Moda Operandi receives $100 million in new capital
Luxury e-tailer Moda Operandi has raised $100 million in new equity and debt financing, led by existing investors New Enterprise Associates, Inc. (NEA) and the Apax Digital Fund.
The company said it will use the funds to continue to invest in its core client experience, innovative shopping model, unique curation of fashion, fine jewelry, and home decor, as well as the data and technology systems that power the Moda platform.
The new infusion brings Moda Operandi's total equity capital raised to date to $345 million. In addition to NEA and Apax, the round received participation from the family of Lauren Santo Domingo, the co-founder and chief brand officer of Moda Operandi, as well as Comerica Bank and TriplePoint Capital, among others.
"For the past nine years, Moda has disrupted the way people shop for luxury fashion," said Moda Operandi CEO Ganesh Srivats. "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."
"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 [Srivats] 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 new funds come as the retail platform continues to expand its global reach, having christened its entry into the Chinese market with the appointment of its first managing director of China, Ming Yang, in June of 2019.
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