UNTUCKit, a retailer focused on men's casual shirts that are designed to be worn untucked, has raised $30 million from venture capital firm, Kleiner Perkins Caufield &Byers, in the company's first major round of fundraising.
The funding will help UNTUCKit open 15 new U.S. stores and expand into women's and children's apparel.
Aaron Sanandres, CEO, UNTICKit, said, "We always knew we would have a physical presence since a large percent of male consumers still are uncomfortable shopping for a new brand digitally."
Mood Rowghani, General Partner, Kleiner Perkins, said, "UNTUCKit having both a digital and physical presence has profound benefits to merchandising, design,marketing, and customer happiness."
According to Sanandres, "UNTUCKit is looking to open 100 stores over the next five years, and is in discussions with mall developers Simon Property Group Inc, Macerich Co and Taubman Centers Inc about these plans."