Frank and Oak, the direct-to-consumer dres brand based out of Montreal, is today announcing the close 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 policy recommendations newsletter that let customers shop without much thoughts and pay for only what they enjoy. 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.