures, Version One Ventures, Lightbank and Bertelsmann Digital Media Investments.
Frank & Oak became wildly popular with North American customers over the past few years by designing their clothes in-house, sourcing it from Chinese manufacturers and carving out its own style niche. The company told Forbes that 1.5 million active users purchased over 700,000 items in 2013, with 70 percent of the purchases coming from the United States.
It’s monthly “Hunt Club” continues to be a popular draw, where members receive monthly, curated style options sent right to their door. Whatever they don’t like, they can send back to the company postage-free.
Forbes mentioned that depsite the existence of several online men’s fashion giants- notably Everlane, ManPacks and Trunk Club- Song said “few actively target Frank & Oak’s core audience of men between 28 and 32”.