Led by its existing investors, the renowned platform for fashion discovery, Moda Operandi, raises $100 million in the latest new equity and debt financing.
FREMONT, CA: The renowned platform for fashion discovery, Moda Operandi, raises $100 million in the latest new equity and debt financing. The funding round was led by its existing investors New Enterprise Associates, inc. (NEA) and the Apax Digital Fund, with additional contribution from the Santo Domingo family, Comerica Bank, and TriplePoint Capital, along with many others.
The proceeds collected by Moda will be utilized for continuous development in the platform's core client experience, innovative shopping model, curation of unique fashion, fine jewelry, and home decor, along with data and technology units that power the Moda platform.
"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 disrupted the traditional ecommerce 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 new commitment brings Moda Operandi's total equity investments raised until now to an amount of $345 million. Moda Operandi has majorly focused on the evolution of the company's status quo. The company has been progressing gradually from the time it earned its full PR boost in 2010, with the assistance of Santo Domingo, a former model, socialite, and the former editor at Vogue.
Santo Domingo contributed much to the platform as she had a connection in the fashion industry, mainly formed while she was a model. She had worked in the luxury fashion industry for years, fully immersed as a consumer in the field, she knew that a small group of people were the only ones who got full access to designer's runway collections. She used it to boost the platform.