Photo: Kerim Ture, Founder and CEO of Modanisa. Photo supplied by Modanisa

Islamic Lifestyle

Turkey’s Modanisa sells stake to Goldman Sachs, Wamda Capital to fund overseas expansion

Turkey’s leading modest fashion e-commerce company Modanisa has sold a minority stake to Goldman Sachs and Wamda Capital to fund its overseas expansion, it said in a statement on Monday.

Modanisa did not reveal the size of the transaction, which is seeking approvals from Turkey's competition authorities.

Its overseas expansion plan involves strengthening its “e-commerce substructure” and current logistics centres in Europe and the Middle East as well as opening new offices.

The eight-year-old online retailer has its sights on a presence in London this year to oversee its North American and European operations, and offices in Amsterdam and the United Arab Emirates will come “in due course”, said the company.

UAE venture capital firm Wamda first invested an undisclosed amount in the Istanbul-based company in 2016, said Modanisa. It then led a Series D round in 2017.

These came after the $5.5 million round in 2015 led by Saudi Arabia’s STC Ventures that included Turkey’s Aslanoba Capital.

In all, Modanisa received $10.5 million in five rounds of funding prior to this latest investment involving Goldman Sachs and Wamda Capital, according to Crunchbase data.

Modanisa’s founders still retain control of the company following this latest funding round.

The online retailer launched in 2011 and says it now works with 650 designers and suppliers who produce 70,000 items to customers in 130 countries. In the past 12 months it attracted more than 150 million visitors, it said.


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