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Groupon founders’ Lightbank leads Series A round for Frank & Oak

12 Oct 2012

Lightbank, the venture capital firm established by Groupon co-founders Eric Lefkofsky and Brad Keywell, has led a $5m Series A funding round for online men’s clothing retailer Frank & Oak.

The round also included participation from Bertelsmann Digital Media Investment and Rho Canada Ventures and a follow-on investment from Real Ventures.

Frank & Oak said it will use the financing to deepen its personalised 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 this year with the mission of making shopping easy for men.

The site, which offers a personalised shopping experience for men with a line of fashions delivered to customers’ doors, has experienced double-digit, month-over-month growth since its launch.

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,” said Song.

“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 personalised recommendations.

“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 principal Vicki Levine added, “With a menswear market of $112bn 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.”

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