Frank And Oak, a Canada-based clothing brand backed by media group Bertelsmann, closed a C$20m ($15.9m) round today led by pension fund manager Caisse de dépôt et placement du Québec.
Venture capital firm Goodwater Capital and consulting and financing services provider Investissement Québec also took part in the round, alongside unnamed additional institutional and private investors.
Founded in 2012, Frank and Oak designs, produces and sells clothes for men and women across 16 Canadian boutiques and its own e-commerce platform, making use of a vertically-integrated supply chain.
The funding will be used to enhance the company’s online offering, which will benefit from the addition of artificial intelligence to its personalised recommendation tool, Style Plan.
The proceeds will also support the addition of new styles and products and the strengthening of Frank and Oak’s supply chain. The company has now disclosed $32m in funding altogether.
Bertelsmann subsidiary Bertelsmann Digital Media Investments (BDMI) participated in a $5m round for Frank and Oak in 2012 that was led by VC firm Lightbank and backed by Rho Canada Ventures and Real Ventures.
Frank and Oak subsequently added $15m in a 2014 series B round led by Goodwater Capital that also featured BDMI, Investissement Québec, Lightbank, Rho Canada Ventures, Real Ventures, Greenoaks Capital, Version One Ventures and private investor John Currie.