Modacruz Raises Series B Financing led by Middle East Venture Partners; Total of $5M Raised to Date

Business

Modacruz Raises Series B Financing led by Middle East Venture Partners; Total of $5M Raised to Date

Modacruz, the leading mobile marketplace of second hand females fashion products in Turkey, introduced today that it has actually increased $2 million in a Collection B financial investment round led by Middle East Venture Partners(MEVP), the leading venture capital firm in MENA. Hummingbird and Nevzat Aydin additionally subscribed to the fundraising.

The completion of the Series B financial investment round investment the third effective fundraise by Modacruz, which was seeded by Aslanoba Resources in July 2014.

The proceeds of the most recent round will certainly fund the following stage of customer acquisition and additional development of Modacruz in Turkey. The financial investment will certainly also be utilized to grow the company's over 3 million detailed products, which is presently the largest noted supply of used women fashion things in Turkey.

Founded by Turkish business entrepreneur Melis Guctas and backed by its investors, Modacruz rapidly developed a big consumer base and inventory. In the last three years, Modacruz has grown its consumer base to 1 million women, maintaining a typical order worth of $30, which is 2 times more than fashion e-commerce's AOV in Turkey.

Melis Guctas Esin, Founder & Ceo of Modacruz, commented: "When we launched Modacruz, used style idea was not just a nonexistent society, but likewise a frowned on amongst Turkish women. We accomplished to turn this around and had hundreds of thousands of ladies experience second hand fashion initial hand. We're now focused on cultivating second hand style as a culture via our strong community of women, and transforming style into a shared experience by enabling females to empower each various other. We're delighted to welcome MEVP as a partner, and feel extremely happy to have not just one of the most respected VCs yet also the most effective entrepreneurs in Turkey as our investors."

Commenting on the investment, Walid Mansour, Partner and Chief Investment Officer at MEVP, stated: "We are extremely thrilled to invest in Modacruz and join its family members. Under the management of Melis, the company's team has done an impressive task in constructing its reputation as the reliable pre-owned style marketplace leader in Turkey and we are favorable about its future potential customers. We, at MEVP, take pride in supporting the very best, brightest and innovative entrepreneurs, who bring fresh suggestions and passionately pursue them, developing new business versions and market experiences."