Knix, the Canada-based direct-to-consumer intimate apparel brand, has closed on a US $ 40 million funding round led by TZP Group.
TZP Group, which is a private equity firm, reportedly, received a minority stake in Knix.
Notably, the funding round also saw contribution from its existing investors that included Acton Capital. Besides, entrepreneur Ashley Graham also contributed to the same.
The intimate apparel brand said that it will be using the fund to help support product innovation, brand building and, importantly, expanding its North American fleet.
The investment is also planned to be used for Knix’s virtual fit programme.
What’s noteworthy here is that Knix closed on this funding round in the wake of strong growth. The company said that it is highly profitable and has a five-year average yearly growth rate of 150 per cent.
Knix is now aiming to soon generate revenue more than US $ 100 million.
The company is now focused to launch products and add more stores and therefore it decided to raise the aforementioned capital to drive that growth.
Founded in 2013, Knix was recently named the 6th fastest growing company in Canada with over 3,800 per cent 3-year growth.
