Modacruz, a mobile marketplace of second hand women fashion items in Turkey, has raised $2 million in a Series B investment round led by Dubai-based venture capital firm Middle East Venture Partners (MEVP).
Hummingbird and Nevzat Aydin also subscribed to the fundraising, which completes the Series B investment round, and 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 3 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 1 million women, sustaining an average order value of $30, which is two times higher than fashion e-commerce’s AOV in Turkey.
“When we launched Modacruz, second hand fashion concept was not only a nonexistent culture, but also a taboo amongst Turkish women,” said Melis Guctas Esin, founder & CEO of Modacruz.
“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.”
Mohamed Alabbar, chairman of Emaar Properties acquired a large stake in the General Partner of MEVP in May this year. The venture capital firm invests in the early and growth stages of innovative companies, run by entrepreneurs primarily in the MENA region. MEVP has more than $120 million in assets under management across 4 venture capital funds and over 40 portfolio companies.
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