US-based men’s clothing producer Bonobos closed a $55m series D round yesterday featuring fashion retailer Nordstrom, which participated as an existing investor.
The latest round was led by Coppel Capital and also included Accel Partners, Lightspeed Venture Partners, Mousse Partners, Glynn Capital Management, Forerunner Ventures, and Felicis Ventures.
Launched in 2007, Bonobos initially focused its product offering around a range of better-fitting men’s pants, but has since diversified into a wider menswear range, women’s clothing and golf apparel.
Although it initially existed only as an online brand, Nordstrom was the first brick-and-mortar store to carry Bonobos clothing offline.
Nordstrom stuck the deal shortly before it led a $16.4m round for Bonobos in 2012, subsequently participating alongside all of the investors in the current round, except Coppel, in Bonobos’ March 2013 series C round, which raised $30m. Bonobos has raised more than $127m since it was founded, according to SEC filings.
Bonobos plans to use the series D cash to support a quadrupling of its offline presence by the end of 2016, after opening its 10th Guideshop store in Los Angeles.
The Guideshops allow customers to try on clothes in person and make assisted purchases that are fulfilled online. Bonobos estimates they have allowed it to halve its online marketing costs.