Modest fashion site Modanisa closes new round
Modanisa, the Turkey-based modest fashion site, has closed a fourth round of funding.
Led by Dubai-based VC Wamda Capital for an undisclosed amount, the ecommerce site is looking to use the funding for further expand in MENA, Europe and the US.
STV Ventures, who led their round of $5.5 million in 2015, are also part of the investment.
Founded in 2012, Modanisa serves more than 100 million customers a year in 105 countries, with 30,000 items from different designers.
The ‘modest fashion’ market, largely a fragmented one, is gaining more seeing great growth in recent years. London recently held its first ‘London modest fashion week’ and brands like Uniqlo are taking up designers that cater specifically to the massive Muslim market.