Mo­dacruz Raises $2M in Se­ries B Fund­ing Round

Arabnet - The Quarterly - - Industry Stories -

Mo­dacruz, the mo­bile mar­ket­place of sec­ond-hand women fash­ion items in Turkey raised $2M in a Se­ries B in­vest­ment round led by MENA VC firm, Mid­dle East Ven­ture Part­ners (MEVP), in June. Hum­ming­bird and Nevzat Ay­din also sub­scribed to the fundrais­ing. The com­ple­tion of the Se­ries B in­vest­ment round marks the third fund­ing round by Mo­dacruz, which was seeded by As­lanoba Cap­i­tal in July 2014. The pro­ceeds of the lat­est round will fund the next phase of user ac­qui­si­tion and fur­ther ex­pan­sion of Mo­dacruz in Turkey. The in­vest­ment will also be used to grow the com­pany’s over 3M listed items. Founded by Turk­ish en­tre­pre­neur Melis Guc­tas and backed by its share­hold­ers, Mo­dacruz quickly built a large cus­tomer base and in­ven­tory. In the last three years, Mo­dacruz has grown its cus­tomer base to 1M women, sus­tain­ing an av­er­age or­der value of $30, which is two times higher than fash­ion e-com­merce’s AOV in Turkey.

Newspapers in English

Newspapers from Lebanon

© PressReader. All rights reserved.