Turkish mobile marketplace of second-hand fashion items for women Modacruz has raised $2 million in its Series B investment round led by Dubai-based venture capital firm Middle East Venture Partners (MEVP).
Hummingbird and Nevzat Aydin also participated in the investment round. This is the third fundraise by Modacruz, which was seeded by Aslanoba Capital in July 2014.
The startup will use the funds for user acquisition and expanding operations in Turkey. It will also use the funds to grow its over three million listed items inventory, which is currently the largest listed inventory of pre-owned women fashion items in Turkey.
Modacruz was founded by Turkish entrepreneur Melis Guctas. It claims to have grown its customer base to one million women, with an average order value of $30.
Modacruz is focused on cultivating second hand fashion as a culture through a strong community of women, and turning fashion into a shared experience by enabling women to empower each other, said Melis Guctas Esin, founder and CEO of Modacruz.
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, said Walid Mansour, partner and chief investment officer at MEVP.
Last month, Dubai billionaire Mohamed Alabbar acquired a large stake in MEVP, one of the largest venture capital firms in the MENA region.
MEVP currently manages four VC funds focused on the information and communication technology (ICT) space with $120 million in assets under management and $60 million in co-investments.