Menswear brand secures £8.5m Series B funding for international expansion

A direct-to-consumer menswear brand is set for further growth after closing a multi-million pound investment round.

Spoke has secured £8.5m in a Series B funding round led by BGF, with participation by existing shareholders Forward Partners, Oxford Capital, and 24 Haymarket.

An adopter of the direct-to-consumer model, Spoke’s proprietary ‘Fit Finder’ tool uses machine learning in a bid to provide the most accurate fit for customers.

The funds will be used to accelerate the brand’s international expansion, as well as investing in technology, innovation and brand building.

Commenting on the announcement, Spoke founder and CEO Ben Farren said: “I am delighted to announce our largest fundraising to date and welcome new investors BGF on board.

“We now have the funds to power the next phase of growth.”

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. This was most evident in brand loyalty, with an astonishing repeat purchase rate, and early success in the US.

“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.”