31 January 2020:
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.
Santo Domingo family, Comerica Bank and TriplePoint Capital also participated in the funding round.
The company will use the fresh capital 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.
Ganesh Srivats, CEO, Moda Operandi, said, “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.”
Dan O’Keefe, Managing Partner of Apax Digital, said, “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.”
Tony Florence, General Partner and Head of Technology Investing at NEA, said, “Moda Operandi has really disrupted the traditional ecommerce model, using technology to give people unprecedented access to fashion. 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.”
(Image – Moda Operandi)