But Ms. Griffiths also knew that female entrepreneurs still grapple with systemic bias from venture capitalists, including questions about their dedication to the business if they choose to have children. So as Knix’s investment bank, Robert Baird & Co., started the process, she drew a line in the sand. A “small number” of prospective investors were ruled out, she said.
On Tuesday, Knix is announcing it has raised $53-million in the funding round, led by New York-based private-equity firm TZP Group, and including some existing Knix investors such as Germany’s Acton Capital. Supermodel Ashley Graham has also invested. Ms. Griffiths remains the largest shareholder. Knix began with a crowdfunding campaign in 2013, to launch a line of leak-proof underwear. Knix built customer loyalty as it sold its products online in Canada and the U.S., by talking openly about the reality of women’s bodies – in contrast to industry giants such Victoria’s Secret, which for years treated menstruation and leaks as an unmentionable blight on the sexy, size-zero ideal they advertised.
“We did it just to see if customers were interested in buying broader apparel items from us, and the answer was a resounding yes,” Ms. Griffiths said.– it currently has two, in Vancouver and Toronto – was delayed by the pandemic. Knix now hopes to open roughly 20 locations, half in Canada and half in the U.S., within three years, while continuing to build brand recognition among online shoppers.