German men’s online fashion ecommerce company Curated Shopping Group, which operates MODOMOTO and The Cloakroom, has raised its first round of funding of €6 million from Auden AG.
The company, which has eschewed funding up until this point, has 250 employees and 400,000 customers it said, boosted by the acquisition of Dutch competitor The Cloakroom last year. Auden AG is now taking 10% with the four founders retaining a majority stake.
Andreas Fischer of Curated Shopping Group said the company wants to grow its expansion plans with these new funds. It’s currently operating in seven countries. The company will be profitable in 2017, he said.
“For us, curated shopping is one of the most exciting e-commerce markets ever, since it has a multi- billion potential due to high customer loyalty as well as above-average sales and margins,” added Christofer Radic, CEO of Auden AG.
“We want to support the company in its European expansion and deeper market penetration in German-speaking countries with immediate effect.”
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