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Total amount raised
$68.6M
Latest funding date
2024-05-14
Location
Black Tux has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The company offers premium suits and tuxedos for both rental and purchase, catering to customers seeking high-quality formal wear.
What Is Black Tux?
Founded in 2013, Black Tux is based in Santa Monica, California. The company was established by Andrew Blackmon and Patrick Coyne. They specialize in renting and selling premium suits and tuxedos, offering a seamless online experience.
Black Tux aims to provide designer-quality attire for special occasions, with options for home try-ons and showroom visits. Their service includes a variety of styles and accessories to cater to different tastes and preferences.
With a dedicated team, Black Tux continues to grow, focusing on delivering high-quality formal wear and exceptional customer service.
How Much Funding Has Black Tux Raised?
- Seed Round (Friends, Family & Angels)
- Amount Raised: $1,000,000
- Date: 2013 (pre-institutional)
- Lead Investors: Undisclosed
- Key Participants: Dennis Phelps (Institutional Venture Partners), Susan Feldman (co-founder, One Kings Lane)
- Motivation Behind the Round: Initial capital to build the Black Tux brand and launch operations.
- Seed Round (Institutional)
- Amount Raised: $2,600,000
- Date: February 2014
- Lead Investors: Lerer Ventures (now Lerer Hippeau)
- Key Participants: First Round Capital, RRE Ventures, Founder Collective, Crosscut Ventures, Menlo Ventures, Raine Group
- Motivation Behind the Round: To disrupt the tuxedo rental market by offering higher-quality, better-fitting suits at lower prices and to build the Black Tux brand.
- Series A
- Amount Raised: $10,000,000
- Date: January 2015
- Lead Investors: First Round Capital
- Key Participants: Menlo Ventures, Raine Group
- Motivation Behind the Round: To expand the business and improve the tuxedo rental experience by offering higher-quality garments at lower rates.
- Series B
- Amount Raised: $25,000,000
- Date: September 2015
- Lead Investors: Stripes Group
- Key Participants: First Round Capital, Menlo Ventures
- Motivation Behind the Round: To continue growing the business and improve logistics for the suit and tuxedo rental service.
- Series C
- Amount Raised: $30,000,000
- Date: March 2018
- Lead Investors: TZP Group
- Key Participants: Stripes Group, Menlo Ventures, Raine Ventures
- Motivation Behind the Round: To scale operations and enhance customer experience through technological advancements.
- Private Equity Round
- Amount Raised: Undisclosed
- Date: August 2022
- Lead Investors: Undisclosed
- Motivation Behind the Round: Growth equity investment to support continued expansion of the business.
- Debt Financing
- Amount Raised: Undisclosed
- Date: May 2024
- Lead Investors: Monroe Capital (administrative agent and joint lead arranger)
- Motivation Behind the Round: Senior credit facility to support refinancing of The Black Tux, an existing portfolio company of TZP Group and Stripes Group.
Total Amount Raised: At least $68.6M based on disclosed funding (additional undisclosed rounds may increase this total).
Current Valuation: Not publicly disclosed.
Key Investors
- TZP Group
- Details: TZP Group is a New York-based private equity and growth equity firm. They led the $30 million Series C funding round for Black Tux in 2018 and remain an active portfolio backer, supporting the 2024 debt financing through Monroe Capital.
- Investment Focus Areas: Consumer, technology, business services
- Notable Investments: Xero Shoes, Saatva, Vegas.com
- Stripes Group
- Details: Stripes Group is a growth equity firm that invests in internet, software, and branded consumer products. They led the $25 million Series B funding round for Black Tux and continued to participate in the Series C and 2024 debt financing as an existing portfolio sponsor.
- Investment Focus Areas: Consumer products, technology, healthcare
- Notable Investments: Reformation, Blue Apron, Siete Family Foods
- First Round Capital
- Details: First Round Capital is a venture capital firm that focuses on seed-stage investments. They led the $10 million Series A funding round for Black Tux and joined the company's board.
- Investment Focus Areas: Technology, consumer companies
- Notable Investments: Uber, Square, Warby Parker
- Menlo Ventures
- Details: Menlo Ventures is a venture capital firm that provides capital for seed through growth technology companies. They participated in multiple funding rounds for Black Tux including the Seed, Series A, Series B, and Series C.
- Investment Focus Areas: Technology, healthcare, consumer services
- Notable Investments: Uber, Roku, Siri
- Monroe Capital
- Details: Monroe Capital LLC acted as administrative agent and joint lead arranger on the May 2024 debt financing (senior credit facility) in support of refinancing The Black Tux. Monroe has been recognized by Private Debt Investor as the 2023 Lower Mid-Market Lender of the Year.
- Investment Focus Areas: Private credit, lower middle market lending
- Notable Investments: Various lower middle market companies across sectors
- Lerer Hippeau (formerly Lerer Ventures)
- Details: Lerer Hippeau is a venture capital firm that invests in early-stage companies. They led the $2.6 million institutional seed round for Black Tux in February 2014.
- Investment Focus Areas: Consumer-facing brands, media, technology
- Notable Investments: Birchbox, Warby Parker, Casper Sleep
What's Next for Black Tux?
Black Tux stands at the cusp of significant growth opportunities. The tuxedo rental market, valued at billions, offers a vast customer base eager for high-quality, affordable options. With the potential to expand into final sales and broader men's wear, the company is well-positioned to capitalize on these trends.
Future fundraising seems likely as Black Tux continues to scale. The demand for their services and the shift towards online retail could attract more investors. However, challenges such as competition from established players and managing logistics efficiently will need to be navigated carefully to sustain growth.
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