Vancouver-based online menswear startup Indochino revealed this morning it has raised $13 million in a Series B round of financing.
The round was led by the Highland Consumer Fund, with participation from existing investors Madrona Venture Group, Acton Capital Partners, and Jeff Mallett. According to the award-winning startup, the funding will enable it to "build a world class management and operations team and invest in marketing and product development."
As part of the investment, Tom Stemberg will join the board. He founded Staples and currently sits on the boards of several retailers including lululemon athletica and PetSmart.
“Most men need all the help they can get when shopping for their own wardrobe,” says Stemberg, Managing General Partner of Highland Consumer Fund. “By providing higher quality custom menswear at a lower cost, Indochino has revolutionized the direct-to-consumer business and become a global presence in custom menswear.”
“Over the past several years we have seen incredible growth in the world of online to offline fashion,” notes Kyle Vucko, CEO and cofounder of Indochino. “Consumers are accustomed to the convenience of online shopping, but want something more personal."
"This funding will help us expand our marketing programs and create new styles that keep our customers coming back again and again," he adds.