On the Street: Indochino's suits get boost, Beirut Express restaurant closes

Indochino raises $13 million in fresh financing

Indochino, an online retailer specializing in custom-fitted men’s suits and started by a couple of University of Victoria business students, has raised $13 million in a round of financing, according to BC Business magazine. The funding round was led by Highland Consumer Fund, a subsidiary fund of Cambridge, Mass.-based Highland Capital Partners that specializes in consumer-facing investments. The deal will see HCF’s Tom Stemberg joining Indochino’s board. Stemberg is the founder and former CEO of Staples and on the the boards of Lululemon and PetSmart. Indochino, launched by Kyle Vucko and Heikal Gani in 2006 after the UVic students had trouble finding good-fitting suits, plans to use the funds to expand its operations and management team and build its marketing and product development efforts. Indochino is headquartered in Vancouver with 55 employees and sells suits online into more than 60 countries.

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White Knight helps cause

Victoria’s White Knight Painting Ltd. is riding to the rescue of another worthwhile cause. The Victoria Brain Injury Society is the winner of this year’s charity giveaway by the local company. It will receive $3,000 worth of painting and repair services to a programming room designed to provide a comfortable space for brain injury survivors. Work will start April 2. The room is one of the non-profit organization’s hubs, providing a space for brain injury survivors to connect with others through peer counselling and other programs. “Over the past two years the number of brain injury survivors accessing our services has more than doubled,” said Nicole Nelson, director of resource development at the VBIS. “It is only with the help of generous businesses like White Knight Painting that we can continue to provide these individuals with the support they so desperately need.” Past recipients of White Knight’s charitable paint-and-repair work include Bridges for Women Society, Single Parent Resource Center, Cridge Transition Centre for Women and MacDonald House. “We feel that it’s important to give back to our community,” said Bob Fuchs, president of White Knight Painting.

 

Eatery closes

Beirut Express, the first restaurant dedicated entirely to Lebanese food, has closed its doors. The eatery on Fort Street opened in July 2010.

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