A Turkey-based online merchant promoting Modest and Hijab Fashion, Modanisa has successfully closed its fourth round of financing led by Dubai-based Wamda Capital, the venture capital company declared without revealing the investment sum.
The investment round also included STC Ventures, Saudi Telecom’s corporate ventures finance, which spent $5.5 million in Modanisa in February 2015.
That is Wamda’s moment Investment at a Turkish business. It spent $2.2 million in unified online advertising platform Insider in September this past year.
Wamda stated Modanisa would use the funds to further expand in the Middle East and North Africa, Europe, and the USA.
Modanisa functions more than 100 million customers per year from 105 countries with 30,000 items from various designers. It competes head-on with Sefamerve in Turkey.
The Firm’s founder and CEO Kerim Ture stated in October that he estimates just 4 percent of Muslim buyers worldwide are shopping on the internet for hijab and abaya online.
Turkey accounts for roughly 35 percent of Modanisa’s earnings while the rest of the world, such as Australia, Canada, Europe and the USA would be the organization’s other large markets.
Investment by STC Ventures
Formerly, in March 2015, Modanisa announced the end of a $5.5 million investment by STC Ventures (the Saudi telecom’s VC finance) and also Aslanoba Capital (the company accountable for Turkish angel investor Hasan Aslanoba’s early stage investments). The deal with Aslanoba was the very first investment deal to be inked because the initiation of the new Borsa Istanbul Private Market application, a joint venture of the Istanbul stock market and Endeavor Turkey with the goal of bringing together investors and entrepreneurs, where Modanisa is a player.
The investment was strategic for STC Ventures for two reasons. First, STC is considering climbing on plank the “Islamic and conservative style” bandwagon, “a vast and untapped Market.” Secondly, the Modanisa investment reflects a foray by The Saudis to the Turkish economy, “the greatest and fastest growing marketplace in the area.” He continued: “This investment is regarded as the first of Lots of investments to follow.”
This investment, comparatively significant for a Turkish e-commerce Website, in Addition to the Website’s amounts, speaks into the prospect of its Islamic women’s trend Industry, estimated to be worth around $300 billion by 2018. “Modanisa has over 35% market share in traditional internet clothes, and are the market leader in product scope, number of people [4.5 million yearly], and merchandise selling capacity because the day we had been established…. We export to 57 states, Mainly to European nations with major Muslim populations but also to Nations like the US and Australia,” says Modanisa chairman Kerim Türe at an announcement.