Indochino Receives $13 Million in Series B Funding

Indochino Traveling Tailor | BCBusiness

The Vancouver-based online menswear company will use the millions to build operations staff and invest in marketing

Another member of Vancouver’s ever-growing startup community is celebrating another successful round of financing.
Indochino, an online retailer specializing in custom-fitted menswear, announced Thursday that it had raised $13 million in its recent series B round of financing. The funding round was led by Highland Consumer Fund, a subsidiary fund of Cambridge, Mass.-based Highland Capital Partners that specializes in consumer-facing investments.
As part of the financing deal, HCF’s Tom Stemberg will join Indochino’s board. Stemberg will likely be a major boon to the online startup, particularly since he’s a certifiable retail exec extraordinaire, founder and former CEO of Staples and board member for successful household names such as lululemon athletica and PetSmart.
According to a news release, Indochino plans to use the funds to expand its operations and management team and build its marketing and product development efforts.
In addition to the financing award, Indochino has also announced plans to take its online success to the streets with a pop-up store. Dubbed the Traveling Tailor, the shop will be open March 22 to April 15 in one of Boston’s popular shopping districts.