Online luxury fashion company Moda Operandi has inked $100 million in funds, as part of the retailer’s latest capital raising efforts.
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Made up of new equity and debt financing, the New York-based company said the money will be used to invest in its core client experience, innovative shopping model, the curation of fashion, fine jewellery, and home decor, as well as the data and technology systems that power its digital platform.
“For the past nine years, Moda has disrupted the way people shop for luxury fashion. 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,” said Moda Operandi CEO Ganesh Srivats.
Existing investors New Enterprise Associates (NEA) and the Apax Digital Fund led the new funding round.
“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,” said Dan O’Keefe, Managing Partner of Apax Digital.
Additional investment participation came via the Santo Domingo family, Comerica Bank and TriplePoint Capital, among others.
“Moda Operandi has really disrupted the traditional e-commerce model, using technology to give people unprecedented access to fashion,” said Tony Florence, General Partner and Head of Technology Investing at NEA.
“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.”
The latest cash injection brings Moda Operandi’s total equity capital raised to date to $345 million.
Founded in 2010 by Lauren Santo Domingo, Moda Operandi retails more than 1,000 brands and designers across fashion, fine jewellery and home. Based in New York, it ships to 125 countries worldwide employs 400 staff.