Frank and Oak, the direct-to-consumer garb brand based out of Montreal, is today announcing the shut of a $16 million USD Series C funding round led by Caisse de depot et placement du Quebec, with participation from Goodwater Capital and Investissement Quebec.
Frank and Oak launched in 2012 offering personalized menswear, with a recommendations newsletter that let users shop without much thoughts and pay for only what they love. Since then, the company has expanded beyond the internet to 16 retail locatings across Canada, in city centre like Toronto, Montreal, Ontario, Calgary, and Ottawa.
Frank and Oak has also run beyond the old-fashioned newsletter, serving up AI-powered recommendations to members with specific features 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.