November 27, 2019
Toronto-based women’s undergarments start-up, Knix Wear Inc., has raised $5.7 million in financing, as reported in The Globe and Mail. The financing round was led by German venture capital firm Acton Capital, who has previously backed Canadian based start-ups AbeBooks, Chefs Plate, and Indochino.
Knix Wear has raised little institutional funding to date, as founder and CEO Joanna Griffiths has turned down offers from other venture capitalists wanting to invest in the e-commerce start-up. However, with the company positioned to exceed $50 million in sales in 2019, Griffiths has decided that it is time to “really invest and level up for the next chapter of growth”.
The start-up prides itself in selling “body-positive” undergarments to women. Griffiths stated that Knix Wear “wanted to create an environment where women can fell truly comfortable in their skin and celebrate their bodies exactly as they are”. Knix Wear makes the majority of its sales through its e-commerce platform, but has opened stores in cities such as Vancouver and Toronto.
2019 has proved to be a successful year for body-positive undergarment companies. San Francisco-based ThirdLove raised US$55 million in venture capital, and New York-based Lively was acquired by Wacoal International Corp. for US$85 million.
Author: Matt McDonald