Modest fashion site Modanisa closes new round
Modanisa, the Turkey-based modest fashion site, has closed a fourth round of funding.
Led by Dubai-based VC Wamda Capital for an undisclosed amount, the ecommerce site is looking to use the funding for further expand in MENA, Europe and the US.
STC Ventures, who led their round of $5.5 million in 2015, are also part of the investment.
Founded in 2012, Modanisa serves more than 100 million customers a year in 105 countries, with 30,000 items from different designers.
The ‘modest fashion’ market, largely a fragmented one, is gaining more seeing great growth in recent years. London recently held its first ‘London modest fashion week’ and brands like Uniqlo are taking up designers that cater specifically to the massive Muslim market.
According to the State of the Global Islamic Economy Report 2015-2016, Muslim consumers spend an estimated $230 billion on clothing. That is projected to grow to more than the combined markets of UK, Germany and India ($327 billion) by 2019.
“Our mission is to provide the latest fashion in modest style and help Muslim women to look stylish without compromising their dress codes, all with excellent customer service,” said Kerim Türe, CEO of Modanisa, in a statement released Sunday.
For Wamda Capital, who have recently started to make moves on the Turkish scene, this is their fourth investment in the country. Previous investments include logistics startup Kapgel, ride-sharing app Volt, and Insider, a digital platform for marketers.
“We are keen at Wamda Capital to invest in businesses that shape new realities for consumers, we’ve found that the modest fashion vertical to be a globally underserved market that Modanisa is primed to address,” said Wamda Capital managing partner Khaled Talhouni.
Feature image via Modanisa.