Online menswear brand, Spoke, raises $1.8m in funding round led by Oxford Capital
UK-based startup Spoke, an online clothing brand making better fitting menswear, has closed a $1.8m funding round. The round was led by VC firm Oxford Capital, with Forward Partners, Seedcamp and a number of angel investors.
Launched by entrepreneur Ben Farren in 2014, Spoke has carved out a sweet spot between ‘bespoke’ and ‘ready to wear’, cutting clothes in more sizes and finishing them to order, for a flawless fit.
SPOKE grew five times in 2015, and trebled revenues again in the first half of 2016. The company website, Spoke-London.com, serves 500,000 visitors annually – and in total, the business has sold more than 30,000 pairs of chinos in 30 countries around the world.
The $1.8m capital injection will enable the business to develop and grow its product range and extend its reach to global shoppers.
Ben Farren, Founder and CEO of Spoke, comments: “At SPOKE, we’re using a digital platform to build a better, smarter menswear brand. We think that fit comes first, and that traditional retailers and brands do a terrible job of delivering it. We’re hugely excited by the difference we can make in men’s fashion – and this investment will allow us to bring our fit focus to new product categories, and expand the reach of our marketing to a host of new customers’
Tom Bradley, Partner at Oxford Capital says: “Ben’s passion, vision and drive have created an innovative and exciting menswear brand, responding to a massive consumer need. Spoke is leading the way in using in using technology to deliver tailored menswear to consumers in a new, better and more efficient manner, in the same way that Uber has used technology to revolutionise the taxi trade. Oxford Capital is confident that Ben and his team will continue to deliver very strong growth, and we are looking forward to seeing the company develop over the coming years.”
Fit comes first. It makes no sense to churn through styles and chase trends if you are not offering real choice in sizes – because clothes that don’t fit never look good. Clothes should wear in, not out… like all the best things. There are no shortcuts: it takes quality ingredients and proper craftsmanship to make this happen. Always Be Testing. The fashion cycle is a 20th century relic. Instead of dropping huge collections, twice a year, we release and test new products and variations every single month. Less is more. We’re firmly in the ‘do one thing well’ camp – so we take on one category at a time, and we edit ruthlessly. Only products that are truly loved stay on trend.
Source: Oxford Capital Press Release