BDMI investiert in Frank & Oak
Frank & Oak, the personalized online clothing retailer designed to making shopping easy for men, today announced the closing of its Series A round of equity financing led by Lightbank, the venture capital firm established by Groupon co-founders Eric Lefkofsky and Brad Keywell. The $5 million round also included participation from Bertelsmann Digital Media Investment and Rho Canada Ventures and a follow-on investment from Real Ventures. Frank & Oak will use this financing to deepen its personalized shopping experience for men, add to its team and expand the range of clothing and lifestyle products offered.
Co-founders Ethan Song and Hicham Ratnani started Frank & Oak in February 2012 with the mission to make shopping easy for men. The site, which offers a personalized shopping experience for men with an exclusive line of premium-quality, accessible fashions delivered to customers’ doors, has experienced double-digit, month-over-month growth since its launch. With this financing, Lightbank’s Vicki Levine will join the board of directors, which already includes co-founders Song and Ratnani and Real Ventures general partner Mark Macleod.
“Men want to look great, but they also want it to be easy and accessible, so we created Frank & Oak to solve both problems and turn the way guys shop on its head. This funding will enable us to broaden our offering and expand our reach,” said Song, CEO of the full-fledged, vertically integrated brand and designer, manufacturer and retailer of premium clothing and accessories.
“We aim to do more than just build a successful business—we are redefining the way men shop for clothes by providing targeted content and personalized recommendations,” Song said. “At Frank & Oak, we don’t overwhelm you with endless options. We show you a handful of carefully selected styles that we know you’re going to like. ”Lightbank’s support of the online clothing retailer reflects the firm’s commitment to not only to provide financial assistance, but also the time and expertise of its founders. “We look for companies that not only bring fresh and unique business models and technologies to fruition, but also those with leadership teams with the necessary determination and vision to sustain and build upon initial success,”
Lightbank’s Eric Lefkofsky said. “Ethan Song and Hicham Ratnani strongly possess these qualities.” Vicki Levine, principal at Lightbank, concurs. “Frank & Oak is at the forefront of approachable, yet fashionable and affordable clothing for men. With a menswear market of $112 billion in North America and an increasing shift from traditional retail to vertically-integrated e-commerce, Frank & Oak is well-positioned to change the shopping paradigm for the next generation of male shoppers,” she said.
For more information about Frank & Oak, visit FrankandOak.com.
About Frank & Oak
Frank & Oak gives modern men a simple and personalized way to shop for clothes online. Founded in February 2012 by serial entrepreneurs Ethan Song and Hicham Ratnani, the vertically integrated brand designs, manufactures, and sells Frank & Oak premium clothing and accessories. For more information, visit www.FrankandOak.com.
About Bertelsmann Digital Media Investments (BDMI)
BDMI is a strategic investor that brings a wealth of experience and opportunities to emerging companies. BDMI provides not only capital, but also a worldwide network of diverse businesses. Our goal is to partner with companies that can benefit from our innovative spirit and media leadership across the globe. BDMI is a wholly owned subsidiary of Bertelsmann SE & Co. KGaA. Further information can be found at: www.bdmifund.com.