Online custom menswear pioneer raises capital to accelerate investment in product innovation and customer experience, and to expand executive team
VANCOUVER, March 29 /PRNewswire/ - Indochino, an apparel brand and online retailer of custom menswear, announced today that it raised $4 million in Series A financing led by Madrona Venture Group, with participation from previous investor Burda Digital Ventures. With this round of funding, Indochino will accelerate investment in technology and product development, expand its executive team, and continue to grow its base of more than 17,000 customers worldwide.
"We want to bring high quality custom apparel to the masses, enabling men to get fashionable, affordable, made-to-measure clothing, anywhere in the world, in under two weeks," said Kyle Vucko, co-founder and CEO of Indochino. "To help achieve this vision, we are making significant investments in technology and customer experience across the company. We are excited to partner with Madrona Venture Group, who have backed innovative, customer-centric online retail brands like Amazon.com and Nordstrom.com, and who have expertise helping companies leverage technology to scale."
The Vancouver, BC-based company, founded in 2007, has expanded beyond its roots in men's custom suits to offer a full line of men's custom dresswear, including blazers, outerwear, dress shirts, slacks, and accessories. The company saw its revenue hit seven-figures in 2009 and grew sales 245% year-over-year in 2010 on less than $1 million in total invested capital.
"There is an incredible amount of innovation in e-commerce right now, with startups leveraging new business models, acquisition channels, and platforms to disrupt incumbents and delight customers," said Scott Jacobson, partner at Madrona Venture Group. "One of the big, disruptive opportunities in apparel e-commerce is delivering clothes that fit, feel, and look great every time, guaranteed. Indochino's unique approach to the problem, its commitment to continuous innovation on behalf of customers, and its capital-efficient business model attracted us to the company. We think they have an opportunity to be a disruptive force in online apparel, and we look forward to partnering with Kyle, Heikal and team to achieve their vision."
Indochino sells stylish, customizable and accessible menswear, with more than 17,000 customers in 60 countries. Indochino translates the latest fashion trends into everyday, affordable styles that every man can relate to and enjoy wearing. While traditional fashion brands release new lines two to three times a year, Indochino introduces a new collection every month, ensuring that its customers will always have access to fresh product and the latest styles. For more information on Indochino or to preview its latest collection, go to: http://www.indochino.com.
Indochino is the pioneer and global leader in online custom menswear, making fashion accessible for every man. Indochino lets any man regardless of size, budget or location measure customize and order a high fashion, made to order and affordable suit in as little as 10 minutes. Co-founded in 2007 by Kyle Vucko, CEO, and Heikal Gani, chief creative officer, Indochino offers an ever-changing assortment of both classic and fashion-forward suits, shirts, and outerwear- all with an unparalleled number of customization options, delivered faster than anyone else in the industry. The company is headquartered in Vancouver, BC. To learn more about Indochino, visit www.indochino.com. To receive updates on Indochino's latest collections and style services, join Indochino on Facebook at www.facebook.com/indochino or follow Indochino on Twitter at www.twitter.com/indochino.
About Madrona Venture Group
Madrona Venture Group (www.madrona.com) has been investing in early-stage technology companies in the Pacific Northwest since 1995 and has been privileged to play a role in some of the region's most successful technology ventures. The firm invests across the information technology spectrum, including consumer Internet, commercial software and services, digital media and advertising, networking and infrastructure, and wireless. Madrona currently manages nearly $700 million and was an early investor in companies such as Amazon.com, Nordstrom.com, Farecast.com and ShareBuilder.