Montreal-based Frank And Oak has raised $20 million CAD as it looks to grow its business both in-store and online.
The funding was led by the Caisse de dépôt et placement du Québec, and includes other institutional and private investors, including Goodwater Capital and Investissement Québec. The company wants to use the funding to accelerate development of its online experiences, and support its growth both in North America and across the world. Frank And Oak is hoping to improve its product offerings and invest in its supply chain, and provide a more unified experience between online and brick-and-mortar customers.
The company said it wants to implement artificial intelligence in its Style Plan program, a subscription-based service that allows users to purchase items tailored to them based on past purchases.
Frank + Oak also plans to expand its product offering, create new styles, and invest in its supply chain.
“Frank And Oak is extremely proud to have obtained the support of exceptional investors in this round of financing led by the Caisse de dépôt et placement du Québec,” said Ethan Song, co-founder and CEO of Frank And Oak. “Our alliance with this strong institution and our other key partners demonstrates the level of confidence in our business. We are dedicated to the idea of investing in a technology that is redefining retail and transforming the shopping habits of tomorrow’s consumers.”
The company also announced new additions to its executive team. Éric Simon, who was most recently vice president of finance at Fibrenoire, has joined Frank And Oak with 20 years of corporate finance experience behind him.
Frédéric Boivin, the company’s new VP of merchandising, has acted as VP at retail brands like Dynamite, Laura, and Penningtons, while new national sales manager Brad Evans has experience as a district manager at companies like Reitmans Canada, Danier Leather, and Aeropostale. Joanne Nemeroff, who has been president of Limited Brands Canada and La Senza, now serves on the board of directors of Frank And Oak.
“While the digital transformation is now a rite of passage for retail businesses, Frank + Oak is one of the visionary companies that was a precursor of online commerce in Quebec,” said Christian Dubé, executive VP of the Caisse de dépôt et placement du Québec. “We are pleased to invest in the business as it continues to innovate with technology.”
This story was originally published on BetaKit.