The hunt for the first suit may be a rite of passage for men, but for Kyle Vucko it was more of a tribulation. While a University of Victoria student years ago, he wanted to look sharp at a conference. He was quickly disenchanted with out-of-reach prices and uninspiring cuts. He and his classmate and current business partner, Heikal Gani, decided to do something about it. “We assumed there were other guys out there like us.”
They were right. Since writing their business plan in 2006, they’ve recruited more than 100 employees and raised $18-million to make their vision come true: to make custom suits accessible for young men like them, while avoiding the trap of snotty sales staff and price tag paralysis.
In the same way Mr. Vucko needed money to transform his wardrobe from cheap to chic, his business needed to go from bootstrapped to investor-backed to prosper. “Venture funding enables you to grow your biz ahead of the curve.”
But beware, wary entrepreneurs: a trip to the market isn’t for the faint of heart. Indochino didn’t jump into last year’s Series B without a lot of deliberation.
“Fundraising is a full-time job,” Mr. Vucko says. “You’re already, typically as a CEO or founder, living a full time-plus life running the company.”
Here are some tips from Mr. Vucko and other founders whose startups were among those that attracted the highest amount of investment dollars in Canada last year.
Original Source: Financial Post