Spoke, the popular digital men’s fashion brand, has recently achieved a significant milestone by securing £5 million in a crowd-funding round on the Seedrs platform. This influx of funds will allow the company to further capitalize on its current strong momentum and strive towards its ultimate goal of becoming the world’s foremost personalized menswear brand. Notably, Spoke’s second-largest market is the United States, and the brand intends to amplify its growth in this region.

CEO Ben Farren has expressed his excitement about the post-pandemic recovery and the normalization of work and social trends, which have contributed to the company’s remarkable year-on-year growth rate of over 60%. With the assistance of the raised capital, Spoke aims to accelerate its progress in international markets, particularly in Europe and the US.

As part of its expansion plans across Europe, Spoke has recently inaugurated a distribution center in Germany, enabling enhanced delivery capabilities. Financially, the company is surpassing its full-year target, with year-on-year gross revenue surging by more than 60% to exceed last year’s £17 million.

Spoke sets itself apart within the custom-made, on-demand sector through the utilization of its proprietary machine-learning algorithm called ‘Fit Finder’. This innovative algorithm matches customers with products and offers customized finishes in over 400 size options across its legwear ranges, taking various parameters into account such as leg length, waist, and build.

This recent crowd-funding round follows Spoke’s previous successful funding round in 2019, which raised $10.7 million and was led by Forward Partners and Business Growth Fund. Oxford Capital, an existing investor, also participated in this round, alongside Forward Partners, BGF, and 24 Haymarket.

David Mott, the founding partner of Oxford Capital, praised Spoke for its successful adaptation to changing consumer needs and expressed optimism about the company’s future growth. Clement Bigot, Seedrs senior investment manager, highlighted the resounding success of Spoke’s crowd-funding campaign, with over 1,500 investors participating, making it the most successful campaign on the Seedrs platform in 2022 to date.

Overall, Spoke’s triumphant crowd-funding round serves as a solid foundation for its ongoing expansion and reaffirms its position as a prominent player in the personalized menswear market. With its innovative approach and impressive growth trajectory, Spoke is poised to attract an even larger customer base and attain remarkable success in the years ahead.

Useful links:
1. https://www.spoke-london.com/ (Official website of Spoke)
2. https://www.seedrs.com/ (Seedrs platform)