Frank and Oak secures Series D financing led by CDPQ and IQ – Update

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By Ted Liu

Modasuite Inc., dba Frank and Oak, has completed a $20.1 million Series D financing led by Caisse de dépôt et placement du Québec (CDPQ) and Investissement Québec (IQ).

Existing investors, Goodwater Capital, Real Ventures, Campfire Capital, RHO Canada Ventures, Innovation Group Investors, GCM-FAO LLC, also participated in the financing.

The financing closed in two tranches in July and August.

With the closing of the financing, CDPQ replaced Goodwater Capital as the largest investor, and IQ became the third largest investor.

André Petitclerc, Director of Investments from IQ, and Marc Baillargeon, Operating Partner from CDPQ, along with John Stokes from Real Ventures, have joined Modasuite board. Roger Chabra from Rho Canada Ventures and John Currie from Campfire Capital resigned as directors. Modasuite board also includes two co-founders, Yifeng Song and Hicham Ratnani.

Osler, Hoskin & Harcourt LLP acts as legal counsel to Modasuite

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