Frank and Oak, the direct-to-consumer clothing brand based out of Canada, is today announcing the close of a $16 million USD Series C funding round led by Caisse de dépôt et placement du Québec, with participation from Goodwater Capital and Investissement Québec.
Frank and Oak launched in 2012 offering personalized menswear, with a recommendations newsletter that let users shop without much thought and pay for only what they love. Since then, the company has expanded beyond the internet to 16 retail locations across Canada, in city centers like Toronto, Montreal, Ontario, Calgary, and Ottawa.
Frank and Oak has also gone beyond the old-fashioned newsletter, serving up AI-powered recommendations to members with a feature called Style Plan. Though the company won’t share specific numbers, it does admit to having ‘hundreds of thousands’ of active members.
And the company has expanded beyond menswear to include womenswear and accessories, as well. Most pieces average between $50 to $60, with a target audience between 25 and 35 years old.
The funding will go toward continued expansion in Canada, and testing more innovative product development processes.
“The greatest challenge in our space is being aware of what the consumer wants, from a product perspective,” said founder and CEO Ethan Sang. “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 total of $39.8 million, including this latest round.
By Tech Crunch