Canadian retailer Frank And Oak has announced the closure of a CA $20 million round of financing led by the Caisse de dépôt et placement du Québec. The round of financing was completed by other institutional and private investors, including Goodwater Capital and Investissement Québec.
These investments will allow the business to accelerate development of its digital experience and support its growth online in North America and other parts of the world. It will also go to bolster technological projects, through the implementation of artificial intelligence in its “Style Plan” program of personalized recommendations and through the development of integrated omnichannel technologies. Additionally, Frank And Oak will continue to expand its product offering and propose additional styles, while continuing to 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 chief executive officer 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.”
“While the digital transformation is now a rite of passage for retail businesses, Frank And Oak is one of the visionary companies that was a precursor of online commerce in Quebec,” added Christian Dubé, executive vice-president, Quebec of the Caisse de dépôt et placement du Québec. “We are pleased to invest in the business as it continues to innovate with technology.”