Internet & IoT Startup Modacruz Secures $5 Million
Modacruz just closed $5 million in Series B financing. Four investors contributed to the round, including Middle East Venture Partners, Mena Ventures, and Hummingbird Ventures.
Modacruz is an online social marketplace that enables women to buy and sell pre-owned luxury fashion items. Customers can use the platform both to find and to purchase products and to sell their own. Modacruz was launched in 2014 and is headquartered in Istanbul.
In its announcement, the company said the proceeds from the latest round will fund the next phase of the company’s user acquisition and further expansion in Turkey. The investment will also be used to grow the company’s more than three million listed items, currently the largest listed inventory of pre-owned female fashion items in Turkey.