By  on December 20, 2010

Men’s online apparel firm Bonobos on Friday said it has secured $18.5 million in a third round of venture capital financing, led by Lightspeed Venture Partners and Accel Partners, along with ongoing participation from angel investors.

Jeremy Liew of Lightspeed and Sameer Gandhi of Accel will join the Bonobos board, according to the online firm. Bonobos also said proceeds will be used for marketing purposes and expanding staffing.

Andy Dunn, founder and chief executive officer of Bonobos, said, “With Lightspeed, we were especially impressed with Jeremy’s knowledge and understanding of the potential for online men’s retail to take off.…Sameer brings great experience from the board of, and Accel has a powerhouse portfolio in consumer technology across Facebook, ModCloth, Groupon and Etsy.”

Bonobos was founded in 2007. In the past three years, the firm has expanded its line from men’s pants to include suits, button-down shirts and casual apparel.

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