UNTUCKit men’s shirts get 30 million dollar funding

UNTUCKit, a retailer focused on men's casual shirts, announced on Sunday that had secured 30 million dollars in investment from venture capital firm Kleiner Perkins Caufield &Byers. This is the retailer’s first major round of fundraising.

Although the implied valuation that Kleiner Perkins's investment inferred on the company remains undisclosed, a source close to the matter cited by local media said on condition of anonymity that the transaction values UNTUCKit at more than 200 million dollars.

In a corporate release, the fashion brand explained that the new funding will help them open 15 new U.S. stores and expand into women's and children's apparel.

Mood Rowghani, a Kleiner Perkins general partner, said in a statement that UNTUCKit having both a digital and physical presence has "profound benefits to merchandising, design, marketing, and customer happiness."

Launched in 2011 in New York as an online retailer, UNTUCKit was founded by Sanandres and Chris Riccobono, two students who met at Columbia business school. The company had previously raised 200,000 dollars from friends and family.