Istanbul-based Modacruz, an online marketplace for second-hand women's fashion items, has raised $2 million in a Series B round. The investment was led by Middle East Venture Partners (MEVP), with participation from Hummingbird and Nevzat Aydin. This marks the third successful round for Modacruz, which received seed funding from Aslanoba Capital in July 2014.
The startup currently claims one million customers, and the new capital will be used to expand its user base. The investment will also be used to grow the company's selection of over three million listed items.
"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 and Chief Executive Officer of Modacruz, in a statement. "We [were able to] 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."
"We are very excited to invest in Modacruz and join its family," added Walid Mansour, Partner and Chief Investment Officer at MEVP. "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."
Read more: PR Newswire (Press release)