Investment firm BGF, formerly known as the Business Growth Fund, has led a £8.5 million investment into menswear brand Spoke.
The funding is supported by existing shareholders Forward Partners, Oxford Capital, and 24 Haymarket.
The new funds will be used to accelerate growth in technology, product innovation, brand building and international expansion.
Spoke uses machine learning tools to create a wide size range of trousers and its proprietary ‘Fit Finder’ tool promises to find a customer’s perfect size in 60 seconds or less.
Ben Farren, Founder and CEO of Spoke, 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.”
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. Spoke has strong, solid foundations, trading momentum and a large market opportunity.”