Men’s trousers brand Spoke has today announced it has received £8.5m in new investment in a Series B funding round, led by BGF and supported by Oxford Capital and Forward Partners.
The money will be used to fund further tech enhancements to its “Fit Finder” platform, including the use of data scientists to enhance and improve its predictive capability, as well as data mining.
It also plans to double its business in the US market, which is currently its second largest market outside of the UK, as well as further geographical expansion. There will also be product range extensions and a step up in marketing, which includes a first TV campaign launching today.
Founder and CEO of the London based direct to consumer (DTC) menswear brand, Ben Farren, said: “I am delighted to announce our largest fund raising to date and welcome new investors BGF on board. We now have the funds to power the next phase of growth. We believe great legwear is the foundation of a great wardrobe.
“Get it right and you’ve got a spring in your step. Get it wrong, and it literally puts you off your stride. We look forward to bringing the greatest legwear on the planet to customers around the world.”
Tim Rea, who led the investment for BGF, added: “There are currently seismic shifts in retail and the menswear market – and Spoke is a clear emerging leader in the space. We were very impressed with Ben and the management team, the quality of the product and the strength of the brand that has been created in such a short period of time.
“Spoke has strong, solid foundations, trading momentum and a large market opportunity. We look forward to supporting them on the next stage of their growth.”
Founded in 2013, sales at Spoke has grown six-fold in the last three years, as the company sold some 300,000 pairs of trousers to more than 100,000 customers. The brand harnesses technology and its DTC business model to offer an unrivalled 200+ sizes of trousers, and a fit that is virtually bespoke. It has proved to be a real factor in building brand loyalty, with an impressive repeat purchase rate, as well as driving its early success in the US.
Read our recent interview with Ben Farren here.