- Huw Hughes |
Moda Operandi has raised 100 million dollars in new equity and debt financing.
The New York-based company said it would use the proceeds “to continue to invest in its core client experience, innovative shopping model, unique curation of fashion, fine jewellery, and home decor, as well as the data and technology systems that power the Moda platform.”
The funding round was led by existing investors New Enterprise Associates, Inc. and the Apax Digital Fund, with additional participation from the Santo Domingo family, Comerica Bank and TriplePoint Capital, among others.
The money brings Moda Operand’s total equity capital raised to date to 345 million euros.
“For the past nine years, Moda has disrupted the way people shop for luxury fashion,” Moda Operandi CEO Ganesh Srivats said in a statement. "This investment will enable us to build on that innovation, investing further in the client and designer experience and connecting more of the world's best fashion to more people.”
Dan O'Keefe, managing partner of Apax Digital, said: “We continue to be impressed with the power of Moda's brand and its positioning in the luxury market. Moda has been enhancing its technology capabilities as a world-leading platform for fashion discovery and is led by a world-class team. We look forward to continuing to support their expansion.”
Tony Florence, general partner and head of technology investing at NEA, said: “Moda Operandi has really disrupted the traditional e-commerce model, using technology to give people unprecedented access to fashion. It was a really big idea when we led the Series A, and today Ganesh and the team are executing on that data-enabled retail model at scale. We are thrilled to continue supporting the company in this latest round.”
Photo credit: Moda Operandi, Facebook