Welcome!

News Feed Item

Modacruz Raises Series B Financing Led by Middle East Venture Partners; Total of $5M Raised to Date

ISTANBUL and DUBAI, UAE, June 19, 2017 /PRNewswire/ --

Modacruz, the 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), the leading venture capital firm in MENA. Hummingbird and Nevzat Aydin also subscribed to the fundraising.

     (Photo: http://mma.prnewswire.com/media/524720/Melis_Guctas.jpg )

     (Photo: http://mma.prnewswire.com/media/524721/Walid_Mansour.jpg )

The completion of the Series B investment round marks the third successful fundraise 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 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 e-commerce's AOV in Turkey.

Melis Guctas Esin, Founder & Chief Executive Officer of Modacruz, commented: "When we launched Modacruz, second hand fashion concept was not only a nonexistent culture, but also a taboo amongst Turkish women. We achieved to turn this around and had hundreds of thousands of women experience second hand fashion first hand. We're now focused on cultivating second hand fashion as a culture through our strong community of women, and turning fashion into a shared experience by enabling women to empower each other. We're excited to welcome MEVP as a partner, and feel very proud to have not only the most prestigious VCs but also the most successful entrepreneurs in Turkey as our investors."

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."

About Modacruz: 

Modacruz is a mobile social marketplace, serving more than 1 million women in Turkey, enabling women to buy and sell pre-owned brand name fashion items. Users can sign up to the platform to either find and purchase products or to sell their own. Modacruz was launched in 2014 and is headquartered in Istanbul.

About Middle East Venture Partners (MEVP): 

Middle East Venture Partners (MEVP) is a leading, Dubai based, MENA-focused venture capital firm that invests in the early and growth stages of innovative companies, run by talented entrepreneurs primarily in the MENA region. MEVP has more than $120 million in assets under management across four venture capital funds and 40+ portfolio companies. In May 2017, Mohamed Alabbar, Chairman of Emaar Properties acquired a large stake in the General Partner of MEVP. http://www.mevp.com

About Hummingbird: 

Hummingbird Ventures builds the tech companies of tomorrow by empowering exceptional entrepreneurs with swift access to essential advice, radical candor, funding and organisational design expertise. Based in Ghent, London & Istanbul, the Hummingbird team participated in 0->100m+ revenue startups in nine countries.

Contact at Modacruz:
Murat Gun
Chief Customer Officer
[email protected]

Contact at MEVP:
Walid Mansour
Partner and Chief Investment Officer
[email protected]

Contact at Hummingbird:
Fırat Ileri
Partner
[email protected]

+971-4-5584-534

 

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo Silicon Valley which will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. "DevOps is at the intersection of technology and business-optimizing tools, organizations and processes to bring measurable improvements in productivity and profitability," said Aruna Ravichandran, vice president, DevOps product and solutions marketing...
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, pane...
SYS-CON Events announced today that Cloud Academy named "Bronze Sponsor" of 21st International Cloud Expo which will take place October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara, CA. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud com...
What's the role of an IT self-service portal when you get to continuous delivery and Infrastructure as Code? This general session showed how to create the continuous delivery culture and eight accelerators for leading the change. Don Demcsak is a DevOps and Cloud Native Modernization Principal for Dell EMC based out of New Jersey. He is a former, long time, Microsoft Most Valuable Professional, specializing in building and architecting Application Delivery Pipelines for hybrid legacy, and cloud ...
We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists discussed...
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, presented a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to ma...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists looked at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deliver...
After more than five years of DevOps, definitions are evolving, boundaries are expanding, ‘unicorns’ are no longer rare, enterprises are on board, and pundits are moving on. Can we now look at an evolution of DevOps? Should we? Is the foundation of DevOps ‘done’, or is there still too much left to do? What is mature, and what is still missing? What does the next 5 years of DevOps look like? In this Power Panel at DevOps Summit, moderated by DevOps Summit Conference Chair Andi Mann, panelists loo...
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), provided an overview of various initiatives to certify the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldwide re...