- Danielle Wightman-Stone |
Luxury online retailer Moda Operandi has raised another 60 million dollars in Series E financing, as it looks to continue growing its presence in key markets like Europe, Asia and the Middle East.
The round was led by Fidelity Investment with participation from existing shareholders including New Enterprise Associates and Advanced Publications, Inc., the parent company of Conde Nast. This latest round of funding follows more than 20 million dollars from the Series D round that closed in December of 2013, and brings the total amount raised to more than 130 million dollars.
"The continued success we have experienced demonstrates the strength of international luxury consumers and their demand for the exceptional assortment of product, access to brands, and runway collections that only Moda Operandi can provide," said Moda Operandi CEO Deborah Nicodemus. "We are thrilled with the support our investors have shown us, and look forward to continuing to transform the online luxury shopping experience for our clients all over the world."
The luxury site, known for its online trunk shows providing consumers access to full collections straight from the runway, turns four years old this month, and it states that the money raised will assist with strengthening its product selection as well as revamping its site, which is set to relaunch this spring.
Moda Operandi secures 60 million dollars in investment
In addition, the money will also be used to enhance its mobile technology as more people use their smartphones and tablets to shop, growing the e-tailer’s loyalty program, and improving its personal stylist service, as well as attract more customers who are interested in its high-priced, straight from the runway products, which it hopes to achieve through its partnership with Accordant Media, who are specialists at targeting specific audiences.
Commenting on the latest round of investment, Tony Florence, general partner at New Enterprise Associates, said: "Moda Operandi's disruptive business model and technology platform create a unique value proposition for both consumers as well as designers and brands. It's disrupting a massive global market that's in the early innings of penetration online."
Image: Moda Operandi co-founder Lauren Santo Domingo and CEO Deborah Nicodemus