MODASUITE Inks Deal with Canadian Investors

MODASUITE, the Canadian online menswear retailer, has secured unspecified seed funding from Real Ventures, Anges Quebec investors and Bolidea. The Montreal-based company will use the capital for its development initiative.

PRESS RELEASE:

Montreal, April 27, 2011 – MODASUITE (www.modasuite.com), a vertically integrated online retailer of personalized and made-to-fit menswear, has secured seed financing from Real Ventures, Anges Quebec investors and Bolidea. The funding will be used to fuel its strategic expansion and support its ambitious growth plans. Mark MacLeod from Real Ventures and Martin-Luc Archambault representing Anges Quebec investors will both be joining Modasuite’s board.

“We are extremely happy to begin our working relationship with Real Ventures, Anges Quebec investors and Bolidea.” Yifeng Song, CEO and co-founder of Modasuite. “We believe that Real Ventures’ experience with e-commerce will provide us with great insight both from a customer experience and operational standpoint. In addition, Mark’s CFO experience will bring in-depth knowledge of consumer-centric services and a laser sharp focus on achieving the right growth metrics. Our current number one focus is to get clients to try our service and with Martin-Luc’s experience in online customer acquisition we are well positioned to achieve our exponential growth objectives.”

“We are very excited about the growth opportunities for Modasuite.” Said Mark MacLeod. “Modasuite is targeting a clear, and growing segment of men that want the convenience of online shopping coupled with the chance to get, unique, high quality, made to measure clothes at accessible prices”.

“We are thrilled to invest in Modasuite and to support Montreal entrepreneurs that have a grand vision” said Martin-Luc Archambault. “Modasuite makes it easy for men to take their measurements from the comfort of their home and buy designer shirts and suits online without ever having to go to a tailor. They have already proven the concept in Canada and are now ready to expand internationally.”

Modasuite was launched in 2010 with the goal of redefining the way men shop for clothes online by providing a personalized approach to both fit and style. Conceived with men in mind, the Modasuite shopping experience was designed with a focus on clothes that always fit great and time efficient shopping – All this supported by friendly customer service and a risk free purchasing policy. Modasuite has not only successfully launched a new online retail concept but a modern brand with tremendous growth potential. Starting from shirting, Modasuite has increased its customer base steadily over the past year and has expanded its product portfolio to include exclusive designer collaborations.

“With the power of today’s web technologies and all of our customer data, our long-term vision is to partner with all men to bring them clothing that is stylish and easy to wear – but above all that is easily accessible and adapted to each individual.” said Modasuite’s CIO and co-founder Hicham Ratnani.

ABOUT MODASUITE
Launched in 2010 in Montreal, Modasuite is a leader in online personalized menswear offering hundreds of styles of shirts. Targeting the urban and active gentlemen, Modasuite offers more power to the user: clients are able to browse designer products and choose between making their garments in standard sizes as well as in fully made-to-measure. For more information, please visit www.modasuite.com

ABOUT REAL VENTURES
Real Ventures is a seed venture fund based in Montreal that invests alongside great entrepreneurs from idea to exit. We like to be first money behind great teams and companies in the web, mobile, SaaS, e-commerce, gaming and digital media sectors. The team behind Real Ventures has over 67 years of combined experience in starting, funding and growing companies. For more information, please visit www.realventures.com

ABOUT ANGES QUEBEC
Anges Quebec is a network of 70 private investors that identifies, finances and coaches innovative Quebec enterprises with high growth potential. Anges Québec members invest their capital and expertise in the most promising start-up companies. In this capacity, Anges Quebec works closely with a number of Quebec leaders in the development and growth of technological innovations. For more information, please visit www.angesquebec.com

ABOUT BOLIDEA – GIVING RISE TO STELLAR COMPANIES
Bolidea is a start-up lab and accelerator with the mission of developing technology companies that provide solutions to real market problems. Bolidea’s Lab is a playground for developing and testing new ideas to see if they can be turned into stellar companies. In addition to investing in people that focus on getting things done, Bolidea provides all the resources and mentorship its start-ups need to rapidly build their products and test them in the market. For more information, please visit www.bolidea.com

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