Modacruz Raises $2M in Series B Funding Round
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.