Modacruz Raises Series B Financing Led by Middle East Venture Partners; Total of $5M Raised to Date
ISTANBUL and DUBAI, UAE, June 19, 2017
ISTANBUL and DUBAI, UAE, June 19, 2017 /PRNewswire/ —
Modacruz, the leading mobile marketplace of second hand women fashion items in Turkey, announced today that it has raised $2 million in a Series B investment round led by Middle East Venture Partners (MEVP), the leading venture capital firm in MENA. Hummingbird and Nevzat Aydin also subscribed to the fundraising.
(Photo: http://mma.prnewswire.com/media/524720/Melis_Guctas.jpg )
(Photo: http://mma.prnewswire.com/media/524721/Walid_Mansour.jpg )
The completion of the Series B investment round marks the third successful fundraise 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 three million listed items, which is currently the largest listed inventory of pre-owned women fashion items in Turkey.
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 one million women, sustaining an average order value of $30, which is two times higher than fashion e-commerce’s AOV in Turkey.
Melis Guctas Esin, Founder & Chief Executive Officer of Modacruz, commented: “When we launched Modacruz, second hand fashion concept was not only a nonexistent culture, but also a taboo amongst Turkish women. We achieved to turn this around and had hundreds of thousands of women experience second hand fashion first hand. We’re now focused on cultivating second hand fashion as a culture through our strong community of women, and turning fashion into a shared experience by enabling women to empower each other. We’re excited to welcome MEVP as a partner, and feel very proud to have not only the most prestigious VCs but also the most successful entrepreneurs in Turkey as our investors.”
Commenting on the investment, Walid Mansour, Partner and Chief Investment Officer at MEVP, said: “We are very excited to invest in Modacruz and join its family. Under the leadership of Melis, the company’s team has done an impressive job in building its reputation as the undisputable second hand fashion marketplace leader in Turkey and we are bullish about its future prospects. We, at MEVP, take pride in supporting the best, brightest and innovative entrepreneurs, who bring fresh ideas and passionately pursue them, creating new business models and marketplace experiences.”
Modacruz is a mobile social marketplace, serving more than 1 million women in Turkey, enabling women to buy and sell pre-owned brand name fashion items. Users can sign up to the platform to either find and purchase products or to sell their own. Modacruz was launched in 2014 and is headquartered in Istanbul.
About Middle East Venture Partners (MEVP):
Middle East Venture Partners (MEVP) is a leading, Dubai based, MENA-focused venture capital firm that invests in the early and growth stages of innovative companies, run by talented entrepreneurs primarily in the MENA region. MEVP has more than $120 million in assets under management across four venture capital funds and 40+ portfolio companies. In May 2017, Mohamed Alabbar, Chairman of Emaar Properties acquired a large stake in the General Partner of MEVP. http://www.mevp.com
Hummingbird Ventures builds the tech companies of tomorrow by empowering exceptional entrepreneurs with swift access to essential advice, radical candor, funding and organisational design expertise. Based in Ghent, London & Istanbul, the Hummingbird team participated in 0->100m+ revenue startups in nine countries.
Contact at Modacruz:
Chief Customer Officer
Contact at MEVP:
Partner and Chief Investment Officer
Contact at Hummingbird: