Modacruz, a leading mobile marketplace of second hand women fashion items in Turkey, announced today that it has raised $2 million in a Series B investment round led by Middle East Venture Partners (MEVP). Hummingbird Ventures and Nevzat Aydin (cofounder and global CEO of Yemeksepeti) also subscribed to the fundraising. This brings their total fundraising to $5 million.
The completion of the Series B investment round marks the third successful fundraising 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 three million listed items, which is currently the largest listed inventory of pre-owned women’s 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 one million women, sustaining an average order value of $30, which is two times higher than fashion ecommerce’s AOV in Turkey.
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.”